Global Medical Equipment Rental Market – Industry Trends and Forecast to 2029

Global Medical Equipment Rental Market, (Device Type: Personal/Home Care Equipment, Electronic/Digital Equipment, Surgical Equipment, Durable Medical Equipment [Long Term Care, Acute Care, and Emergency and Trauma], Storage and Transport; and End-user: Personal/Home Care Medical Equipment Rental [Chronic and Geriatric Patients, Preventive Care/Monitoring, and Short Term and Outpatient Care] and Institutional Medical Equipment Rental [Hospitals, Healthcare Centers, Medical Nursing Homes, and Medical Research Laboratories/Institutions) – Industry Trends and Forecast to 2029

Market Analysis and Size

Medical equipment leasing as a means of acquiring medical gadgets is still a resource that hospitals are attempting to use to aid with these issues. According to the research, the medical equipment rental business grew by 2.9 percent in 2018 to USD 4 billion in sales. Furthermore, the geriatric population is growing, with the world's aged population growing rapidly. Today, 8.5 percent of the world's population (617 million) is 65 or older.

Data Bridge Market Research analyses that the medical equipment rental market which was USD 53.65 billion in 2021, would rocket up to USD 79.87 billion by 2029, and is expected to undergo a CAGR of 5.10% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

The leasing or renting of medical equipment is known as medical equipment rental. Medical equipment rental or leasing has become a popular alternative to purchasing for a variety of end-users, including medical institutions and others. Medical equipment is available for rent on a daily, weekly, or monthly basis.

 Medical Equipment Rental Market Dynamics

Drivers

• Need for home healthcare

The global medical equipment rental industry is expected to develop due to increased demand for home healthcare services as a result of reduced hospital stays during the ongoing COVID-19 epidemic. Furthermore, in the approaching years, an increase in the number of disabled and senior patients is expected to increase demand for rental equipment.

• Rising incidences of disorders

The number of disabled people is increasing due to rising rates of skeletal and neurological problems and muscular dystrophy. Patients with various chronic illnesses choose to receive therapy at home to avoid lengthy hospital stays. In order to avoid lengthy hospital stays, these patients might hire a variety of medical devices. This element is likely to help the medical equipment rental industry grow in the coming years.

• Growing prevalence of chronic diseases

Chronic medical disorders include high blood pressure, diabetes, and cardiovascular and respiratory diseases necessitate ongoing monitoring. Furthermore, the American Diabetes Association predicts that by 2050, one out of every three persons in the United States would have diabetes. The rising number of persons diagnosed with these diseases is driving demand for home health care medical devices and services, which is expected to fuel demand for medical equipment rental. As a result of the rising number of people diagnosed with chronic diseases, various home care medical devices such as rehabilitation devices, diabetes supplies, and mobility devices are becoming more popular.

• Rising geriatric population

People's life expectancy has increased as a result of medical advancements, with an increasing number of people living above the age of 50. The United Nations estimates that the number of persons aged 60 and more would rise from 841 million in 2013 to over 2 billion by 2050. Changing demographics and an ageing population are pushing a significant portion of the population into higher sickness classifications, requiring ongoing medical care.

Opportunities

The increased demand for therapeutic and monitoring equipment is also driving the market. This need is due to global improvements in healthcare infrastructure and ongoing technological developments in the medical equipment rental market. Renting innovative medical equipment is cost-effective to keep up with new technology. Furthermore, persons who require mobility devices on a temporary basis prefer to rent.

Restraints/Challenges

• Lack of insurance coverage and price knowledge

Due to a lack of awareness and sufficient knowledge about medical equipment rental and leasing, smaller hospitals and individual patients contract considerably more expensive rental agreements than necessary. As a result, medical technology companies should collaborate closely with governments and healthcare organisations to increase acceptance of medical equipment rental, encouraging insurance companies to reimburse it and educating potential customers and medical practitioners about reasonable rental prices.

This medical equipment rental market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical equipment rental market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Medical Equipment Rental Market

The COVID-19 epidemic has wreaked havoc on medical device supply networks. The supply chain business is experiencing a labour shortage as a result of the shelter-in-place rules. However, due to the continuing coronavirus epidemic, there has been an unexpected increase in demand for breathing equipment. DME rental companies are meeting these needs for both hospital and home care patients. Various local manufacturers have devised a marketing plan that involves renting out this equipment, based on the short-term necessity of these products and to enhance sales. As a result, throughout the pandemic crisis, the market for DME rental is expected to rise at a healthy CAGR.

Recent Development

• In June 2020, MedOne Company announced the launch of a new centre for renting and servicing medical equipment. The new facility will be located in North Carolina. U.S.
• In March 2020, Martab equipment management services has been acquired by Med-Equip. The purchase is being made in order to provide rentals of custom-built gadgets such as home testing kits.

Global Medical Equipment Rental Market Scope

The medical equipment rental market is segmented on the basis of type and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Personal / Home care Equipment
• Electronic / Digital Equipment
• Surgical Equipment
• Durable Medical Equipment
• Long Term Care
• Acute Care
• Emergency and Trauma
• Storage and Transport

End-user

• Personal / Home Care Medical Equipment Rental
• Chronic and Geriatric Patients
• Preventive Care / Monitoring
• Short Term and Outpatient Care
• Institutional Medical Equipment Rental
• Hospitals
• Healthcare Centers
• Medical Nursing Homes
• Medical Research Laboratories/Institutions

Medical Equipment Rental Market Regional Analysis/Insights

The medical equipment rental market is analysed and market size insights and trends are provided by country, type and end-user as referenced above.

The countries covered in the medical equipment rental market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is dominating the global medical equipment rental market because of the presence of a large number of private healthcare facilities, including private hospitals, clinics, and diagnostic centres, an increase in the ageing population, and a high incidence/prevalence of various diseases, there is a high healthcare infrastructure and government support for it.

Asia-Pacific is the fastest growing region in the market for contract manufacturing of medical devices due to an increasing incidence of chronic and infectious diseases, improved population income and affordability, greater awareness of healthcare and governmental healthcare spending, and increased private healthcare investment.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data. 

Healthcare Infrastructure growth Installed base and New Technology Penetration

The medical equipment rental market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical equipment rental market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical equipment rental market. The data is available for historic period 2010-2020.

Competitive Landscape and Medical Equipment Rental Market Share Analysis

The medical equipment rental market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical equipment rental market.

Some of the major players operating in the medical equipment rental market are:

• Apria Healthcare Group, Inc. (U.S)
• Centric Health Ltd. (Canada)
• Hill-ROM Services, Inc. (U.S)
• Nunn’s Home Medical Equipment (U.S)
• Huron Consulting Group Inc. (U.S)
• US Med-Equip, Inc. (U.S)
• Universal Health Services, Inc. (U.S)
• Woodley Equipment Company Ltd. (U.K)
• Walgreen Co. (U.S)
• Westside Medical Supply, Inc. (U.S)
• China Huarong Financial Leasing Co. Ltd., (China)
• Meridian Group International (U.S)
• Mizuho Leasing Company, Limited (Japan)
• MediCapital Rent (Netherlands)
•  General Electric (U.K)