How Has the Medical Equipment Rental Market Size Evolved in Recent Years?
The medical equipment rental market has seen considerable growth due to a variety of factors.
•The size of the medical equipment rental market has seen significant increases over recent years. Its projected growth is from $61.26 billion in 2024 to $64.43 billion in 2025, with a compound annual growth rate (CAGR) of 5.2%.
Factors like cost containment, adherence to regulation, scalability and flexibility, focus on major capabilities, and emerging markets contribute to the growth experienced in the historic period.
What are the Market Size and Expected Growth Rates for the Medical Equipment Rental Market?
The medical equipment rental market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for medical equipment rentals is projected to observe significant progress. It is estimated to reach a size of "$82.45 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 6.4%.
Key factors contributing to the growth in this forecast period are escalating healthcare expenses, preference for short-term solutions, strict adherence to regulations, nimbleness in healthcare management, and global growth. The forecast period will also see certain trends such as the growing demand for affordable solutions, technology-driven rentals, the upsurge of home healthcare provisions, the necessity for flexibility and scalability, and a focus on sustainable practices.
What Are The Essential Drivers Behind The Growth Of The Medical Equipment Rental Market?
The expansion of hospitals, diagnostic labs, and surgical centers can be seen as a catalyst for the growth of the medical equipment rental industry. These healthcare establishments require a wide range of medical tools to offer top-notch services, but may not have sufficient resources to purchase the equipment outright. This is where medical equipment rental companies come in handy, providing an assortment of equipment on a short-term or long-term lease as an economically viable solution. Echoing this is a report from Health Affairs, a non-profit organization based in the U.S., which showed that the earnings of U.S. medical and diagnostic labs climbed to $4.5 trillion in 2022, marking a 4.1% rise from $4.3 trillion the previous year. This surge in hospitals, diagnostic labs, and surgical centers is a powerful propellant for the medical equipment rental market.
How Is The Global Medical Equipment Rental Market Divided Into Key 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
Subsegments:
1) By Personal Or Home Care Equipment: Wheelchairs, Hospital Beds, Oxygen Equipment, Mobility Aids
2) By Electronic Or Digital Equipment: Patient Monitors, Diagnostic Imaging Equipment, Infusion Pumps, Electrocardiogram (ECG) Machines
3) By Surgical Equipment: Surgical Instruments, Operating Tables, Anesthesia Machines, Surgical Lights
4) By Durable Medical Equipment: Crutches, Walkers, Shower Chairs, Lift Chairs
5) By Long Term Care: Bedside Monitors, Patient Lifts, Incontinence Supplies, Rehabilitation Equipment
6) By Acute Care: Ventilators, Cardiac Monitors, Infusion Pumps, Defibrillators
7) By Emergency And Trauma: Stretchers, Trauma Kits, Automated External Defibrillators (AEDs), Portable Suction Units
8) By Storage And Transport: Medical Carts, Transport Stretchers, Medical Storage Units, Refrigerators For Medications
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What Trends Are Reshaping The Future Of The Medical Equipment Rental Market?
The rise of technological innovations is a major trend gaining traction in the medical equipment rental industry. This is exemplified by key companies in the sector focusing on developing innovative solutions to solidify their market position. For example, in May 2022, US Med-Equip, a renowned American firm offering medical and hospital equipment rentals, unveiled the GoUSME App. This digital platform, available on iOS and Android, is specifically designed to aid front-line clinicians in ordering and managing rented medical equipment from US Med-Equip at the tap of a button. Utilizing passive RFID technology, this open-system app allows healthcare providers to identify and locate their owned and rented mobile medical equipment. Moreover, these RFID reader scans assist hospitals in tracking down RFID-tagged equipment for preventative maintenance purposes.
Who Are the Key Players in the Medical Equipment Rental Market?
Major companies operating in the medical equipment rental market include:
• 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
• 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.
What are the Regional Insights into the Medical Equipment Rental Market?
North America was the largest region in the medical equipment rental market in 2024. The regions covered in the medical equipment rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
