Durable Medical Equipment Market | Know the Untapped Growth Opportunities in the Industry
Companies covered in this study are Invacare Corporation, ArjoHuntleigh, Stryker Corporation, Drive Medical, GF Health Products, Inc., Sunrise Medical, Medline Industries, Hill Rom, Inc., Carex Health Brands, Becton, Dickinson and Company, General Electric Company, Medtronic PLC, Compass Health Brands, Getinge AB, Resmed Inc., Koninklijke Philips NV, Medical Device Depot Inc.
Jersey City, NJ, Dec. 12, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the *"Global Durable Medical Equipment Market - (By Product (Personal Mobility Devices (Wheelchairs, Scooters, Walker and Rollators, Cranes and Crutches, Door Openers, and Others), Bathroom Safety Devices & Medical Furniture (Commodes and Toilets and Mattress & Bedding Devices), and Monitoring & Therapeutic Devices (Blood sugar monitors, Continuous Passive Motion (CPM), Infusion Pumps, Nebulizers, Oxygen Equipment, Continuous Positive Airway Pressure (CPAP), Suction Pumps, Traction Equipment, and Others)), By End User (Hospitals, Nursing Homes, Home Healthcare, and Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."*
According to the latest research by InsightAce Analytic, the *Global Durable Medical Equipment Market* is expected to grow with a *CAGR of 6.27%* during the *forecast period of 2023-2031*.
Durable medical equipment is a medical device that provides answers to help patients with their everyday tasks more effectively. Patients may receive instructions on how to use the devices from the vendors. Improved accessibility to do daily tasks is one benefit of durable medical equipment. There is a good chance that the DME market will experience expansion if reimbursement and coverage policies are improved. As the world's population ages, more and more facilities will cater to the needs of older people, which is expected to fuel the demand for durable medical equipment (DME).
It takes more time and effort to heal skeletal, cardiac, and neurological issues in older people because their immune systems aren't as strong. Durable medical equipment is essential for postoperative care in home and hospital settings. This is also anticipated to fuel the industry's expansion. However, the shortage of trained personnel to operate this machinery and the tight regulations imposed by industrialized nations are alleged to be stumbling blocks to the industry's expansion.
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*Recent Developments:*
· *In Oct 2023*, Sunrise Medical completed the acquisition of Ride Designs, a business renowned for its expertise in developing personalized seating solutions for those using wheelchairs. The acquisition indicated a broadening of Sunrise Medical's range of bespoke seating options, clinical knowledge, and service capacities. Ride Designs bolstered Sunrise Medical's track record in mergers and acquisitions, which was deemed a crucial component of its business strategy.
· *In Feb 2022*, Invacare Corporation unveiled a more compact iteration of the Invacare AVIVA STORM RX rear-wheel drive electric wheelchair. The narrow base variant of the AVIVA STORM RX, a cutting-edge chair introduced in August 2021, presented various novel enhancements in contrast to the conventional version. The AVIVA STORM RX series represented a significant advancement in the company's rear-wheel-drive power wheelchairs, aiming to enhance the end-user's experience by incorporating cutting-edge design, technology, and performance.
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*List of Prominent Players in the Durable medical equipment market:*
· Invacare Corporation
· ArjoHuntleigh
· Stryker Corporation
· Drive Medical
· GF Health Products, Inc.
· Sunrise Medical
· Medline Industries
· Hill Rom, Inc.
· Carex Health Brands
· Becton, Dickinson and Company
· General Electric Company
· Medtronic PLC
· Compass Health Brands
· Getinge AB
· Resmed Inc.
· Koninklijke Philips NV,
· Medical Device Depot Inc.,
· Others
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*Durable Medical Equipment Market Report Scope:*
*Report Attribute* *Specifications*
*Growth Rate CAGR* CAGR of 6.27 % from 2023 to 2031
*Quantitative Units* Representation of revenue in US$ Million and CAGR from 2023 to 2031
*Historic Year* 2019 to 2022
*Forecast Year* 2023-2031
*Report Coverage* The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
*Segments Covered* By Product, End-User
*Regional Scope* North America; Europe; Asia Pacific; Latin America; Middle East & Africa
*Country Scope* U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea
*Market Dynamics:*
*Drivers- *
The growing demand for durable medical equipment is fueled by the emergence of new technologies. Manufacturers of durable medical equipment are constantly developing new and improved tools for precisely measuring various physiological variables. This aspect will propel the durable medical equipment market to greater heights. The global demand for therapeutic and monitoring devices also pushes the durable medical equipment market in the right direction.
*Challenges:*
The prime challenge is strict regulations, a shortage of competent individuals and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the durable medical equipment market because of strict regulatory standards in developed economies and a lack of qualified operators for this machinery. Nonetheless, the anticipated expansion of the worldwide market can be substantially curbed by the exorbitant prices of medical equipment. Global events like pandemics or breakages in the supply chain can significantly impact the accessibility of long-term medical equipment. Damage to DME's supply chain was further exacerbated by the government closure that followed the COVID-19 pandemic. Supply chain disruptions have affected nebulizers, oxygen concentrators, CPAP machines, and RADs, among other products. There is already a high level of demand for the products on the market, and storage risks have increased that demand.
*Regional Trends:*
The North American durable medical equipment market is anticipated to register a maximum market share in revenue. It is projected to grow at a high CAGR in the near future because the prevalence of long-term health problems, including diabetes, high blood pressure, and hypertension, is on the rise. Another reason the regional market is growing is the increasing number of older adults and the number of hospitals in the area. Besides, Europe had a considerable share in the market due to government initiatives to increase access to healthcare, the introduction of new medical equipment, the high prevalence of chronic diseases, and the growing preference for home healthcare.
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*Segmentation of Durable Medical Equipment market -*
*By Product-*
· Personal Mobility Devices
· Wheelchairs,
· Scooters,
· Walker and Rollators,
· Cranes and Crutches,
· Door Openers,
· Others
· Bathroom Safety Devices & Medical Furniture
· Commodes and Toilets
· Mattress & Bedding Devices
· Monitoring & Therapeutic Devices
· Blood sugar monitors,
· Continuous Passive Motion (CPM),
· Infusion Pumps,
· Nebulizers,
· Oxygen Equipment,
· Continuous Positive Airway Pressure (CPAP),
· Suction Pumps,
· Traction Equipment,
· Others
*By End User-*
· Hospitals
· Nursing Homes
· Home Healthcare
· Others
*By Region-*
*North America-*
· The US
· Canada
· Mexico
*Europe-*
· Germany
· The UK
· France
· Italy
· Spain
· Rest of Europe
*Asia-Pacific-*
· China
· Japan
· India
· South Korea
· South East Asia
· Rest of Asia Pacific
*Latin America-*
· Brazil
· Argentina
· Rest of Latin America
* Middle East & Africa-*
· GCC Countries
· South Africa
· Rest of the Middle East and Africa
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