Medical equipment is one of the fundamental and necessary tools for patient care and clinical satisfaction in healthcare applications. Rapid technological advancements are making it increasingly difficult for medical professionals and hospitals to keep up with the latest equipment. Many healthcare facilities are struggling financially and are limited by their budgets. Therefore, renting medical equipment can result in reduced monetary expenditures and the acquisition of the most recent medical technology, leading to improved patient care.
Easy Medical Equipment on-Demand Rentals and Increasing Rentals of Therapeutic Devices Drives the Global Market
Companies are investing in the development of long-lasting medical equipment. A tremendous wave of innovation is being driven by connected medical devices that enable patients and healthcare professionals to track progress. A smart wearable called Glutaric offers non-invasive glucose monitoring. Therapeutic devices are usually divided into two categories: those assisting patients in their daily activities and those assisting medical personnel in transferring therapeutic services. Examples of assistive devices include canes, walkers, hearing aids, visual aids, and other tools that enable patients to perform tasks they would otherwise be unable to do because of a physical limitation or disability. Oxygen delivery systems, catheters, intravenous lines, and physical therapy equipment are therapeutic devices used by medical personnel.
North America dominates the market and is anticipated to grow during the forecast period. The presence of many service providers and the high demand for technologically advanced goods are accelerating the regional market's expansion. Leasing equipment can alleviate the region's problems with excessive expenditures on acquiring the most modern therapeutic equipment.
- The global medical equipment rental market was valued at USD 54.80 billion in 2021. It is projected to reach USD 87.37 billion by 2030, growing at a CAGR of 5.32% during the forecast period (2022–2030).
- Based on type, the market is divided into durable medical equipment for acute care, long-term care, emergency and trauma care, electronic/digital equipment, storage and transport, and personality mobility devices. The durable medical equipment (DME) segment held the largest market share during the forecast period.
- Based on applications, the market is segmented into personal/homecare, institutional, and hospitals. The hospital market held the largest market share during the forecast period.
- North America dominates the market and is anticipated to grow during the forecast period.
The major companies in the global medical equipment rental market include
- Apria Healthcare Group, Inc.
- Centric Health Corporation.
- Hill-ROM Holdings, Inc.
- Nunn's Home Medical Equipment
- Port Huron Hospital Medical Equipment
- US Med-Equip, Inc.
- Universal Hospital Services, Inc.
- Woodley Equipment Company Ltd.
- Walgreen Co.
- Westside Medical Supply, Inc.
- In March 2022: Med One Group Announced its Affiliation with Southeastern GPO Partners Cooperative, Inc. Med One Group has established as a vendor within Partners Cooperative, Inc. to further provide hospitals in the Southeastern United States with needed medical equipment rental services.
- In April 2022: US Med-Equip provided the highest quality medical equipment and biomedical expertise to more front-line clinicians across California. As a leading provider, on-demand medical equipment for Silicon Valley hospitals expanded to San Jose.
- In May 2022: New technology helped hospitals order life-saving medical equipment on demand. Leading provider of rented medical equipment and services, US Med-Equip, launched GoUSME to support front-line healthcare workers.
Global Medical Equipment Rental Market: Segmentation
- Durable Medical Equipment for acute care, long-term care, and emergency & trauma care
- Electronic/Digital Equipment
- Storage and Transport
- Personality Mobility Device
- North America