Global Medical Equipment Rental Market Size 2024, Forecast To 2033
6 Mar, 2024
The medical equipment rental market size has experienced robust growth in recent years, expanding from $58.83 billion in 2023 to $61.84 billion in 2024, with a compound annual growth rate (CAGR) of 5.1%. This growth is attributed to cost containment, regulatory compliance, flexibility and scalability, focus on core competencies, and emerging markets. Looking ahead, the market is expected to witness strong growth, reaching $76.9 billion by 2028, with a CAGR of 5.6%. Growth in the forecast period can be attributed to rising healthcare costs, demand for short-term solutions, adherence to stringent regulations, agility in healthcare management, and global expansion. Major trends in the forecast period include increasing demand for cost-effective solutions, technological advancements driving rentals, rise of home healthcare services, flexibility and scalability needs, and focus on sustainable practices.
Global Medical Equipment Rental Market Key Driver
The rise in the number of hospitals, diagnostic laboratories, and surgery centers is expected to propel the growth of medical equipment rental going forward. To deliver high-quality healthcare services, these facilities need a variety of medical equipment, but they might not have the funds to buy such equipment altogether. Medical equipment rental companies provide access to a variety of equipment on a short- or long-term basis, offering cost-effective alternatives. For instance, in March 2023, according to the United States Census Bureau, a US-based principal agency of the U.S. Federal Statistical System, the revenue of United States medical and diagnostic laboratories increased from $12.41 billion in Q2 2020 to $16.93 billion in Q2 2021. Furthermore, in August 2022, according to the Centers for Medicare and Medicaid Services (CMS), a US-based federal agency under the United States Department of Health and Human Services, the number of certified clinical laboratories in the United States increased by about 13 percent, from 2,86,396 in 2020 to 3,23,086 in 2021. The rise in the number of hospitals, diagnostic laboratories, and surgery centers is driving the growth of the medical equipment rental market. Market size projections indicate promising growth potential by 2024 and 2028.
Get A Free Sample Of The Global Medical Equipment Rental Market ReportGlobal Medical Equipment Rental Market Segments
The medical equipment rental market covered in this report is segmented –
1) By Type: Personal Or Home Care Equipment, Electronic Or Digital Equipment, Surgical Equipment, Durable Medical Equipment, Long Term Care, Acute Care, Emergency And Trauma, Storage And Transport
2) By End-User: Hospitals, Personal Or Home Care, Institutional, Other End-Users
By Geography:The regions covered in the medical equipment rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the medical equipment rental market in 2023. The regions covered in the medical equipment rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Medical Equipment Rental Industry Players
Hill-Rom Holdings Inc., Siemens Financial Service Inc., Nunn's home Medical Equipment, Westside Medical Supply, Universal Hospital Services Inc., Woodley Equipment Company Ltd., Apria Healthcare Group Inc., Centric Health Corporation, AGITO Medical A/S, US Med-Equip Inc., Walgreen Co., General Electric, Huron Consulting Group Inc., China Huarong Financial Leasing Co. Ltd., Meridian Group International, Mizuho Leasing Company Limited, Stryker Corporation, Agiliti Inc., Avante Health Solutions, United Rentals Inc., Block Imaging, Jamie's Medical Imaging, PrizMED Imaging, Radiology Oncology Systems Inc., National Diagnostic Imaging, Providian Medical Equipment Inc., Future Health Concepts Inc., Direct Medical Imaging LLC, Multi Imager Service Inc.
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Medical Equipment Rental Market Overview
Medical equipment rental refers to the service of providing assets like infusion pumps and other medical equipment on a rental basis to lenders such as hospitals, clinics, and other healthcare partners. It allows the customer to choose which store to visit, browse through the store, and place an order for the required medical equipment.
Medical Equipment Rental Global Market Report 2023 provides data on the global medical equipment rental market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The medical equipment rental market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.