Post-surgical recovery products gain acceptance among elderly and disabled populations; Durable Medical Equipment (DME) Market Gathered Momentum from Favorable Reimbursement Framework, and Technological Advances that Improved their Precision
Demand for Personal Mobility Devices for Rehab Substantial in North America; however, Lack of Technical Expertise Might Hamper Uptake. Asia Pacific Lucrative Regional Market
ALBANY, New York, July 15, 2020 /PRNewswire/ -- Range of durable medical equipment (DME) including wheelchairs, mobility devices, and therapeutic devices and monitoring devices find extensive use in hospital and home-care settings for preventing care and rehabilitation programs. Rise in incidence of chronic diseases especially in elderly patients has seen demand for DME proliferating.
Analysts at Transparency Market Research affirm that better reimbursement coverage and rising elderly care centers will propel the DME market to high growth trajectory.
The global durable medical equipment (DME) market stood at US$ 153.1 Bn in 2018. Rise in post-surgical recovery products and mobility equipment in patient populations, notably in North America and Europe, will drive the market to clock CAGR of 6.2% from 2019 to 2027. By the period-end, the valuation will touch US$ 261.0 Bn.
Key Findings of Durable Medical Equipment (DME) Market Report
Among the various equipment types, personal mobility devices accounted for the major revenue share in 2018
Of the various end users, hospitals highly lucrative; adoption to pivot on governments ramping up investments on hospital infrastructure
Of the various regional markets, North America held the top share in DME market in 2018
Asia Pacific durable medical equipment market to witness remarkable rise in revenues; rising elderly populations to drive regional market's growth
Explore 192 pages of top-notch research, incisive insights, and detailed country-level projections on Durable Medical Equipment (DME) Market (Equipment Type - Personal Mobility Devices (Wheelchairs, Crutches & Canes, Walkers, and Others), Medical Furniture (Medical Beds, Mattress, Stretchers, Lift Chairs, and Others), Bathroom Safety Devices (Commodes, Toilet Rails/Frames, and Others), and Monitoring & Therapeutic Devices (Blood Glucose Monitors, Oxygen Equipment, Vital Sign Monitors, Infusion Pumps, and Others); End Users - Hospitals, Long-Term Care Centers, Ambulatory Surgical Centers, and Home Care Settings) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/report-toc/21557
Durable Medical Equipment (DME) Market: Key Driving Factors and Promising Avenues
A steady drive for durable medical equipment (DME) market has come from demand for medical equipment used for preventive health care and rehab programs, both in hospital and homecare settings.
Various DME manufacturers in developing and developed world have been able to ramp up their investments in research and development to unveil high-precision technologies. A case in point is government's support for blood pressure monitor manufacturers.
The durable medical equipment market has also gained a veritable momentum in recent years on back of favorable reimbursement scenario. A related trend is preference of reduced hospital stays in patients and their caregivers, thus bolstering the uptake of DME in homecare settings.
Growing awareness of the use of DME among population with some sort of disability has also reinforced sales in the durable medical equipment market.
Key Impediments for Durable Medical Equipment (DME) Market Stakeholders
Demand in the DME market experiences hindrances due to the large-scale acceptance of highly digitalized products. Lack of technical expertise is one of the prime reasons that impedes adoption of such DME among patients and their caregivers. Of note, emerging economies lack adequate healthcare infrastructure where patients can be made practically aware of the instructions of using DME. This has also hampered the prospects of the durable medical equipment market.
Durable Medical Equipment (DME) Market: Regional Assessment
Both North America and Asia Pacific are lucrative regions for industry stakeholders in the durable medical equipment (DME) market. North America has been contributing vast revenues on the back of a large appetite of technologically advanced products for patient care especially for preventing healthcare. New products launches have kept the regional market lucrative.
In Asia Pacific, countries such as China, India, Indonesia, South Korea, the Philippines, and Vietnam have witnessed remarkable rise in opportunities. Rising incidence of chronic conditions has boosted the outlook of the overall durable medical equipment (DME) market.
The Durable Medical Equipment (DME) Market can be segmented as follows:
Personal Mobility Devices
Crutches & Canes
Bathroom Safety Devices
Monitoring and Therapeutic Devices
Blood Glucose Monitor
Vital Sign Monitors
Long Term Care Centers
Ambulatory Surgical Center
Home Care Settings
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Personal Mobility Devices Market: The global personal mobility devices market is estimated to generate ~ US$ 11 Bn revenue in 2019, and is expected to expand at a CAGR of ~ 7% during the forecast period, increase in the geriatric population and large population suffering from physical disabilities are projected to boost the growth of the market during the forecast period
Electronic Health Records Market: The global electronic health records market is primarily influenced by numerous factors such as integration of healthcare information technology, rise in the incidences of chronic diseases, and expanding pool of geriatric population. All these factors are predicted to push for the increased adoption of electronic health records in the years to come.
Wheelchairs Market: The global wheelchairs market is expected to reach a value of about US$ 6,253.6 Mn by the end of 2026, expanding at a high single digit CAGR during the forecast period. Rise in geriatric population, increase in disabled population, adoption and awareness of advanced wheelchairs products, improvement in healthcare infrastructure, and favourable reimbursement policies are expected to boost the market during the forecast period
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