Renting medical equipment is a growing trend in the present-day landscape of the healthcare industry. Several medical equipment rental companies in the market are offering refurbished devices for consumers, who demand newer versions of existing equipment at a more affordable cost. Hence, the global medical equipment rental market is anticipated to remain a viable and suitable option for most consumers in the foreseeable future.
Medical equipment comprises a group of several instruments. These instruments are used during surgical procedures or for patient care. High-end and novel medical equipment is needed only for specific situations or for routine periodic assistance, which is why renting these instruments has become the preferred mode for several medical institutions and practitioners. The global medical equipment rental market is broadly segmented by device type, geography, and end user.
The report on the global medical equipment rental market provides a detailed explanation of the competitive landscape keeping in focus key market players and their regional presence. The business strategies of these companies have been covered in the research study along with their product portfolio and an elaboration upon each product. Additionally, the report also provides recent developments of these companies and their impact on the market. A mix of primary and secondary research has been used to deliver valuable market estimates and forecasts in the report.
Overview of the Global Medical Equipment Rental Market
Growing costs of medical and pharmaceutical equipment and its direct impact on the bills have led to patients opting for more affordable options. Moreover, growth in the diabetic and geriatric populations has resulted in increasing demand for rental medical equipment. The resultant high cost savings and safeguard against technological obsolescence is expected to fuel the global medical equipment rental market.
The global medical equipment rental market was recorded at US$33,417.4 million in 2013 and, at a CAGR of 5.8% during the forecast period of 2014 to 2020, will reach a value of US$49,112.8 million by 2020. According to device type, the global medical equipment rental market is segmented into home/personal care equipment, surgical equipment, electronic/digital equipment, durable medical equipment, and storage and transport equipment. Durable medical equipment is currently the leading sector in the market and is expected to grow at a 6% CAGR during the forecast period. By end user, the global medical equipment rental market is divided into institutional medical equipment rental and personal/home care medical equipment rental. Personal/home care medical equipment rental is presently the leading sector and is anticipated to grow at a CAGR of 5% during the forecasting horizon.
Geographically, the global medical equipment rental market is classified into Asia Pacific, Rest of the World (RoW), North America, and Europe. Europe dominated the global medical equipment rental market with a 30% share in 2013. On the other hand, Asia Pacific is projected to show the fastest CAGR of 6% during the forecast period.
Though the global medical equipment rental market is expected to grow steadily, the lack of appropriate regulatory framework and poor pricing flexibility is expected to hamper growth of this market.
Companies mentioned in the research report
The global medical equipment rental market is highly fragmented in nature due to the presence of numerous significant device manufactures. These manufactures are generally small and medium enterprises (SME). The key companies operating in this market are Hill-Rom Holdings, Woodley Equipment Company, US Med-Equip, Centric Health, and Apria Healthcare.
Major geographies analyzed under this research report are:
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Key highlights of this report