Global Durable Medical Equipment (DME) Market Size Envisaged to Reach to Reach USD 377.20 Billion By 2032, Expecting 6.1% CAGR Growth: Polaris Market Research
As per the recent analysis by Polaris Market Research, the global durable medical equipment market size was valued at USD 210.85 billion in 2022 and is predicted to reach USD 377.20 billion by 2032. Also, the study states that the market reveals a robust 6.1% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032. In 2022, the Monitoring and Therapeutic Devices segment claimed the highest revenue share. This growth is attributed to the increasing prevalence of lifestyle-related diseases that necessitate the analysis of vital statistics and a growing demand for wireless monitoring devices.
New York, NY, Jan. 08, 2024 (GLOBE NEWSWIRE) — Polaris Market Research has published a recent study report titled “Durable Medical Equipment Market Share, Size, Trends, Industry Analysis Report, By Product (Monitoring and Therapeutic Devices, Personal Mobility Devices, Bathroom Safety Devices, and Medical Furniture); By End-Use; By Region; Segment Forecast, 2023 – 2032” in its research database.
As per the recent analysis by Polaris Market Research, the global durable medical equipment market size was valued at USD 210.85 billion in 2022 and is predicted to reach USD 377.20 billion by 2032. Also, the study states that the market reveals a robust 6.1% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is Durable Medical Equipment? How Big is the Durable Medical Equipment (DME) Market?
Durable medical equipment narrates medical instruments or supplies directed by healthcare providers for a patient’s procedural, longevity use. DME indicates a broad gamut of devices to encounter all means of medical requirements, including nebulizers, catheters, wheelchairs, hospital beds, and so on. The rapidly rising demand for durable medical equipment market can be attributed to the fact that it sanctions patients with weakening medical conditions, disorders, or wounds to obtain a towering quality of life while residing at home. DME might be requested by a healthcare provider to board a patient’s provisional disorder, as in the case of a wheelchair or crutches for a recuperating patient.
Durable medical equipment market growth can be attributed to improvising approachability for everyday living chores. While Medicare protects DME, it debars disposable objects with Medicare part B receivers accountable for 20% of the assented price, and Medicare protects the unresolved 80%. Enhanced protection and compensated policies for DME commodities are anticipated to commit to market growth. Additionally, the increasing aggregate of geriatric care centers propelled by the growing worldwide elderly population is expected to push the market further.
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What are the Key Findings of the Report?
- Sanctioning patients with weakening medical conditions, disorders, or wounds to obtain a towering quality of life while residing at home is driving the market.
- The durable medical equipment market segmentation is primarily based on product, end-use, and region.
- North America dominated the market with the largest market share in 2022.
Who is the Largest Distributor of Medical Equipment?
- AireTex Compressor
- AireTex Compressor
- Atlas Copco
- Bauer Group
- BelAire Compressors
- Compressor Products International (CPI)
- Cook Compression
- Frank Compressors
- Galaxy Auto Stationary Equipment Co. Ltd.
- Gast Manufacturing, Inc.
- GENERAL ELECTRIC
- Ingersoll Rand Plc
- Kaeser Compressors
- MAT Industries, LLC
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- Which Factors are Driving the Market Growth?
The augmentation of the market is impacted by several elements. DME circumscribes a comprehensive assortment of medical devices and equipment deliberated to help persons with ailments or medical conditions in their everyday ventures or medical cures. The durable medical equipment market size is expanding due to the growing aggregate of persons with ailments committing to the development of the DME market by creating an escalated demand for such commodities. As additional people need DME to assist in their everyday activities and medical requirements, the market for these commodities organically inflates to encounter the escalating demand.
Albeit the escalation in the aggregate of persons with disorders is not an affirmative advancement unaccompanied, it highlights the importance of continuing funding and invention in the market. The durable medical equipment market sales are soaring as this guarantees that people with disorders can obtain the required tools and equipment for total and individualistic life, benefitting as another element committing to the development of the DME revenue.
- What are the Latest Market Trends and Opportunities?
Continuous technological progressions by makers of DME are anticipated to unfurl contemporary borders for the conscious market. Save from the speedy commodification of greater durable medical equipment is anticipated to impact the market’s development orientation over the forecast period. For instance, in March 2020, the Invacare AVIVA FX Motorized Wheelchair, a contemporary power wheelchair, was initiated by Invacare Corporation.
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Overview of the Top Segments
Monitoring and Therapeutic Devices Segment Witnessed a Steep Rise
Based on product, monitoring, and therapeutic devices segment witnessed a steep rise. This can be credited to the escalating universality of lifestyle-connected illnesses needing configuration analysis and a growing demand for wireless monitoring devices. The durable medical equipment market demand is on the rise as the market is gravitating towards becoming increasingly crucial, pushed by a surge in the acquisition of health and robustness monitoring applications and gadgets globally. Commodities such as wristwatches, fitness bands, and smart glasses competent in observing heart rate, oxygen level, and temperatures are acquiring momentum, offering important health analysis to reduce unpredictability.
The Hospital Segment Dominated the Market
Based on end use, the hospital segment dominated the market. The durable medical equipment market trends include the increasing pervasiveness of detrimental illnesses globally and the improvised fiscal and service potential of healthcare settings. Nursing homes are identified for conveying thorough care exterior of a hospital setting. Further to basic medical cures, these facilities offer vigilant care surrounding proficient services such as bathing, dressing, and meal supplies. This segment is anticipated to apprehend a sizeable market share in the predictable future, pushed by the increasing pervasiveness of such organizations worldwide.
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Durable Medical Equipment (DME) Market: Report Scope
|Revenue Forecast in 2032
|USD 377.20 Billion
|Market size value in 2023
|USD 221.96 Billion
|Expected CAGR Growth
|6.1% from 2023 – 2032
|2023 – 2032
|By Product, By End-Use, By Region
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North America: This region held the largest durable medical equipment market share due to the speedy amalgamation of contemporary equipment in the US. This acquisition has been credited to the region’s sizeable market existence. The existence of leading makers and the speedy receipt of progressive commodities are anticipated to boost the region’s growth trajectory. North America is continually pioneering economical and advanced gadgets, intending to lock in a notable market share by accommodating patient requirements. Additionally, an escalating aggregate of hospitals and a proliferating elderly population are key elements pushing the region’s market expansion.
Europe: This region witnessed steady growth due to the escalation in funding in Eastern Europe and is anticipated to improve growth opportunities for industrial durable medical equipment. Additionally, the increasing consumer stress on user-friendly and environmentally friendly commodities is projected to commit to market expansion.
Browse the Detail Report “Durable Medical Equipment Market Share, Size, Trends, Industry Analysis Report, By Product (Monitoring and Therapeutic Devices, Personal Mobility Devices, Bathroom Safety Devices and Medical Furniture); By End-Use; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/durable-medical-equipment-market
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- In June 2023, Atlas Copco extended its manufacturing facility in Wuxi, China, with the purpose of accommodating compressor research and development (R&D) as well as manufacturing operations.
Report Answers to the Following Questions
- What is the study period of the durable medical equipment market?
Ans: The study period of the market is 2023-2032
- At what CAGR is the market expected to grow?
Ans: The market is expected to grow at a CAGR of 6.1%
- Which segments are covered in the report?
Ans: The segments covered in the report are the monitoring and therapeutic devices and hospitals.
- Who are the market’s key players?
Ans: The market’s key players are AireTex Compressor, Atlas Copco and Bauer Group
- Which region is holding the largest durable medical equipment market share?
Ans: North America is holding the largest market share
Polaris Market Research has segmented the Durable Medical Equipment market report based on product, end-use, and region:
By Product Outlook
- Monitoring and Therapeutic Devices
- Continuous Positive Airway Pressure (CPAP)
- Infusion Pumps Market
- Traction Equipment
- Blood Sugar Monitors
- Oxygen Equipment
- Suction Pumps
- Continuous Passive Motion (CPM)
- Others Equipment
- Personal Mobility Devices
- Door Openers
- Other Devices
- Cranes and Crutches
- Walker and Rollators
- Bathroom Safety Devices and Medical Furniture
- Mattress & Bedding Devices
- Commodes and Toilets
By End Use Outlook
- Home Healthcare
- Nursing Homes
- Other End-user
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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