- According to Transparency Market Research’s latest report on the global durable medical equipment (DME) market for the historical period 2017–2018 and forecast period 2019–2027, increasing number of people with one or more disabilities, rising government initiatives in preventive health care programs are projected to drive the global durable medical equipment (DME) market during the forecast period
- According to the report, the global durable medical equipment (DME) market was valued at US$ 153.1 Bn in 2018 and is anticipated to expand at a CAGR of 6.2% from 2019 to 2027
Increasing number of people with one or more disabilities and rising government initiatives in preventive health care programs to promote usage of durable medical equipment (DME): Key Drivers
- Rise in number of people with one or more disabilities is likely to increase demand for durable equipment such as wheelchairs, mobility devices, and therapeutic devices & monitoring devices for hospital and home care settings. Additionally, changes in lifestyle habits such as eating and sleeping is projected to fuel demand for rehab as well as hospital treatments. This will subsequently increase demand for wheelchairs, walkers, and crutches & canes and other bariatric mobility and assistive devices.
- Rising government initiatives in preventive health care programs is helps to drive the growth of durable medical equipment (DME) during forested period. For instance, Million Hearts is an initiative led by the U.S. Department of Health and Human Services in collaboration with the CDC and the Centers for Medicare and Medicaid Services. The committee aligns and coordinates its activities to achieve hypertension control rates above 70% through electronic health records, innovations in health information technology, and patient communication.
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Increase in funding and increasing acceptance of durable medical equipment in home care settings boost market growth
- Numerous private associations and governments are undertaking initiatives to provide financial support to medical device manufacturers. With satisfactory funding, blood pressure monitor manufacturers invest more in R&D to produce technologically precise and effective diagnostic devices.
- Reduction of length of hospital shifts is rapidly increasing demand for home health care durable medical equipment products. For example, post-surgical recovery products, other long-term ailment products, and supportive medical treatment products help in reducing the length of stay. Such factors are likely to boost the growth of this market
Low acceptance of digitally advanced products & lack of skilled personnel to hamper market
- Highly digitized products have witnessed low acceptance among disabled or elderly population due to limited utilization of computers and related aids. Over 60% of the total population in developing countries such as India and Brazil lives in villages. Some of them are completely unaware of the new advanced products.
- Some of the hurdles in emerging economies that market players can exploit include lack of technical expertise regarding selling the appropriate mobility device to the consumer and instructing them regarding its correct usage. The lack of proper training to handle patients with equipment and devices for caregivers may also hinder the market.
Global Durable Medical Equipment (DME) Market: Competitive Landscape
- This report profiles major players in the global durable medical equipment (DME) market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global durable medical equipment (DME) market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global durable medical equipment (DME) market areStryker CorporationMedtronic plc.Medline Industries, Inc.BDHill-Rom Holdings, Inc.Drive DeVilbiss Healthcare, Inc.Invacare CorporationSunrise Medical (US) LLC,ResMed, Inc.
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Global Durable Medical Equipment (DME) Market: Key Developments
Key players in the global durable medical equipment (DME) market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global durable medical equipment (DME) market. A few expansion strategies adopted by players operating in the global durable medical equipment (DME) market are:
- In January 2019, Medical Imaging Corp. acquired Sandy Shores Medical, Inc. for business expansion in U.S. and Canada.
- In July 2019, Dynarex launched new durable medical equipment, including two new wheelchairs, and an elongated raised toilet seat.
- In 2019, Invacare launched ROVI A3 Power Wheelchair with Motion Concepts MPS Maxx Modular Power Standing System in North America.