What Has Been The Historical And Current Growth Of The Durable Medical Equipment Market?
The durable medical equipment market has seen considerable growth due to a variety of factors.
• Recent years have seen a robust expansion in the size of the durable medical equipment market. The market, which is set to surge from $216.92 billion in 2024 to $231.73 billion in 2025, is projected to chart a compound annual growth rate (CAGR) of 6.8%. The prior period's growth has been driven by factors such as chronic disease prevalence, reimbursement policies, heightened awareness and education, enhancements in healthcare infrastructure, government interventions, global disease epidemics, and patient empowerment.
What are the Market Size and Expected Growth Rates for the Durable Medical Equipment Market?
The Durable Medical Equipment market is expected to maintain its strong growth trajectory in upcoming years.
• It is anticipated that the durable medical equipment market will experience significant expansion in the coming years, with predictions suggesting a valuation of $316.13 billion by 2029 and a compound annual growth rate (CAGR) of 8.1%.
This predicted surge during the forecast period is linked with factors such as the development of telehealth, the adoption of value-based healthcare, escalating healthcare expenses, global health issues, concerns over data security, a shift towards preventive healthcare, and regulatory modifications. Key trends expected throughout this period include the swift evolution of technology, the popularity of lightweight and portable options, a highlight on preventive healthcare, personalizing healthcare services, and a trend towards home healthcare.
Which Key Drivers Are Propelling The Durable Medical Equipment Market's Growth?
The growth of the durable medical equipment market is anticipated to be driven by the increasing aging population. This refers to the surge in the number of elderly individuals, caused by alterations in a population's age demographics. Elderly people commonly suffer from age-related ailments which necessitate the usage of durable medical equipment like vital sign monitors, infusion pumps, blood glucose analyzers, nebulizers, and more for extended periods. Consequently, this surge in the aging demographic is fueling the durable medical equipment market's expansion. For instance, the United Nations, a US-based intergovernmental body tasked with preserving global peace and security, reported in January 2023 that the global population of individuals aged 65 or older is projected to rise from 761 million in 2021 to 1.6 billion by 2050. Hence, the growth in the elderly demographic contributes significantly to the expansion of the durable medical equipment market.
What Are The Key Segments Within The Global Durable Medical Equipment Market?
The durable medical equipment market covered in this report is segmented –
1) By Product: Personal Mobility Devices, Bathroom Safety Devices And Medical Furniture, Monitoring And Therapeutic Devices, Other Products
2) By Payer: Public, Private, Out-Of-Pocket
3) By End-Use: Hospitals, Nursing Homes, Home Healthcare, Other End-Uses
Subsegments:
1) By Personal Mobility Devices: Wheelchairs, Scooters, Walkers And Canes, Crutches
2) By Bathroom Safety Devices And Medical Furniture: Grab Bars, Shower Chairs, Commodes, Hospital Beds, Bedside Tables
3) By Monitoring And Therapeutic Devices: Blood Pressure Monitors, Glucose Monitors, Nebulizers, CPAP Machines
4) By Other Products: Orthotic Devices, Respiratory Equipment, Mobility Aids
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How Are New Trends Impacting The Size Of The Durable Medical Equipment Market?
The increasing adoption of technological innovations is becoming a prevalent trend in the durable medical equipment industry. To consolidate their market position, large enterprises operating in this sector are integrating new technologies into their operations. To illustrate, Dexcom, an American firm that specializes in the development, manufacturing, production, and distribution of continuous glucose monitoring systems, unveiled the Dexcom G6 CGM System in March 2023. This new system, now available to all qualifying type 1 and type 2 diabetic patients in Canada, utilizes a compact wearable sensor and transmitter to consistently measure and transmit glucose levels to a smart device wirelessly.
Who Are the Key Players In The Durable Medical Equipment Market?
Major companies operating in the durable medical equipment market include:
• Invacare Corporation
• GF Health Products Inc.
• Stryker Corporation
• Hill-Rom Holdings Inc.
• Siemens Healthcare GmbH
• Koninklijke Philips NV
• Sunrise Medical Inc.
• Drive Medical
• Masimo Corporation
• Becton Dickinson and Company
• Getinge AB
• Medtronic PLC
• Nihon Kohden Corporation
• Mindray Medical International Limited
• ArjoHuntleigh
• Permobil AB
• ResMed Inc.
• OMRON Corporation
• Medline Industries Inc.
• Abbott
• Compass Health Brands
• GE Electric Company
• Pride Mobility
• Baxter International Inc.
• Roche Diagnostic Equipment
• SAMAPLAST
What Are The Regional Insights Into The Durable Medical Equipment Market?
North America was the largest region in the durable medical equipment market in 2024. The regions covered in the durable medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
