Global Durable Medical Equipment (DME) Market to Reach USD 270 Billion at 6% CAGR During 2022-2031; Growing Geriatric Population and Diverse Utility of DMEs for Improved Quality of Life to Support Growth
New York, Aug. 08, 2022 (GLOBE NEWSWIRE) -- According to data from the World Health Organization, the number of geriatric population, i.e., adults 60 years of age and older, is increasing. In 2019, 1 billion people were 60 years of age or older across the globe. This number is anticipated to increase to 1.4 billion by 2030 and to 2.1 billion by 2050.
Kenneth Research has published a detailed market report on ‘Global Durable Medical Equipment (DME) Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
Healthcare expenditure has been improving in recent years and the healthcare expenditure as a part of the GDP escalated by 9.7% in all the OECD nations in 2020 which roughly rose by 8.8% back in 2019. The global durable medical equipment (DME) market is estimated to garner around USD 270 billion in revenue by 2031 by growing at a CAGR of nearly 6% over the forecast period, i.e., 2022 – 2031.
The growth of the market can majorly be attributed to the growing geriatric population, and the rising demand for home healthcare services on the back of increasing patients’ preference of availing post-operative and long-term care at home. Additionally, increasing demand pertaining to rent durable medical equipment, and the utility of durable medical equipment for diverse aspects, such as BP monitoring, blood glucose analysers, nebulizers, and many others are further expected to boost the market growth. It was noted that, the annual prevalence of renting two or more durable medical equipment categories increased by 300% between 2008 and 2018 across the globe.
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Furthermore, increasing disposable income per capita, and technological advancements in durable medical equipment products are also predicted to boost the global durable medical equipment (DME) market growth during the forecast period. For instance, in 2020, the global disposable income per capita was USD 8,784. Moreover, rising number of insurance companies across the globe, and their growing percentage in commercial service exports and imports are anticipated to be other important factors to drive the growth of the global durable medical equipment (DME) market. According to the data by The World Bank, in 2021, insurance and financial services accounted to 11% in global commercial service exports and 10% in global commercial service imports. Also, market participants are investing substantially in portfolio extensions. The most advanced ultrasound device till date from GE Healthcare was launched as the ‘Voluson Expert 22’. This most recent addition to the Women's Health portfolio of GE Healthcare generates images of high quality and resolution with lesser processing time that provides more flexibility for imaging activities.
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Regionally, the global durable medical equipment (DME) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America region is estimated to witness significant growth over the forecast period. This growth can be accredited to increasing chronic diseases, growing adoption for home-based monitoring devices, and increased manufacturing of critical medical equipment in the region.
According to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), six in ten Americans live with at least one chronic disease, such as, heart disease and stroke, cancer, or diabetes. These and other chronic diseases are the leading causes of deat and disability in America, and they are a leading driver of health care costs as well. Furthermore, high adoption of technologically advanced products in the region, increasing healthcare expenditure per capita, growing number of insurance companies throughout the region, and growing R&D activities to develop products that improve patient comfort by companies in the region are also propelling the growth of the market in the North America region. In November 2021, a novel blood sugar monitor, POGO Automatic Blood Glucose Monitoring System by Intuity Medical was launched in the US that allows easy button-push enabled blood test, unlike conventional test strip insertion or finger sticking methods. The product is FDA approved and is suitable for diabetic patients who are 13 years of age and above.
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On the other hand, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period for durable medical equipment market on the back unbalanced diet patterns that lead to several complications such as lifestyle disorders and infections. Also, growing elderly population, and improved healthcare facilities are also helping durable medical equipment sector boom. According to the Asian Development Bank, the number of elderly persons in the Asia Pacific region will reach 1.3 billion by 2050 which means, one in four persons will be older than 60 for the given period. Restricted mobility among the elderly population has necessitated adoption of personal mobility devices and this has also lent growth impetus to the durable medical equipment market in the region. China is witnessing a rise in medical device adoption and holds approximately over 22% of the total market globally. Optimistic growth in the country is supported by a fast increasing geriatric population and improved care centers for the elderly, besides several others. Hence, these factors are predicted to boost the demand for durable medical equipment in the projected years and estimated to be significant factors to fuel the market growth in the Asia Pacific region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global durable medical equipment (DME) market is segmented on the basis of device into personal mobility devices, medical furniture, bathroom safety devices, monitoring and therapeutic devices, and others. Out of these, the personal mobility devices segment is anticipated to hold the hold the major share during the forecast era. The growth of this segment can be majorly accredited to the frequent launch of technologically more advanced products with improved comfort and portability. For instance, as of now, there are approximately 2 million different kinds of medical devices on the world market, categorized into more than 7000 generic devices groups.
Furthermore, the global durable medical equipment (DME) market is segmented based on end user into hospitals, clinics, home health care, and ambulatory surgical centers, and others. Out of these, the hospitals segment is anticipated to hold a substantial market share over the forecast period on the back of increasing awareness in healthcare, increasing diagnosis rate, which results in increasing hospital admissions, and increasing health expenditure per capita among the global population. According to The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
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Some of the prominent players and their company profiling mentioned in the report include Stryker, NIHON KOHDEN CORPORATION, General Electric Company, GF Health Products, Inc., Medtronic, Getinge AB, Compass Health Brands, Dun & Bradstreet, Inc., Koninklijke Philips N.V., Medical Device Depot, Inc., and others. This profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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