With reference to the latest market forecast report published by Acumen Research and Consulting, on the title, "Medical Equipment Rental Market (By Product: Surgical Equipment, Durable Medical Equipment [Personal Mobility Devices, Bathroom Safety and Medical Furniture, Monitoring and Therapeutic Devices], Storage and Transport; By End-user: Personal/Home care, Institutional, Hospitals) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026". The global medical equipment rental market size is anticipated to around USD 65.4 billion by 2026, this market is anticipated to grow with 4.5% CAGR during the forecast time period.
Rising acceptance of medical assist gadgets paired with increasing economic crisis due to rapid technological growth are among the main trends motivating medical equipment rental market development. Increasing research and development activities in the medical device sector is resulting in introduction of progressive variations with improved effectiveness and efficiency, which is foremost to increase in prices of numerous equipment.
A move in pattern from acquiring to renting of gadgets has been seen in the course of recent decades in the healthcare industry. Medicinal services suppliers over the globe are pointing towards enhanced infrastructural offices and decrease in capital required to accomplish the equivalent. The trend is probably going to remain, though, occurrence of insurance coverage for a few medical gadgets is anticipated to pose a threat to the leasing/rental market.
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Reduced product life cycle is another factor foreseen to stir the development of the market during the forthcoming year. Consistent accessibility of cutting advanced gadgets is prompting price hike and subsequently, a load on healthcare providers. So as to stay aware of rivalry, healthcare providers need to give careful consideration to innovative up gradation. In this manner, increasing association in research and development is ready to drive the market.
Also, rising requirement for home healthcare attributable to diminished hospital stays and extending geriatric and debilitated patient pool is boosting the need for rental gadgets. Expanding mishaps, for example, spinal malfunctioning, brain or skeletal injury/ disorders and muscular dystrophy are leading to an increase in the pool of disabled populace. All these parameters are working in favour of the medical equipment rental market.
Accessibility of different grants and government arrangements for handicapped populace is anticipated to obstruct the development of the market. Arrangement allows, for example, budgetary help for acquisition of gear and assets for building infrastructural offices for debilitated are bringing down the requirement for leasing of equipment. This, thusly, is estimated to constrain the market from understanding its most extreme potential.
The global medical equipment rental market is segmented into product, end-use rand region.On the basis of product, the global medical equipment rental market is segmented into surgical equipment, durable medical equipment and storage and transport. Durable medical equipment is bifurcated into personal mobility devices, bathroom safety and medical furniture, and monitoring and therapeutic devices. On the basis of end-user, the global medical equipment rental market is segmented into personal/home care, institutional, and hospitals. On the basis of region the global Medical equipment rental market is bifurcated into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific.
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North America overwhelmed the market in 2018 and is required to stay prevailing through 2025. Occurrence of a large number of service providers and high need for technically progressive products are rising the development of the regional medical equipment rental market. The region faces issues of extra spending on purchase of latest therapeutic device or equipment, which can be tackled by leasing equipment.
The region was trailed by Europe in 2018 as far as revenue. Rising occurrence of chronic diseases, for example, Parkinson's, Huntington's illness, and atherosclerosis, expansion of home health care, and quickly developing geriatric populace are giving a fillip to the market in Europe. Also, educational institutes and research labs are anticipating diminishing operational and acquirement costs, prompting more prominent appropriation of rental gear all inclusive.
Asia Pacific is foreseen to show the most astounding CAGR during the forthcoming years. Augmenting base of geriatric populace and developing steady government activities in creating economies are essential development stimulants for the development of the regional market.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. And also, growing R&D investments paired with technical advancements to commercialize highly efficient products are expected to offer huge growth opportunities for industry participants. Some of the main businesses present in the Medical equipment rental market are Woodley Equipment Company Ltd., Hill-Rom Holdings, Inc., West side Medical Supply, Nunn’s Home Medical Equipment, Universal Hospital Services, Inc., and Siemens Financial Services, Inc.Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, acquisitions.
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