Durable Medical Equipment Market to Surpass US$ 403 Billion Valuation by 2033: Fact.MR Analysis

Government Initiatives and Insurance Expansion Boost Durable Medical Equipment Market Opportunities in the U.S through 2033

Rockville, Aug. 23, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a market research and competitive intelligence provider, the global *Durable Medical Equipment Market* expanding at a healthy 6.2% CAGR from 2023 to 2033 and expected to reach a valuation of US$ 403 billion by 2033-end. Demand for durable medical equipment in the North American regional marketplace is projected to be the highest among all regions over the next ten years.Rapidly expanding senescent population is projected to be the primary catalyst promulgating sales of durable medical equipment around the world. The growing prevalence of chronic diseases and supportive government initiatives to develop healthcare infrastructure are also estimated to uplift market growth potential over the coming years. The frequent launch of novel durable medical products is also estimated to contribute to attractive growth scope in the future.

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In February 2023, Stryker, a renowned medical technology provider, announced the launch of its new SmartMedic platform in India. The offering was launched in Indore, Madhya Pradesh, at the 29^th Annual Conference of the Indian Society of Critical Care Medicine. The new platform is capable of enhancing existing ICU bed capabilities and helps to reduce discomfort in patients.

*Key **T**akeaways **from Market Study*

· The global durable medical equipment market stands at US$ 220 billion in 2023.
· Demand for durable medical equipment is projected to rise at a healthy CAGR of 6.2%.
· The global market is forecasted to reach US$ 403 billion by 2033-end.
· Increasing senescent population, surging prevalence of chronic disorders, increasing investments in healthcare infrastructure development, and availability of favourable reimbursement policies are key market drivers.
· High cost of novel durable medical equipment and lack of skilled medical professionals to operate it are primary restraints that durable medical equipment companies face.
· Sales of durable medical equipment in the United States account for more than 35% of the global market share at present.
· By the end of 2033, personal mobility devices are expected to account for more than 50% of the global durable medical equipment market share.*“**Rising preference of people for home healthcare to open up new frontiers of opportunities for **durable medical equipment** suppliers going forward**,**”* says a Fact.MR analyst

*Winning Strategy*

Durable medical equipment manufacturers are focusing on creating curated and specific solutions designed for the aging population that wants to stay at home and take care of themselves. Companies are also trying to take advantage of supportive government initiatives and favorable reimbursement policies to maximize their sales potential on a global level.

· In December 2021, Baxter International, a leading healthcare company based in the United States, announced that it had acquired Hill-Rom, a renowned medical device manufacturer. The acquisition deal was approximately valued at US$ 12.5 billion including HillRom’s outstanding debt obligations.*Key Companies Profiled*

· Invacare Corporation
· Sunrise Medical
· Arjohuntleigh
· Hill-Rom
· Stryker
· Medline Industries Inc.
· Medical Device Depot Inc.
· GF Health Products Inc.
· Carex Health Brands
· Baxter International Inc.
· Becton, Dickinson, and Company
· Joerns Healthcare LLC

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*What Makes the United States a Lucrative Market for* *Durable Medical Equipment* *Suppliers**?*

Obesity rates in the United States have reached concerning levels, exacerbated by the widespread adoption of sedentary lifestyles. Consequently, there is a significant population segment grappling with joint pain and arthritis issues. This factor fuels the extensive utilization of personal mobility aids throughout the country.

· In 2023, the United States is projected to command over 35% of the global durable medical equipment market share.Supportive government initiatives that raise awareness about the advantages of mobility aids, along with the expanding coverage of medical reimbursement and insurance policies for personal mobility devices, are creating new avenues for growth for durable medical equipment companies in the United States through 2033. Moreover, the nation's rapidly aging population, more susceptible to mobility challenges like osteoporosis and rheumatoid arthritis, is expected to exert a substantial influence on market expansion in the foreseeable future.

· In a groundbreaking move, the United States introduced the nation's first 'automated real-time hospital bed and resource tracking tool' in October 2021, the result of a partnership between GE Healthcare and Apprise Health Insights.*More Valuable Insights on Offer*

Fact.MR, in its new offering, presents an unbiased analysis of the global durable medical equipment market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights on the market based on product type (monitoring & therapeutic devices, personal mobility devices, bathroom safety devices, medical furniture, incontinence pads, breast pumps, catheters, consumables & accessories, others) and end user (hospitals, nursing homes, home healthcare, ambulatory surgical centers, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

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