The global medical equipment rental market size was valued at USD 57.05 billion in 2023. It is estimated to reach USD 92.36 billion by 2032, growing at a CAGR of 5.5% during the forecast period (2024–2032). The global medical equipment rental market is expanding rapidly as the burden of chronic diseases rises and demand for advanced healthcare equipment grows globally. Additionally, the surging geriatric population further adds to the growing burden of these chronic diseases, which is, in turn, expected to drive market growth. Furthermore, technological innovations like the development of telemedicine devices, portable diagnostic tools, and smart medical devices are estimated to create opportunities for market expansion.
Medical equipment rental is the practice of leasing medical devices and equipment for a specified period rather than purchasing them outright. This service provides healthcare facilities, home care providers, and patients with access to a wide range of medical tools, such as wheelchairs, hospital beds, ventilators, and imaging devices, without the significant financial burden of buying them.
Renting medical equipment is particularly advantageous for short-term needs, trials of new equipment, or when budget constraints are an issue. It ensures that users can obtain the latest technology and maintain flexibility in upgrading or changing equipment as needed. This approach supports better financial management in healthcare settings and ensures patients receive timely and appropriate care. With the rising costs of healthcare and rapid technological advancements, medical equipment rental has become an increasingly popular solution in the medical industry.
The increasing prevalence of chronic diseases significantly drives the global medical equipment rental market. Chronic conditions like diabetes, cardiovascular diseases, and respiratory disorders require long-term management and continuous access to medical devices like insulin pumps, heart monitors, and oxygen concentrators. Renting this equipment provides an economical alternative to purchasing, especially for long-term use.
According to the World Health Organization (WHO), chronic diseases account for 71% of all global deaths, indicating a substantial need for accessible medical equipment. Additionally, as healthcare systems globally focus on cost containment, renting rather than buying equipment becomes a practical solution for patients and healthcare providers. This trend is particularly relevant in developing countries where healthcare budgets are constrained, and patients benefit from the financial flexibility that rentals offer. Consequently, the demand for medical equipment rentals is poised to grow as chronic disease prevalence rises.
The global surge in the geriatric population is a significant driver for the medical equipment rental market. Older adults are prone to various health issues, including mobility impairments and chronic conditions, necessitating the use of medical devices such as wheelchairs, hospital beds, and monitoring equipment. Renting medical equipment offers an economical solution, allowing elderly patients to access the necessary devices without the high upfront costs of purchasing.
According to the United Nations Department of Economic and Social Affairs, the number of people aged 60 years or older is expected to double by 2050, reaching 2.1 billion. This demographic shift emphasizes the growing need for accessible and affordable healthcare solutions, driving demand in the medical equipment rental market. As the elderly population increases, the market is likely to see sustained growth due to the continuous requirement for various medical devices to manage age-related health conditions.
The global medical equipment rental market faces significant regulatory and compliance challenges that can impede its growth. Each country enforces stringent regulations to ensure the safety, efficacy, and quality of medical devices. For instance, in the United States, the Food and Drug Administration (FDA) imposes rigorous standards on medical device manufacturers and rental companies, requiring regular inspections and strict adherence to quality control protocols.
Compliance with such regulations can be costly and time-consuming, posing a barrier for smaller companies and new entrants. Additionally, varying international regulations necessitate that companies maintain extensive documentation and meet diverse standards, further complicating operations. These regulatory hurdles not only increase operational costs but also limit the market's expansion potential by deterring new players from entering the market and restricting the introduction of innovative rental solutions.
Technological advancements in medical equipment present a substantial opportunity for the rental market. Innovations such as telemedicine devices, portable diagnostic tools, and smart medical devices are revolutionizing patient care. Portable ultrasound machines and wearable health monitors enable remote and flexible patient management, broadening the scope of rentable equipment.
The integration of the Internet of Things (IoT) in medical devices facilitates real-time monitoring and predictive maintenance, enhancing equipment performance and reliability. These advancements not only improve patient outcomes but also offer rental companies a competitive edge by expanding their product offerings. Companies investing in advanced technologies can meet diverse healthcare needs, cater to specialized medical requirements, and attract a larger customer base seeking cutting-edge solutions without the high cost of ownership.
| Study Period | 2020-2032 | CAGR | 5.5% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD 57.05 billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD 92.36 billion |
| Largest Market | North America | Fastest Growing Market | Europe |
Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America holds the largest share of the global medical equipment rental market and is expected to experience substantial growth during the forecast period. This growth is driven by the presence of numerous service providers and a high demand for technologically advanced products. The region also benefits from the increasing prevalence of chronic diseases such as Parkinson's, Huntington's disease, atherosclerosis, and respiratory diseases. Additionally, the rapid expansion of home healthcare services and the growing geriatric population contribute significantly to the market's expansion.
Furthermore, educational institutions and research laboratories in North America are increasingly turning to rental equipment to lower operational and procurement costs, leading to higher global adoption rates. Moreover, the Centers for Disease Control and Prevention (CDC) report that heart disease is the leading cause of death in the United States across all genders, races, and ethnicities. Alarmingly, one person dies from cardiovascular disease every 33 seconds in the country. In 2021, heart disease claimed approximately 695,000 lives, accounting for one out of every five deaths. The economic impact of heart disease in the United States is substantial, with an annual cost of around $239.9 billion, including healthcare expenses, medications, and productivity losses due to premature death. This significant healthcare burden underscores the critical need for accessible and affordable medical equipment, further boosting the rental market in North America.
Europe holds a significant share of the global medical equipment rental market, driven by its advanced healthcare systems and supportive government policies. Major countries such as Germany, France, and the United Kingdom are at the forefront, benefiting from high healthcare expenditure and robust medical infrastructure. The surging prevalence of chronic diseases and the growing elderly population in these countries further propel the demand for medical equipment rentals. Additionally, the emphasis on home healthcare services and outpatient care has led to a higher adoption of rental equipment, providing patients with cost-effective and flexible healthcare solutions.
Furthermore, government initiatives aimed at reducing healthcare costs and improving patient care quality also play a crucial role in market growth. For instance, the European Union's Medical Device Regulation (MDR) ensures stringent safety and performance standards, enhancing trust in rented medical devices. Moreover, technological advancements and innovations in medical devices, including telemedicine and portable diagnostic equipment, offer new opportunities for market expansion. As a result, Europe is expected to maintain its strong position in the medical equipment rental market, with continued growth driven by these favorable factors.
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The global market is bifurcated into product and end-user.
Based on product, the market is segmented into surgical equipment, durable medical equipment (DME), and storage and transport.
The Durable Medical Equipment (DME) segment is expected to dominate the global medical equipment rental market during the forecast period, capturing the largest market share. DME comprises medical equipment designed for repeated use, primarily in non-clinical settings, such as homes. These devices assist individuals with chronic illnesses, disabilities, or injuries in performing daily tasks, enhancing their quality of life, and maintaining independence. The DME market's growth is driven by several factors. Firstly, there is a rising demand for mobility and assistive equipment, such as canes, crutches, and wheelchairs. This demand is fueled by the increasing number of elderly and disabled individuals who rely on these devices for their daily activities. Additionally, the high cost of purchasing such equipment prompts consumers to opt for rental services, further boosting the DME rental market. Moreover, advancements in DME technology and increased healthcare awareness are contributing to the segment's expansion.
Based on end-users, the market is segmented into personal/home care, institutes and laboratories, and hospitals.
The personal/home care segment is currently the most dominant in the global medical equipment rental market, a trend that is expected to continue throughout the forecast period. This segment's growth is primarily driven by the increasing preference for home healthcare, which offers both convenience and cost-effectiveness. Renting medical equipment is particularly advantageous for patients with chronic conditions or disabilities who require long-term care, as it mitigates the substantial upfront costs of purchasing equipment. The surge in the elderly population, who are more susceptible to various health issues, further bolsters this segment's expansion.
Additionally, advancements in telehealth and remote patient monitoring technologies are enhancing the viability of home healthcare solutions, making it easier for patients to receive comprehensive care in the comfort of their homes. These factors collectively ensure the sustained growth and prominence of the Personal/Home Care segment in the medical equipment rental market.
COVID-19 has positive and negative market consequences, as carbon emissions have decreased globally due to the lockout. COVID-19's reduction in emissions is a short-term benefit. Still, when industries and enterprises attempt to recoup some of their financial losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 had a negative impact on global recycling efforts. Countries, notably the United States, have halted or decreased recycling programs to focus on collecting additional domestic waste or because services have been disrupted by the virus.
Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this shift in workplace health and safety is expected to increase due to mandatory social distancing and continuous personal care through sanitization to eliminate even the tiniest possibility of COVID-19 spread. COVID-19 has impacted various companies' revenues, and if the lockdown is lifted, companies will turn their attention to operations to make up for their losses.
