Newark, June 14, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the U.S. durable medical equipment market will grow from USD 60.04 Billion in 2022 to USD 95.67 Billion by 2032. The durable medical equipment market is witnessing a rise in demand amid the increasing prevalence of chronic diseases and rising investment in the healthcare industry. Several government agencies, manufacturers and end-users are entering into agreements providing lucrative growth to the durable medical equipment market.
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Key Insight of the Durable Medical Equipment Market
The personal mobility devices segment is expected to augment the market during the forecast period.
The product type segment is divided into monitoring and therapeutic devices, personal mobility devices, and bathroom devices and medical furniture. The monitoring and therapeutic devices segment includes nebulizers, blood glucose monitors, infusion pumps, suction pumps, continuous passive motion, traction equipment, oxygen equipment, cardiology devices, urinary supplies, muscle stimulators and others. The personal mobility devices segment includes walkers and rollators, wheelchairs, crutches and cranes and others. The bathroom devices and medical furniture segment further includes mattress and bedding devices, commodes and toilets and others. The personal mobility devices segment is expected to augment the market during the forecast period. Personal mobility devices are in demand due to the rising geriatric population suffering from chronic illness. Thus, the need for walkers, wheelchairs, cranes, etc., has increased among patients with disability.
The home healthcare segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is divided into specialty clinics, diagnostic centres, hospitals, home healthcare, ambulatory surgical centres and others. The home healthcare segment is expected to augment the market during the forecast period. The home healthcare industry’s growth has helped reduce the burden from health systems as the access to healthcare services among patients has increased while simultaneously reducing the visits to hospitals or diagnostic laboratories.
The indirect segment is expected to grow at the highest CAGR during the forecast period.
The distribution channel segment is divided into direct and indirect. The indirect segment is expected to grow at the highest CAGR during the forecast period. Indirect distribution channels include B2C sites which provide several options to the buyers. By indirect distribution, the end-user can save on specific duties and fees.
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Driver: Rising usage of medical equipment
A crucial part of providing healthcare is medical equipment. It includes anything from modest, straightforward instruments like monitoring and therapeutic devices to personal mobility devices. The durable medical equipment market projected to grow lucratively over the following years. Several medical equipment are utilized for treatment, management and diagnosing of ailments. The durable medical devices are considered as an essential part of the health institution. These equipment can offer effective and safe prevention, treatment, diagnosis, and rehabilitation of chronic diseases. To ensure the patient’s health is appropriately handled, practitioners can remotely monitor these conditions due to connected medical devices.
Restraint: Higher production cost
Durable medical equipment manufacturing is a labour- and money-intensive process that demands considerable outlays of cash and resources. These devices’ production prices might vary substantially. Due to the sheer intricacy and detail needed to construct them, highly innovative medical gadgets frequently have a significantly higher production cost.
Opportunity: Increasing geriatric population
The number of Americans aged 65 and over increased by 38.6% in just ten years, from 2010 to 2020; the number was around 55.8 million in 2020 and is expected to grow by a higher percentage. As people get older, they develop a range of chronic problems. Given the increase in life expectancy, which has increased the senior population, it is critical to understand the changes that occur as people age. The home healthcare industry is already booming in the USA due to the growing demand for the senior population. The range of disorders that can be treated at home has significantly expanded due to improvements in medical device technology. Advanced, durable medical equipment can potentially increase senior adults’ independence and quality of life. Monitoring and therapeutic devices can also motivate senior citizens to keep track of their physical activity patterns and manage their chronic illnesses.
Challenges: Stringent regulations
Regulatory restrictions vary depending on the application of durable medical equipment. According to the Food and Drug Administration, durable medical equipment is intended for use in the diagnosis, cure, mitigation, or treatment of disease. Before durable medical equipment can be used on patients, the FDA must submit and approve an investigational application. Before it can be used, durable medical equipment must be demonstrated to be safe and effective for its intended purpose.
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Some of the major players operating in the durable medical equipment market are:
• Invacare Corporation
• Stryker Corporation
• Drive Medical
• Hill Rom, Inc.
• G.F. Health Products, Inc.
• Sunrise Medical
• Getinge AB
• Carex Health Brands, Inc.
• Medline Industries, Inc.
• General Electric Company
• Becton, Dickinson and Company
• Medtronic PLC
• Resmed Inc.
• Compass Health Brands
Key Segments Cover in the Market:
By Product Type:
• Monitoring and Therapeutic Devices
o Blood Glucose Monitors
o Infusion Pumps
o Suction Pumps
o Continuous Passive Motion
o Traction Equipment
o Oxygen Equipment
o Cardiology Devices
o Urinary Supplies
o Muscle Stimulators
• Personal Mobility Devices
o Walker and Rollators
o Crutches and Cranes
• Bathroom Devices and Medical Furniture
o Mattress and Bedding Devices
o Commodes and Toilets
• Specialty Clinics
• Diagnostic Centres
• Home Healthcare
• Ambulatory Surgical Centres
By Distribution Channel:
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a country basis. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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