Medical Equipment Rental Market

Market Overview

The global medical equipment rental market size 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).

In health care applications, medical equipment is one of the fundamental and essential tools for patient care and clinical satisfaction. Rapid technological advancements are making it increasingly difficult for medical professionals and hospitals to keep up with the latest equipment.

As a result, renting medical equipment is more necessary, which is anticipated to experience a significant expansion in the market during the forecast period. 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.

Market Dynamics

Global Medical Equipment Rental Market Drivers

• On-Demand Rentals of Medical Equipment

Companies are investing in the development of long-lasting medical equipment. The connected medical devices that allow patients and healthcare professionals to monitor progress are causing a massive wave of innovation. Glutaric is a smart wearable that provides non-invasive glucose monitoring. It analyzes signals from human bodies using optical sensors with various wavebands, gathers data using four data-supervision methods, and then uses AI and deep learning to create models for large datasets that measure the blood glucose levels of specific users. Glaukos' iStent Inject is designed to reduce intraocular pressure safely and effectively in patients with primary open-angle glaucoma, pseudo-exfoliative glaucoma, or pigmentary glaucoma.

• Rentals Therapeutic Devices

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. Patient-aid therapeutic devices such as canes, crutches, and wheelchairs are becoming more widely available for rent. Rentable items include an oxygen concentrator and wound Vacuum-Assisted Closure (VAC). The rise in therapeutic device rentals propels the medical equipment rental market forward.

Global Medical Equipment Rental Market Restraint

• Lack of Quality and Patient Security Standards

There is an immediate danger to patient care because third-party rental providers are not required to adhere to manufacturers' stringent, nationally recognized quality and patient security standards. In today's healthcare environment, there is no room for risk, where minute factors can affect clinical quality, patient safety, and even reimbursement rates. However, most rental vendors are either uncertified or certified to a less stringent ISO 9001:2015 standard. At the same time, a small number currently adhere to the critical, risk-reducing ISO 13485:2016 standards for medical equipment administration. In practice, this means that critical life-saving medical devices may not be maintained to the expected standards, resulting in subpar performance or even equipment failures that jeopardize patient safety. This issue is restricting the growth of the medical equipment rental market.

Regional Analysis

The global medical equipment rental market is segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

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. North America, followed by Europe, dominated the global market due to increased demand for the products from hospitals and other end users for diagnostic or therapeutic applications.

Segmental Analysis

• The global medical equipment rental market is segmented by type and application.

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. The rising demand for mobility and assist equipment, owing to the growing number of disabled and geriatric population, is fueling the market's expansion. Due to the rising demand for wireless monitoring devices and the rising incidence of lifestyle diseases that necessitate routine vital statistics analysis, monitoring and therapeutic devices are expected to see significant gains in rental revenues.

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. The rising patient pool and increasing government reforms regarding adopting advanced healthcare infrastructure contribute to the segment's growth. In recent years, equipment procurement has been replaced by financing systems such as renting/leasing. The medical equipment rental market is being propelled by the growing need to liquefy fixed capital and rising concerns about inefficient capital deployment.

Recent Developments

• In March 2022:Med One Group Announced its Affiliation with Southeastern GPO Partners Cooperative, Inc. Med One Group established itself 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, of 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.