The global durable medical equipment (DME) market is expected to reach USD 242.1 billion by 2024, according to a new report by Grand View Research, Inc. With the aid of government funding and public private partnership the numbers of healthcare settings are increasing. This is anticipated to create opportunities for market players facilitating demand for DME. Home healthcare is a cost effective alternative, and growing usage of these equipment in home healthcare acts as a vital driver for the market growth. Geriatric population is key target population for these devices.
Growing geriatric population base is anticipated to accentuate the growth. Furthermore, geriatric population is susceptible to develop chronic diseases which demands long term care hence, increasing geriatric population coupled with rising prevalence of chronic disorders is projected to foster the usage of durable medical equipment.
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Further key findings from the study suggest:
- On the basis of product, the market is segmented into personal mobility devices, bathroom safety devices & medical furniture, and monitoring devices. Personal mobility devices owing to their rising demand and technological advancements held significant share in 2015.
- The end-users of DME include hospitals, nursing homes and home healthcare. Hospitals spearheaded the end-use segment due to greater economies of scale, which is governing factor for their significant growth.
- Home healthcare is anticipated to exhibit lucrative growth over the forecast period. Reducing length of hospital stay is key strategy implemented to reduce the cost. Reduction in length of stay increases focus towards home healthcare. For long term care and post-operative recovery home healthcare is preferred which is expected to boost the demand in home healthcare.
- North America held commanding shares in global durable medical equipment market in 2015. Federal government urges for quality patient care, which is facilitating the usage of innovative equipment which in turn impacted growth of DME in this region.
- Asia Pacific is projected to witness lucrative growth over the forecast period. Improving healthcare infrastructure, availability of medical professionals, and increasing number of healthcare facilities are the key factors for significant growth.
- The key players of the DME market include Invacare Corporation, Sunrise Medical, ArjoHuntleigh, Hill Rom, Inc, Stryker Corporation, Medline Industries Inc., Drive Medical, GF Health Products Inc., and Carex Health Brands, Inc. New product developments, collaborations, mergers and acquisitions are the key initiatives undertaken by players in this industry.
- For instance, in May 2015, Hill-Rom launched the Compella bariatric bed to transform the bariatric care of the organization, this imitative is anticipated to increase the penetration in DME market.
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Grand View Research has segmented the global DME market on the basis of product, end-use and region.