Medical Equipment Rental Market: Introduction
According to the report, the global medical equipment rental market was valued at US$ 51.05 Bn in 2020. It is projected to expand at a CAGR of 4.2% from 2021 to 2028. Operators in the health care sector still struggle to find a sustainable financing option to invest in latest technologies and equipment to keep pace with increasingly demanding consumer base in spite of prospective and exponential growth. Rental medical equipment could prove to be the next big thing in the global health care industry, providing affordable and cost-efficient alternatives during unstable economic situations.
Europe was a prominent market for medical equipment rental in 2020. The region dominated the global market due to substantial investments in the field, technological advancements, increase in access to health care services, and entry of new manufacturers. These factors are also estimated to fuel the market in Europe during the forecast period.
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Escalating Pressure to Reduce Hospital Costs Likely to Drive Global Market
Studies suggest that most of the start-up health care facilities do not wish to invest in expensive medical equipment in order to maintain their capital funds. For instance, the average price for a CT scanner or a MRI machine could cost anywhere between US$ 1 Mn to US$ 3 Mn, which is a huge sum for any start-up organization. Thus, leasing medical equipment could prove to be the best option for equipment acquisition. Moreover, rising supply chain expenditures and costs of standard quality care offered to patients have pressurized hospitals and surgical centers to reduce overall expenditure in order to maintain revenues. This, in turn, is boosting the medical equipment rental market.
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Durable Medical Equipment to be Highly Lucrative Segment
In terms of device type, the global medical equipment rental market has been categorized into personal/home care equipment, electronic/digital equipment, surgical equipment, durable medical equipment, and storage and transport. The durable medical equipment segment has been further sub-segmented into long-term care, acute care, and emergency and trauma, based on the duration of their requirements and their standards.
The durable medical equipment segment accounted for a major share of the global market in 2020 due to the high cost and increased demand for durable rental equipment. The trend is likely to continue due to an increase in geriatric population across the world.
Chronic and Geriatric Patients End-user to Dominate Global Market
Based on end-user, the global medical equipment rental market has been divided into personal/home care medical equipment rental and institutional medical equipment rental. The personal/home care medical equipment segment has been further split into chronic and geriatric patients, preventive care/monitoring, and short term & outpatient care. On the other hand, the institutional medical equipment rental segment has been further classified into hospitals, healthcare centers, medical nursing homes, and medical research laboratories/institutions.
The chronic and geriatric patients sub-segment dominated the global medical equipment rental market in 2020. The chronic and geriatric patients sub-segment is expected to expand due to a rise in the number of patients suffering from chronic illnesses and an increase in geriatric population.
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Europe to Dominate Global Market
In terms of region, the global medical equipment rental market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global medical equipment rental market in 2020, followed by North America. The region’s dominance can be attributed to increase in medical equipment rental facilities and focus of existing & new players on the region.
Europe is the leading market for medical equipment rental due to the high demand for patient medical equipment rental in home care settings and the support from government & private medical institutions and hospitals that encourage the use of rented and leased medical equipment. These factors are also projected to propel the market in the region.
North America is likely to offer significant potential and expand at the second-highest growth rate in the medical equipment rental market during the forecast period. The region is expected to lead the market during the forecast period. Increased shift toward rental medical equipment is due to the rising health care expenditure in the U.S arising from new equipment purchases.
The global medical equipment rental market is fragmented in terms of number of players. Key players in the medical equipment rental global market include Apria Healthcare Group, Inc., Centric Health Corporation., Hill-ROM Holdings, Inc., Nunn’s Home Medical Equipment, Port Huron Hospital Medical Equipment, US Med-Equip, Inc., Universal Hospital Services, Inc., Woodley Equipment Company Ltd., Walgreen Co., and Westside Medical Supply, Inc.
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