Overview and Scope
Durable medical equipment (DME) refers to any medical device or supplies that are necessary to maintain a person’s health and can be used on a long-term basis. These are ordered by a doctor, a qualified nurse practitioner, a physician assistant, or a clinical nurse specialist for a patient’s routine, long-term use.
Sizing and Forecast
The durable medical equipment market size has grown strongly in recent years. It will grow from $207.04 billion in 2023 to $222.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to chronic disease prevalence, reimbursement policies, awareness and education, healthcare infrastructure development, government initiatives, global disease outbreaks, patient empowerment..
The durable medical equipment market size is expected to see strong growth in the next few years. It will grow to $295.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to telehealth expansion, value-based healthcare, rising healthcare costs, global health challenges, data security concerns, focus on preventive healthcare, regulatory changes.. Major trends in the forecast period include rapid technological advancements, lightweight and portable solutions, emphasis on preventive healthcare, personalization of healthcare solutions, home healthcare trends..
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Segmentation & Regional Insights
The durable medical equipment market covered in this report is segmented –
1) By Product: Personal Mobility Devices, Bathroom Safety Devices And Medical Furniture, Monitoring And Therapeutic Devices, Other Products
2) By Payer: Public, Private, Out-Of-Pocket
3) By End-Use: Hospitals, Nursing Homes, Home Healthcare, Other End-Uses
North America was the largest region in the durable medical equipment market in 2023. The regions covered in the durable medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the aging population is expected to propel the growth of the durable medical equipment market going forward. An aging population refers to an increase in the number of older people due to changes in the age composition of a population. The aging population most commonly experiences aging-associated diseases that require the assistance of durable medical equipment such as blood glucose analyzers, vital sign monitors, infusion pumps, nebulizers, and others on a long-term basis. Therefore, the rise in the aging population is driving the growth of the durable medical equipment market. For instance, in January 2023, according to the United Nations, a US-based intergovernmental organization that maintains international peace and security, the population aged 65 years or older across the globe is expected to increase from 761 million in 2021 to 1.6 billion in 2050. Therefore, the rise in the aging population is driving the growth of the durable medical equipment market.
Key Industry Players
Major companies operating in the durable medical equipment market are focusing strategic partnerships to expand capabilities. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in November 2023, Humana Inc., a Kentucky-based for-profit American health insurance company, partnered with two national durable medical equipment (DME) organizations, AdaptHealth Corp. and Rotech Healthcare Inc., to provide DME services for its Medicare Advantage HMO members. The collaborations are intended to improve members’ access to durable medical equipment, provide higher value, and streamline the experience for individuals who need to manage their health at home. AdaptHealth Corp. is a Pennsylvania-based home healthcare equipment company. Rotech Healthcare Inc. is a Florida-based provider of ventilators, oxygen, sleep apnea treatment, wound care solutions, and home medical equipment.
The durable medical equipment market report table of contents includes:
1. Executive Summary
2. Durable Medical Equipment Market Characteristics
3. Durable Medical Equipment Market Trends And Strategies
4. Durable Medical Equipment Market – Macro Economic Scenario
5. Global Durable Medical Equipment Market Size and Growth
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32. Global Durable Medical Equipment Market Competitive Benchmarking
33. Global Durable Medical Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Durable Medical Equipment Market
35. Durable Medical Equipment Market Future Outlook and Potential Analysis
36. Appendix
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