The Global Medical Equipment Rental market size is slated to make substantial gains owing to the increasing geriatric population worldwide, shares Fortune Business Insights™ in its report, titled “Medical Equipment Rental Market Size, Share & Industry Analysis, By Product Type (Durable Medical Equipment [Acute Care , Long-term Care, Emergency & Trauma Care] Personal Mobility Devices, Electronic/Digital Equipment, Storage and Transport Devices), By End User (Hospitals, Institutes and Laboratories, Personal/Home Care, Others) and Regional Forecast, 2020-2027”. According to the UN’s recent World Population Prospects 2019, approximately 16% of the global population will be above 65 years of age by 2050. Furthermore, in Europe and North America, nearly 25% of the population will be aged 65 years and above by 2050. In addition to this, the World Health Organization (WHO) estimates that the number of persons aged 60 years and older will reach 2 billion by 2050, indicating a rapid rise in aging worldwide. As geriatric populations increase globally, the demand for efficient, modern, and accurate health equipment and services is likely to spike in the coming years. Medical equipment rental services and platforms can fulfill this growing need by supplying the necessary healthcare technologies to hospitals and clinics at reasonable prices, allowing these facilities to ensure superior patient outcomes and the serve the specific health requirements of aging individuals.
Highlights of the Report:
- In-depth evaluation of the factors shaping the size, share, and the growth trajectory of the market;
- Unparalleled analysis of all the market segments;
- Careful examination of the regional and competitive dynamics of the market; and
- Comprehensive assessment of the impact of the COVID-19 pandemic on the market.
Soaring Demand for Medical Equipment amid COVID-19 to Bolster Market Growth
The medical equipment rental market growth is set to accelerate due to the unrelenting spread of the coronavirus across the globe. According to the latest data released by the Johns Hopkins University, as of January 4, 2021, global COVID-19 cases have surpassed the 85-million mark, with global deaths standing at 1.84 million. Healthcare facilities, mainly hospitals, around the world are overwhelmed with coronavirus cases, necessitating an intense and widespread adoption of medical equipment. Moreover, doctors and healthcare professionals also have to ensure that patients with comorbidities such as diabetes get adequate attention and treatment as they are highly vulnerable to suffering the worst effects of the coronavirus due to their weakened immune systems. Complicating this is the increasing prevalence of chronic diseases. For example, the International Diabetes Federation (IDF) estimates that at present, around 463 million people are living diabetes worldwide. Medical equipment rental facilities can bolster the response of hospitals and clinics in fighting this unprecedented health crisis by providing essential health devices and tools and assuring adequate treatment of patients.
Strengthening Government Support for Medical Financing to Propel the North America Market
North America is expected to dominate the medical equipment rental market share in the forthcoming years due to robust support for medical financing given by the governments in the region. This support is further fostered by the rising investments in healthcare technologies and digital services by government bodies and private sector entities in the region. In Asia Pacific, growing urgency to adopt advanced healthcare tools to tackle the increasing incidence of chronic diseases and rapid rise in aging populations in the region will stimulate the demand for medical equipment rental services. On the other hand, in Latin America, improving healthcare infrastructure and investments in diagnostic technologies will fuel the regional market.
Expansion of Distribution Networks by Key Players to Charge up Market Competition
With a view to deepen their footprint in this market, key players are continuously adopting strategies to expand and strengthen their distribution channels across different geographies. In the process, companies are able to solidify not just their regional market position, but are also augmenting their international presence.
- June 2020: Med One Group inaugurated a new distribution office in North Carolina to rent and service medical equipment in the state as well as foster its operations across the US East Coast. Through this office, Med One will provide expert biomedical services and facilitate local deliveries and pickups to the state’s healthcare facilities.
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List of Key Players Covered in the Medical Equipment Rental Market Report:
- Siemens Financial Services, Inc.
- Westside Medical Supply
- Hill-Rom Holdings Inc.
- Med One Group
- Nunn’s Home Medical Equipment
- Woodley Equipment Company Ltd
- AGITO Medical A/S
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