Durable Medical Equipment Market Size to Reach US$ 377.24 BN by 2030

According to Report, the durable medical equipment market size is estimated to reach US$ 377.24 billion by 2030 and expanding growth at a CAGR of 6.3% from 2021 to 2030.

The durable medical equipment market is expected to grow at a significant rate during the forecast period owing to various factors such as growing geriatric population, rising incidences of injuries and trauma, growing prevalence of orthopedic disorders and various other ailments, and rising healthcare expenditure across the globe. Global old age population is estimated to reach at 2 billion by 2050, as per the United Nations.

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The rising prevalence of various chronic diseases and growing need for the constant body monitoring is significantly boosting the demand for the durable medical equipment. The proliferation of digital technologies and the rising adoption of it among the manufacturers is resulting in the development of innovative medical equipment. The increasing government and corporate investments in the digitization and automation of the healthcare sector has significantly driven the growth of the durable medical equipment market across the globe.

Report Highlights:

• By product, the monitoring and therapeutic devices segment dominated the global durable medical equipment market. The demand for the long term care has significantly increased over time owing to the rising prevalence of various chronic diseases among the global population. Furthermore, the burgeoning demand for the at-home treatment across the globe is augmenting the demand for the monitoring and therapeutic devices.

• Based on the end use, the home healthcare is estimated to be the most lucrative and opportunistic segment during the forecast period. This is attributable to the increasing preferences for the treatment at-home due to the conveniences associated with the at-home healthcare setting. Moreover, the rise in geriatric population and increased healthcare expenditure along with the easy availability of various durable medical equipment for at-home use has significantly boosted the market growth. The rising awareness regarding the hospital acquired diseases is further expected to fuel the growth of the home healthcare segment in the forthcoming years.

• North America was the leading durable medical equipment market. The rapid growth in the elderly population along with the increased prevalence of chronic diseases in US has exponentially contributed towards the growth of the North America durable medical equipment market. It is estimated the geriatric population in US will reach at around 95 million by 2050. Furthermore, more than half of the US population is suffering from one or more chronic conditions which is positively impacting the durable medical equipment market. The surging adoption of the home healthcare among the high income population of North America has augmented the market growth.

• Asia pacific is expected to witness a significant growth in the CAGR during the forecast period. Asia Pacific is characterized by the frequent occurrence of road traffic accidents, rising cases of trauma and injuries, rising healthcare expenditure, rapidly growing geriatric population, and growing burden of chronic diseases. Moreover, the improving access to the healthcare facilities owing to the rising government investments in the development of sophisticated healthcare infrastructure is fueling the growth of the durable medical equipment market. According to the United Nations, around 80% of the global elderly population will be living in the low and middle income countries by 2050.

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Future of Durable Medical Equipment Market

The rapid adoption of the digital technologies and rising investments in the research and development for improving the ergonomics of the durable devices is resulting in the new and innovative product launches. The durable medical equipment with advanced and innovative features will propel the market growth in the foreseeable future.

COVID-19 Impact Analysis:

• The outbreak of the COVID-19 pandemic resulted in the increased adoption of the home healthcare services, which has significantly propelled the demand for the durable medical equipment for at-home use.
• The travelling restrictions and increased adoption of the digital technologies during the pandemic resulted in the huge demand for the remote patient monitoring devices.
• The increased number of patient admission owing to the rapid spread of the COVID-19 infection has resulted in increased demand for the medical equipment on temporary basis.

Key Developments in the Marketplace:

• In January 2021, Mindray introduced its new products named VS 8 and VS 9 Vital Signs Monitors in Asia-Pacific and Europe to expand its presence in the selected regions.
• In October 2020, Stryker Corporation introduced ProCuity, a fully wireless hospital bed to improve patient safety and nurse workflow in hospitals.
• In August 2021, Siemens Healthineers opened its new manufacturing facility in Gujrat, India for producing molecular diagnostic kits.

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