+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)
Sale

Durable Medical Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • PDF Icon

    Report

  • 125 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4592787
UP TO OFF until Mar 31st 2024
The Durable Medical Equipment Market is expected grow with a CAGR of 6.2% over the forecast period.

Due to the COVID-19 public health emergency, there may be an increased demand for durable medical equipment to expand health care capacity in local hospitals and health care systems through temporary expansion sites and for the proper and effective monitoring of patients. To meet this need, manufacturers from a variety of industry sectors not traditionally associated with medical device manufacturing are looking for resources to manufacture and market these devices to the healthcare community. For instance, in May 2020, the Railway Board of India has issued necessary instructions to the General Managers of these production units to explore the feasibility to manufacture items, like simple hospital beds (without mattresses) and stretchers. The ministry of railways, in consultation with production units and zonal railway workshops, decided to use the manufacturing facilities of its production units to manufacture essential items that can be utilized for the treatment of people affected by the pandemic.​

The rising focus on home care settings for the management of medical conditions and illnesses in patient populations and the rising awareness about elevating patients’ comfort are the key factors driving the market of durable medical equipment (DME) globally. The use of DME is mainly associated with therapeutic benefits and convenience to patients, and the devices are not intended for non-medical uses. Cardiovascular diseases have a high prevalence across the world, and they are the leading causes of death. As per the 2020 updates of world health organization (WHO), ischemic heart disease, responsible for 16% of the world’s total deaths. Furthermore, it was reported that after 2000, the largest increase in deaths has been for ischemic heart disease, rising by more than 2 million to 8.9 million deaths in 2019.​ High prevalence of cardiovascular diseases will increase the market growth as high patient rate would require durable medical equipments.

Constant technological advancements by manufacturers of durable medical equipment are expected to continue to open new frontiers in the global market. Coupled with this, the rapid pace of commercialization of better durable medical equipment is expected to influence the market growth trajectories over the forecast period. In March 2019, BiKube launched a life-changing mobility aid, bringing independence and freedom at home. This device is specifically designed to fill the gap between the cane and the walker and allows hands-free movement within patients at homes.

Moreover, the demand and funding for therapeutic and monitoring devices are expected to increase steadily, with the rising number of medical device startups further driving the market growth. For instance, in December 2019, Current Health, formerly known as snap40, raised a USD 11.5 million Series A funding round led by MMC Ventures for the further development and commercialization of its AI-powered patient management platform. Product launches are another key factor for the growth of the market. For instance, in October 2020, Stryker Corporation launched one of the world’s first and only completely wireless hospital bed, ProCuity, an intelligent bed designed to reduce in-hospital patient falls at all acuity levels, improve nurse workflow efficiencies and safety, as well as help lower hospital costs.

However, the high cost and pricing, and reimbursement issues, are hindering the expansion of the Durable Medical Equipment Market during the forecast period.

Key Market Trends


The Vital Sign Monitor Segment is Expected to Grow Significantly During the Forecast Period


In hospitalized patients, the vital signs are measured to assess the clinical situation at the preliminary stage of the patient and to identify clinical deterioration. Monitoring of these vital signs is usually done by nurses and includes blood pressure (BP), heart rate (HR), respiratory rate (RR), oxygen saturation (SpO 2 ), and core temperature. Consistent vital sign monitoring is critically important for the early detection of clinical deterioration of patients in hospital settings. It is mostly monitored by the nurses who routinely measure and document the primary vital signs of all patients 2‐3 times daily to assess their condition.

The recent COVID-19 pandemic has also created a huge demand for vital sign monitors, owing to the huge pool of patients getting admitted into the hospitals due to infections, and it is mandatory to keep a check on the patient's vital parameters during their treatment. For instance, in May 2020, Phillips received 510 clearance from the United States Food and Drug Administration for its wearable biosensor “Philips Biosensor BX100” new approach to vital signs measurements to help manage confirmed and suspected COVID-19 patients in the hospital.

It is known that with the rising geriatric population, the disease rate is expected to increase in the coming years. Therefore, the increasing prevalence of diseases also increases hospital admissions. The monitoring of vital signs is a crucial thing in emergencies and the ICU admissions, and even in most general hospital admissions. According to the World Ageing Population report, in 2020, there are an estimated 727 million persons aged 65 years or over worldwide. This number is projected to more than double by 2050, reaching over 1.5 billion persons. The share of older persons in the global population is expected to increase from 9.3 per cent in 2020 to 16.0 per cent in 2050. By mid-century, one in six people globally will be aged 65 years or older.

There are several market players focusing on developing and launching portable and affordable vital sign monitoring devices, making the market very competitive. For instance, in December 2019, Nihon Kohden introduced Life Scope SVM-7200, a new portable vital signs monitoring tool with customizable early warning scoring. Life Scope SVM-7200 Series measures blood oxygen, blood pressure, and temperature. Similarly, in January 2021, Mindray launched its new VS 9 and VS 8 Vital Signs Monitors n Europe, Australia, and other selected regions. In December 2020, Konica Minolta Inc. launched its VS1, a patient monitoring system in Japan for COVID-19 hospitalized patients with mild to moderate disease treated in isolation zones.

Therefore, all these factors are driving the market in the forecast period.



North America Captured the Large Market Share and it is Expected to Retain its Dominance Over the F


North America holds the largest share in the market, with the United States being the largest contributor to its revenue. The main drivers for the growth of the market are the increasing population of elderly people and increasing chronic disease prevalence, which may indirectly fuel the adoption of durable medical equipment.

According to the Center for Disease Control and Prevention 2021 updated statistics, 6 in 10 adults in the United States have at least one chronic disease, and 4 in 10 adults in the United States have two or more chronic diseases. As per the same report, heart disease, cancer, chronic lung disease, stroke, Alzheimer's Disease, Diabetes, and Chronic Kidney Disease and posing around USD 3.8 trillion annual healthcare costs on the country’s healthcare system.

Additionally, market players are also focusing on the launch of new products. For instance, in December 2020, Caretaker Medical received Health Canada approval for its Caretaker wearable vital signs monitor, allowing it to be used for quarantined COVID-19 patients.

Moreover, the sudden emergence of the COVID-19 pandemic has created a huge demand for durable medical equipment in the North American region. companies in the region have increased their manufacturing of essential/critical medical device products. For instance, In March 2020, as per the press release from Hillrom, it is expected to double the production of critical care products, which includes devices, such as ventilators, hospital beds, and vitals monitoring devices, to support COVID-19 patients. Similarly, several major companies, such as Medtronic, have also increased the production of their essential medical devices.

Hence, due to above mentioned factors the North America would likely to grow in the future.



Competitive Landscape


The global durable medical equipment market is highly competitive and consists of several major players. The existing major players in the durable medical equipment market employ strong competitive strategies, leading to an intense rivalry between them. The product advancements and improvements in durable medical equipment by the major players are increasing the competitive rivalry. Some of the key players in the market include Compass Health Brands, GE Healthcare, Getinge AB, GF Health Products Inc., and Medtronic PLC.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


This product will be delivered within 2 business days.

Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic and Lifestyle-related Disorders
4.2.2 Technological Advancements in Portability, Patient Comfort, and Utilities
4.2.3 Increasing Demand and Funding for Monitoring and Therapeutic Devices
4.3 Market Restraints
4.3.1 Stringent Regulatory Requirements Related to Medical Supplies
4.3.2 Lack of Skilled Professionals and Shortage of Facilities
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Device Type
5.1.1 Personal Mobility Devices
5.1.1.1 Wheelchair
5.1.1.2 Crutch and Cane
5.1.1.3 Walker
5.1.1.4 Other Personal Mobility Devices
5.1.2 Medical Furniture and Bathroom Safety Devices
5.1.2.1 Medical Bed and Mattress
5.1.2.2 Commode and Toilet
5.1.2.3 Other Medical Furniture and Bathroom Safety Devices
5.1.3 Monitoring and Therapeutic Devices
5.1.3.1 Blood Glucose Monitor
5.1.3.2 Oxygen Equipment
5.1.3.3 Vital Sign Monitor
5.1.3.4 Infusion Pump
5.1.3.5 Other Monitoring and Therapeutic Devices
5.2 By End User
5.2.1 Hospital/Clinic
5.2.2 Ambulatory Surgical Center
5.2.3 Other End Users
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Compass Health Brands
6.1.2 GE Healthcare
6.1.3 GF Health Products Inc.
6.1.4 Medtronic PLC
6.1.5 Invacare Corporation
6.1.6 Masimo
6.1.7 Medline Industries Inc.
6.1.8 Koninklijke Philips NV
6.1.9 Konica Minolta Inc.
6.1.10 Nihon Kohden Corporation
6.1.11 Shenzhen Mindray Bio-Medical Electronics Co. Ltd
6.1.12 Becton, Dickinson and Company​
6.1.13 Siemens Healthcare GmbH
6.1.14 Pride Mobility
6.1.15 Patricia Industries (Permobil)
6.1.16 OMRON Corporation

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Compass Health Brands
  • GE Healthcare
  • GF Health Products Inc.
  • Medtronic PLC
  • Invacare Corporation
  • Masimo
  • Medline Industries Inc.
  • Koninklijke Philips NV
  • Konica Minolta Inc.
  • Nihon Kohden Corporation
  • Shenzhen Mindray Bio-Medical Electronics Co. Ltd
  • Becton, Dickinson and Company​
  • Siemens Healthcare GmbH
  • Pride Mobility
  • Patricia Industries (Permobil)
  • OMRON Corporation

Methodology

Loading
LOADING...