Burlingame, July 25, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Medical Equipment Rental Market, By Product (Surgical Equipment, Durable Medical Equipment (DME), and Storage and Transport), and End-Use (Personal/Home Care, Institutes and Laboratories, and Hospitals): Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030. According to the global medical equipment rental market is estimated to be valued at $49.2 billion in 2022 and is expected to exhibit a CAGR of 5.0% during the forecast period (2023-2030).
Request Sample copy of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/5826
Analysts’ Views on Global Medical Equipment Rental Market
Medical equipment rental refers to the industry which involves the temporary provision of medical equipment to healthcare facilities, organizations and individuals on a rental or lease basis. Medical equipment rental is on the rise as several countries worldwide are struggling economically due to low budgets for healthcare facilities. Equipment rental may cost more, but preserves capital and provides financial and operational flexibility for new hospital businesses. Equipment can be rented on a monthly, daily, or weekly basis, and thus becomes convenient to afford the latest services at a minimum price. Medical equipment rental serves the purpose of meeting the short- or long-term medical equipment needs of healthcare providers, patients, and other medical professionals.
Key Trends and Analysis of the Global Medical Equipment Rental Market:
Growing demand for durable equipment across the globe is one of the key trends expected to drive growth of the global medical equipment rental market. Durable medical equipment (DME) refers to the medical supplies or devices ordered by a healthcare professional for routine, long-term use. Individuals now prefer long-term and postoperative care at home, and durable medical equipment is equipment used in the home to aid in a better quality of life. Hence, with the increasing demand for home care services across the world, the demand for home healthcare (DME) equipment is also increasing rapidly, and this trend is expected to continue during the forecast period.
Global Medical Equipment Rental Market – Drivers
Rise in burden of chronic/infectious disease to propel market growth
With the increasing prevalence of chronic or infectious disease, the demand for medical equipment is also increasing with a rapid pace worldwide. In February 2023, Alyve Medical announced new headquarters and launch of rental program for Neuralign S @Home. Using Neuralign S @Home, patients can augment any in-clinic physical therapy through daily treatment sessions with patented Motion Activated Stimulation (MAS) technology in comfort and convenience of their own home. Individuals can rent a device on a monthly basis through the course of their treatment and a steady increase in rental activity is already being realized.
Medical Equipment Rental Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 49.2 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 5.0% | 2030 Value Projection: | US$ 69.1 Bn | |
| Geographies covered: |
| |||
| Segments covered: |
| |||
| Companies covered: | U.S. Med-Equip, Inc., Hill-Rom Holdings, Inc., Siemens Financial Services Inc., Nunn’s Home Medical Equipment, Westside Medical Supply, and Universal Hospital Services, Inc., among others | |||
| Growth Drivers: |
| |||
| Restraints & Challenges: |
| |||
Increasing demand for rental equipment to drive market growth
In May 2023, Nigeria Sovereign Investment Authority (NSIA) launched two flagship companies, NSIA Advanced Medical Service Ltd. (MedServe) and Equilease Systems Limited (Equilease). MedServe’s goal is to provide high quality and affordable healthcare services and ensure equitable geographic access to these services across the country. While, EquiLease is specialized equipment leasing service provider. Equilease Systems Ltd. will provide medical equipment leasing services, leveraging its strategic advantage to catalyze investments in healthcare institution and facilitating the acquisition of equipment to improve the quality of healthcare in Nigeria.
Buy Now this Premium Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/5826
Global Medical Equipment Rental Market – Restrain
Stringent rules and regulations to hamper the market growth
One of the key factors expected to hamper growth of the global medical equipment rental market is the stringent rules and regulations. For instance, most of the medical equipment available in the market do not conform to the quality standards set for patient safety. Most of them are not certified due to non-maintenance of required standards and poor performance of the device, as the providers do not follow the standards set by the medical authorities. Regulation is primarily concerned with enabling patient access to high quality, safe, and effective medical devices, and avoiding access to products that are unsafe. This in turn is restraining the market growth.
Global Medical Equipment Rental Market – Opportunities
Rise in patient pool (due to rise in burden of chronic and infectious disease) worldwide is expected to offer significant growth opportunities for players in the global medical equipment rental market. For instance, according to the American Hospital Association (AHA), over 133 million Americans suffer from at least one chronic illness, such as cardiovascular diseases, hypertension, and arthritis. This number is around 15 million higher than just a decade ago, and by 2030, is expected to reach around 170 million. Hence, with the increase in the patient pool, the burden on the hospitals is also increasing; increasing the demand for medical equipment rental.
Global Medical Equipment Rental Market - Key Developments
In May 2023, YNB Healthcare announced the launch of the medical equipment rentals, a one-stop solution for all healthcare needs. The company offers an array of services all at affordable rates.
In February 2023, NanoVibronix, Inc. announced the launch of a month to month rental program for its lead products, PainShield and UroShield.
Key Market Takeaways:
Global medical equipment rental market is expected to exhibit a CAGR of 5.0% during the forecast period. The global medical equipment rental market is growing rapidly in response to the increasing number of hospitals and clinics offering advanced care and increasing demand for advanced healthcare equipment across the globe.
On the basis of Product, Surgical Equipment Segment is expected to dominate the market during the forecast period and this is attributed to the increasing number of surgical procedures.
On the basis of End User, Personal/Home Care Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for home healthcare or increasing demand for home care equipment.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to increasing prevalence of chronic diseases, increasing number of surgical procedures, and increasing demand for medical equipment in the region.
Competitive Landscape:
Key players operating in the global medical equipment rental market include U.S. Med-Equip, Inc., Siemens Financial Services Inc., Westside Medical Supply, Hill-Rom Holdings, Inc., Nunn’s Home Medical Equipment, and Universal Hospital Services, Inc., among others.
Request Customization of this Report @ https://www.coherentmarketinsights.com/insight/request-customization/5826
Detailed Segmentation:
Global Medical Equipment Rental Market, By Product:
- Surgical Equipment
- Durable Medical Equipment (DME)
- Storage and Transport
Global Medical Equipment Rental Market, By End-Use:
- Personal/Home Care
- Institutes and Laboratories
- Hospitals
Global Medical Equipment Rental Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
Related Market Intelligence Reports:
Surgical Equipment Market, By Product [Handheld Surgical Equipment(Forceps & Spatulas, Retractors, Dilators, Clamps, Trocars, Others), Surgical Sutures & Staplers, Electrosurgical Devices, and Others], By Application (Neurosurgery, Plastic Surgery, Orthopedics, Cardiovascular Surgery, Obstetrics & Gynecology, and Others), By End User (Hospitals, Clinics, and Ambulatory Surgical Centers), And by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Medical Device Connectivity Market, By Component (Wired hardware, Wireless hardware (Wi-Fi, WMTS, Bluetooth), Software), By End User (Hospitals, Home healthcare, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
