Durable Medical Equipment Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product (Personal mobility devices {Wheel chair, walker, scooter, door openers canes & crutches others} (Bathroom safety devices {commodes, toilet rails and others} (monitoring therapeutic devices {blood glucose monitor, oxygen monitor vital sign monitor, infusion pump and others} by end-users (hospitals, clinics, ambulatory surgical centers and others) Region/Country
The Durable Medical Equipment Market was valued at USD 196 billion in 2021 & is expected to grow at a CAGR of 6.0% from 2022-2028. The durable medical equipment helps to support both the geriatric and disabled populations and makes life convenient and independent. Additionally, the rising prevalence of chronic diseases among the geriatric population is driving the market for durable medical equipment. For instance, World Health Organisation (WHO) 2022 report, states that by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Furthermore, according to the Centre For Disease Prevention and Control states that The prevalence of doctor-diagnosed arthritis is expected to increase in the coming decades. By 2040, an estimated 78.4 million adults aged 18 years and older (25.9% of the projected adult population) would have doctor-diagnosed arthritis. Moreover, advancements in technology, shifting patient preference towards a new device, government initiatives and increasing healthcare expenditure are the driving factor for the market during the forecast period.
Some of the major players operating in the market include Sunrise Medical, Invacare Corporation., Stryker, Medline Industries, Inc., GF Health Products, Inc., Carex Health Brands, Baxter., Joerns Healthcare LLC., Worldwide Clinical Trial, Medtronic
Insights Presented in the Report
“Amongst products, the smart appliances segment is anticipated to grow with a significant CAGR market in 2021”
By product type, the market is segmented into personal mobility devices, bathroom safety devices, monitoring & therapeutic devices and end-users. The personal mobility devices are sub-segmented into wheelchairs, walkers, scooters, door openers, canes & crutches and others. The bathroom safety devices are sub-segmented into commodes, toilet rails and others. The monitoring & therapeutic devices are further sub-segmented into blood & glucose monitor, oxygen equipment, vital sign monitor, infusion pumps and others. Amongst these, the personal mobility devices segment is expected to grow with a significant CAGR in 2021. The major factor contributing towards its growth is the rising incidence of road traffic injuries impairing mobility. For instance, according to the National Household Travel Survey, of the US Department of Transportation around 25.5 million Americans have travel-limiting disabilities. This is driving the market growth of this segment in the forecast period.
“Amongst end-users, the hospital held the majority share of the market in 2021”
By end-users, the market is segmented into hospitals, clinics, ambulatory surgical centres and others. Amongst these, hospitals captured most of the durable medical equipment market in 2021. The hospitals offer services such as advanced medical technology, availability of specialized staff, excess to additional services and insurance coverage.
“Asia Pacific is anticipated to grow with significant CAGR market in 2021”
Asia Pacific is due to the supporting government initiatives, rising healthcare expenditure, and increasing geriatric population in this region. Additionally, the rising no. of road accidents impairing mobility is expected to drive growth in this region. For instance, according to the WHO, poor and medium-income nations account for around 93 per cent of all traffic accidents. This is mainly attributed towards the growth of the durable medical equipment market in Asia-pacific over the forecasted period.
Durable Medical Equipment Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global durable medical equipment market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Durable Medical Equipment Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global durable medical equipment market were the three major steps undertaken to create and analyze the adoption of durable medical equipment in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global durable medical equipment market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the durable medical equipment market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the durable medical equipment market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the durable medical equipment market. Further, we conducted factor analysis using dependent and independent variables such as product, and end-users of the durable medical equipment market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the durable medical equipment market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global durable medical equipment market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the durable medical equipment market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global durable medical equipment market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global durable medical equipment market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, and end-users in the global durable medical equipment market.
The main objective of the Global Durable medical equipment Market Study
The current & future market trends of the global durable medical equipment market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the durable medical equipment market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product, technology, and end-users
- Define and analysis of the regulatory framework for the durable medical equipment industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the durable medical equipment market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the durable medical equipment market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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