Major players in the medical equipment rental market are Hill-Rom Holdings Inc., Siemens Financial Service Inc., Nunn’s home Medical Equipment, Westside Medical Supply, Universal Hospital Services Inc.
New York, June 14, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Medical Equipment Rental Global Market Report 2023” – https://www.reportlinker.com/p06466613/?utm_source=GNW
, Woodley Equipment Company Ltd., Apria Healthcare Group Inc., Centric Health Corporation, AGITO Medical A/S, US Med-Equip Inc., Apria Healthcare Group Inc., Walgreen Co., General Electric, Huron Consulting Group Inc., China Huarong Financial Leasing Co. Ltd., Meridian Group International and Mizuho Leasing Company Limited.
The global medical equipment rental market is expected to grow from $56.14 billion in 2022 to $58.83 billion in 2023 at a compound annual growth rate (CAGR) of 4.80%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical equipment rental market is expected to reach $72.20 billion in 2027 at a CAGR of 5.25%.
The medical equipment rental market includes revenues earned by companies by automating inventory management, offering flexible rental prices, and streamlining payment processing.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Medical equipment rental refers to the service of providing assets like infusion pumps and other medical equipment on a rental basis to lenders such as hospitals, clinics, and other healthcare partners. It allows the customer to choose which store to visit, browse through the store, and place an order for the required medical equipment.
North America was the largest region in the medical equipment rental market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of equipment included in medical equipment rental are personal or home care equipment, electronic or digital equipment, surgical equipment, durable medical equipment, long-term care, acute care, emergency and trauma care, and storage and transport.Personal home care equipment refers to medical equipment to assist seniors and other individuals who need assistance with their activities of daily life, such as bathing, moving around, using the toilet, eating, and walking.
These are used by several end-users, such as hospitals, personal or home care, institutional care, and others.
The rise in the number of hospitals, diagnostic laboratories, and surgery centers is expected to propel the growth of medical equipment rental going forward.To deliver high-quality healthcare services, these facilities need a variety of medical equipment, but they might not have the funds to buy such equipment altogether.
Medical equipment rental companies provide access to a variety of equipment on a short- or long-term basis, offering cost-effective alternatives. For instance, in March 2023, according to the United States Census Bureau, a US-based principal agency of the U.S. Federal Statistical System, the revenue of United States medical and diagnostic laboratories increased from $12.41 billion in Q2 2020 to $16.93 billion in Q2 2021. Furthermore, in August 2022, according to the Centers for Medicare and Medicaid Services (CMS), a US-based federal agency under the United States Department of Health and Human Services, the number of certified clinical laboratories in the United States increased by about 13 percent, from 2,86,396 in 2020 to 3,23,086 in 2021. The rise in the number of hospitals, diagnostic laboratories, and surgery centers is driving the growth of the medical equipment rental market.
Technological advancements are a key trend gaining popularity in the medical equipment rental market.Major companies operating in the medical equipment rental market are focused on developing new solutions to sustain their position in the market.
For instance, in May 2022, US Med-Equip, a US-based provider of medical equipment rentals and hospital equipment rentals, launched the GoUSME App, an online portal and iOS and Android app.It is uniquely designed to help front-line clinicians order and manage rented medical equipment from US Med-Equip with the click of a button.
It is an open system that employs passive RFID technology to identify and pinpoint mobile medical equipment that is owned and rented by healthcare providers. The RFID reader scans help hospitals locate RFID-tagged equipment to conduct preventative maintenance.
In August 2022, US Med-Equip, a US-based service provider of rented medical equipment, acquired Freedom Medical for an undisclosed amount.Through this acquisition, US Med-Equip expands in terms of locations and workforce to meet the growing demand for equipment and service needs of hospitals and other healthcare entities.
Freedom Medical is a US-based company that provides rental medical equipment services to help improve patient outcomes.
The countries covered in the medical equipment rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The medical equipment rental market research report is one of a series of new reports that provides medical equipment rental market statistics, including medical equipment rental industry global market size, regional shares, competitors with a medical equipment rental market share, detailed medical equipment rental market segments, market trends and opportunities, and any further data you may need to thrive in the medical equipment rental industry. This medical equipment rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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