Medical Equipment Rental Market (MERM) size is projected to experience significant growth from 2018 to 2024. Increasing preference towards rental medical devices instead of procuring has been observed from the past few years in the healthcare industry. Healthcare providers across the globe are aiming towards advanced infrastructural facilities and reduction in capital cost that will foster industry growth in forthcoming years. Aforementioned factors along with short product lifecycle is also one of the contributing factors for the medical equipment rental business growth.
Growing need for home healthcare due to reduced hospital stays and increasing geriatric and disabled patient base will augment the demand for rental devices in upcoming years. Increasing prevalence of muscular dystrophy, and brain or skeletal disorders are leading to a rise in the pool of disabled population. The patient suffering from such chronic disorders prefer to choose rental medical devices to avoid long hospital stays thereby favoring business growth.
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Durable medical equipment segment will witness profitable growth due to its wide applications in diagnosis and treatment of various types of disorders. The prevalence of cancer, cardiac disorders, neurological conditions and gynecological complications is increasing each year. Treatment of these disorders requires surgical intervention that increases the need for long-term care and recovery, thereby increases demand for durable medical equipment. Such increasing demand of durable medical equipment will ultimately foster the segment growth.
Personal/Home Care segment is anticipated to show considerable growth during the forecast period, owing to increasing patient preference to take treatment in home environment equipped with medical facilities. In addition, some patients are critically ill, it is easy for these ill patients to take treatment in home environment. High preference in homecare settings for rental equipment will augment the segment growth over analysis period.
U.S. medical equipment rental market will show significant industry growth due to increasing focus of industry players on providing rental medical devices at affordable price. For instance, US Med-Equip company is specializing in the rental and asset management of movable medical equipment to hospitals and home healthcare services at affordable prices that will foster U.S. medical equipment rental business growth.
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Prominent companies of medical equipment rental market include Apria Healthcare Group, Hill-Rom Holdings, Siemens Financial Services and Stryker Corporation. The companies adopt strategic initiatives such as partnerships, collaborations, geographical expansion, new product launch for improving their market share. For instance, in October 2018, Stryker announced its acquisition of Invuity, Inc. Invuity is a leading provider of equipment for a wide variety of clinical applications including spine and orthopaedic surgery, general surgery and women’s health procedures.
Medical Equipment Rental Market by Product, 2013-2024 (USD Million)
- Durable Medical Equipment
- Acute Care
- Long-term Care
- Emergency & Trauma Care
- Electronic/Digital Equipment
- Personal Mobility Devices
- Storage and Transport Devices
Medical Equipment Rental Market by End-use, 2013-2024 (USD Million)
- Personal/Home Care
- Institutes and Laboratories
- Agito Medical
- Apria Healthcare Group, Inc.
- Centric Health Corporation
- Devon Medical
- Hill-Rom Holdings, Inc.
- Siemens Financial Services, Inc.
- Stryker Corporation
- Nunn’s Home Medical Equipment
- Westside Medical Supply
- Universal Hospital Services, Inc.
- Woodley Equipment Company Ltd.