Global Durable Medical Equipment (DME) market size to touch US$ 230 Bn by 2025 at a CAGR of 6%
Noida, Uttar Pradesh, India, March 18 2021 (Wiredrelease) Report Ocean Pvt Ltd –:The growing incidence of cardiac disorders, cancer, neurological conditions, ophthalmic ailments, and gynecological complications will drive the demand during the forecast period. Better coverage and reimbursement policies for durable medical equipment products are also likely to help boost the durable medical equipment market growth. The rising number of elderly care centers due to the increasing geriatric population base across the globe is projected to further drive the durable medical equipment market. Durable medical equipment is intended to manage various medical conditions and illness and offer convenience and therapeutic benefits to the patients. Following these promising developments, the Global Durable Medical Equipment (DME) Market is estimated to see healthy growth, pegged at a CAGR of around 6% throughout the forecast period 2020-2025.
Furthermore, durable medical equipment is estimated to play an important role in long-term care at home or other healthcare centers. This is also estimated to boost the market growth. On the other hand, the introduction of stringent regulatory guidelines in developed economies and the lack of skilled professionals for these equipment’s operations may hinder the industry growth.
Increasing durable medical equipment usage among the elderly population
Increasing elderly population base worldwide is regarded as the major contributing factor in the durable medical equipment market growth. There is an estimation of a vast expansion in the number of older populations aged 80 years and above compared to the younger people. According to World Health Organization (WHO) 2020 report, the number of individuals aged 60 years and above will be more than children younger than five years. The proportion of the world’s population over 60 years will double from 12% to 22% between 2015 to 2050. Thus, growing geriatric base will significantly propel durable medical equipment market growth during the forecast period.
Additionally, older people have low immunity levels and are prone to cardiac, skeletal, and neurological problems, which raises long-term care, and recovery needs. Such aspects are estimated to augment the durable medical equipment products demand in the coming years. According to the UN 2017 report data, the population aged 60+ years was about 960 million, which accounted for 13% of the global population. Such data results in the need for durable medical equipment. However, a lack of skilled professionals may hinder the market growth.
Segmentation Overview of the Global Durable Medical Equipment (DME) Market
The durable medical equipment (DME) market is segmented based on Product, Payer, and End-use. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product Outlook
Personal Mobility Devices (Wheelchair and Scooter, Crutches and Canes, Walkers, Others)
Monitoring and Therapeutic Devices (Oxygen Equipment, Blood Glucose Analyzers, Vital Sign Monitors, Infusion Pumps, Continuous Positive Airway Pressure (CPAP) Devices, Nebulizers, Others)
Bathroom Safety Devices
Consumables and Accessories
By Payer Outlook (Public, Private, Out-of-pocket)
By End-use Outlook (Hospitals, Home Healthcare, Ambulatory Surgical Centers, Others)
Key Players Insights
Invacare Corporation, Medline Industries, Inc., Stryker Corporation, Hill Rom, Inc., GF Health Products, Inc., ArjoHuntleigh, Sunrise Medical, Drive Medical, and Carex Health Brands, Inc., among others, are the leading durable medical equipment (DME) companies included during the research study. These companies are focusing on strategic acquisitions, partnerships, and agreements for business growth development. For instance, in January 2019, Medical Imaging Corp., a provider of medical supplies to the North American hospitals, acquired Sandy Shores Medical, Inc., a durable medical equipment product supplier.
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