Medical Equipment Rental Market Size to Reach USD 97.4 Billion by 2032 growing at 5.8% CAGR - Exclusive Report by Acumen Research and Consulting

The Medical Equipment Rental Market, valued at USD 58.6 Billion in 2023, is anticipated to surpass USD 97.4 Billion by 2032, reflecting a projected CAGR of 5.8% The rising acceptance of medical assistive gadgets, paired with economic challenges due to rapid technological growth, is among the main trends driving the development of the medical equipment rental market. Increasing research and development activities in the medical device sector are resulting in the introduction of advanced variations with improved effectiveness and efficiency, leading to higher prices for many types of equipment. A shift from acquiring to renting devices has been observed over the past few decades in the healthcare industry. Healthcare providers globally are aiming to enhance infrastructural facilities while reducing the capital required achieving the same. This trend is likely to continue; however, the occurrence of insurance coverage for several medical devices is anticipated to pose a threat to the leasing/rental market. Reduced product life cycles are another factor expected to drive market growth in the coming years. The consistent availability of cutting-edge devices leads to price increases, subsequently burdening healthcare providers. To remain competitive, healthcare providers must prioritize technological upgrades. Thus, increasing involvement in research and development is poised to drive the market. Additionally, the rising demand for home healthcare due to shorter hospital stays and an expanding geriatric and disabled patient pool is boosting the need for rental devices. Increasing incidents such as spinal malfunctions, brain or skeletal injuries/disorders, and muscular dystrophy are leading to a growth in the disabled population. All these factors are working in favor of the medical equipment rental market. The availability of various grants and government programs for the disabled population is anticipated to hinder the market's growth. Programs providing financial assistance for acquiring equipment and resources for building infrastructure for the disabled reduce the need for leasing equipment. This, in turn, is expected to limit the market from realizing its maximum potential. Medical Equipment Rental Market Statistics In 2023, the global medical equipment rental market reached a significant valuation of USD 58.6 billion The market is projected to grow at a robust compound annual growth rate (CAGR) of 5.8% from 2024 to 2032 North America dominates the market, holding the largest share at 32% Asia-Pacific is the fastest-growing region, expanding at an impressive rate of 6.5%, offering substantial opportunities for industry stakeholders The durable medical equipment category is a key segment within the market Revenue growth in the medical equipment rental market is largely driven by the hospitals end-user sector The industry is significantly influenced by the expansion of healthcare facilities in emerging markets Access Table Of Content: https://www.acumenresearchandconsulting.com/table-of-content/medical-equipment-rental-market Medical Equipment Rental Market Dynamics Increasing Demand for Home Healthcare Fuels the Medical Equipment Rental Market As the global population ages, there is a growing number of elderly individuals who require continuous medical attention and support. Many of these patients prefer to receive care in the comfort of their homes rather than in hospitals or long-term care facilities. Home healthcare allows for a more personalized and comfortable environment, which can significantly improve the quality of life for these patients. Renting medical equipment becomes a practical and cost-effective solution for providing the necessary care at home without the need for substantial upfront investment in purchasing expensive medical devices. Additionally, there is a general shift in healthcare towards more patient-centric models of care. This approach focuses on providing care that is tailored to the individual needs of patients, which often involves delivering services at home. This trend is further supported by advancements in medical technology that make it feasible to use sophisticated medical equipment outside traditional healthcare settings. Cost reduction is another significant factor driving the demand for home healthcare. Hospital stays and institutional care can be very expensive, both for patients and healthcare systems. By providing care at home, it is possible to reduce these costs significantly. Renting medical equipment helps to further minimize expenses, as it avoids the need for large capital outlays and allows for the flexibility to upgrade or change equipment as needed. Technological Advancements in Medical Devices Offers Significant Medical Equipment Rental Market Opportunities Technological advancements in medical devices present a significant opportunity for the medical equipment rental market. As technology continues to evolve, new and improved medical equipment is being developed at a rapid pace, offering better performance, enhanced features, and increased reliability. One of the key opportunities lies in the continuous innovation and development of medical devices. Cutting-edge technologies such as telemedicine, remote monitoring, and advanced diagnostic tools are becoming more prevalent. These technologies enable healthcare providers to deliver high-quality care more efficiently and effectively, even outside traditional clinical settings. By renting these advanced devices, healthcare facilities can stay up-to-date with the latest innovations without the need for substantial capital investment. Furthermore, technological advancements have led to the miniaturization and portability of medical equipment. Devices that were once bulky and confined to hospitals can now be used in home healthcare settings. Portable oxygen concentrators, wearable monitors, and mobile imaging devices are just a few examples of how technology is making it possible to provide sophisticated medical care at home. This trend aligns with the growing demand for home healthcare and supports the rental market by offering flexible and affordable solutions. Another significant aspect of technological advancement is the integration of digital health solutions. The incorporation of Internet of Things (IoT) devices, artificial intelligence (AI), and data analytics into medical equipment is revolutionizing the way healthcare is delivered. These technologies enable real-time monitoring, predictive maintenance, and personalized treatment plans, enhancing patient outcomes. Renting such technologically advanced equipment allows healthcare providers to leverage these benefits without the financial burden of ownership. Medical Equipment Rental Market Segmentation The global market for medical equipment rental is splits into 3 groups: product, end-user, and regional markets Product: surgical equipment, durable medical equipment, and storage and transport End-user: personal/home care, institutional, and hospitals Regional industry: Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa Medical Equipment Rental Market Regional Outlook Asia-Pacific is expected to show the highest CAGR during the forthcoming years. An increasing base of the geriatric population and supportive government initiatives in developing economies are essential growth stimulants for the regional market's development. Additionally, rising healthcare expenditures and the expanding middle class are further driving the demand for medical equipment rentals in this region. Rapid urbanization and improved healthcare infrastructure are also contributing to the market's growth prospects. Medical Equipment Rental Market Players Medical equipment rental companies profiled in the report include Siemens Healthineers AG, GE Healthcare, Koninklijke Philips NV, Stryker Corporation, Fresenius SE & Co. KGaA, Agfa-Gevaert NV, Hill-Rom Holdings Inc., Universal Hospital Services Inc., US Med-Equip Inc., and United Rentals Inc. Enquire Before Buying https://www.acumenresearchandconsulting.com/inquiry-before-buying/1029 Receive our personalized services and customization by clicking here https://www.acumenresearchandconsulting.com/request-customization/1029 Mr. Richard Johnson Acumen Research and Consulting India: +918983225533 E-mail: sales@acumenresearchandconsulting.com