Durable Medical Equipment Market Anticipates Strong Growth Amidst Pandemic Challenges – By PMI
Prophecy Market Insights latest research report on the Durable Medical Equipment Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Nov. 08, 2023 (GLOBE NEWSWIRE) — Durable Medical Equipment refers to a wide range of medical devices and equipment that are intended for long-term use by patients in their homes or healthcare facilities. These devices are designed to provide therapeutic benefits or assistance to individuals with medical conditions or disabilities. The DME market encompasses products such as wheelchairs, walkers, hospital beds, nebulizers, oxygen concentrators, and more.
Pros of Durable Medical Equipment: Durable Medical Equipment Market plays a vital role in enhancing the quality of life for individuals with disabilities, chronic illnesses, or mobility issues. It enables them to maintain independence and carry out daily activities with greater ease.
Cons of Durable Medical Equipment: Some durable medical equipment are expensive, and not all patients have insurance coverage that fully supports the cost. This creates financial burdens for individuals and healthcare systems.
Key Highlights –
- In December 2022, Tomorrow Health, a health tech company, launched clinical rules engine that automates orders of durable medical equipment. The most recent product attempts to unify what Tomorrow Health refers to as a disjointed system. According to the company, the engine expedites the ordering process, reducing administrative red tape and the time it takes for patients to receive medical equipment in their homes.
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Durable Medical Equipment Market growth:
- Aging Population: The aging population, particularly in developed countries, is driving the demand for DME. As people age, they often require medical equipment such as mobility aids, home oxygen therapy, and durable goods for managing chronic conditions.
- Rising Chronic Diseases: The prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and respiratory disorders, is increasing globally. This has led to a greater need for DME to manage and monitor these conditions effectively.
- Home Healthcare: The trend towards home-based healthcare and telemedicine has increased the use of DME. Patients prefer the convenience of receiving care at home, and DME plays a crucial role in enabling this shift.
- Technological Advancements: Ongoing advancements in DME technology have made equipment more user-friendly, efficient, and portable. This drives market growth as patients and healthcare providers seek better solutions.
|Base year for estimation||2020|
|Forecast period||2020 – 2030|
|Market representation||Revenue in USD Million & CAGR from 2020 – 2030|
|Market Segmentation||By Equipment Type- Personal Mobility Devices, Bathroom Safety Devices, Medical Furniture and Monitoring and Therapeutic Devices
By End User– Hospitals, Clinics, Ambulatory Surgical Centers, Home Care Settings and others
|Regional scope||North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
- Stryker Corporation
- Baxter International, Inc.
- Medtronic plc.
- Dickinson and Company
- Medline Industries, Inc.
- Invacare Corporation
- Sunrise Medical LLC.
- ResMed, Inc.
- Drive DeVilbiss Healthcare, Inc.
- Hill-Rom Holdings, Inc.
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Durable Medical Equipment Market future outlook:
- Aging Population: The global population continues to age, particularly in developed countries. This demographic shift will continue to fuel demand for DME as the elderly are more likely to require medical equipment for managing chronic conditions and age-related mobility issues.
- Technological Advancements: Ongoing technological advancements in DME are expected to revolutionize the market. This includes the development of smart devices, wearable health tech, and remote monitoring solutions that enhance patient care and data collection.
- Telemedicine and Home Healthcare: The trend toward telemedicine and home-based healthcare is likely to persist, increasing the need for DME. Patients and healthcare providers will continue to seek DME that supports remote monitoring, diagnostics, and treatment.
- Chronic Disease Management: The prevalence of chronic diseases is expected to continue rising, especially conditions like diabetes, heart disease, and respiratory disorders. DME will play a crucial role in improving the management and quality of life for patients with these conditions.
- Global Healthcare Access: DME adoption is expected to increase in developing countries as healthcare infrastructure and access to medical services expand. This will create new market opportunities in regions with previously underserved populations.
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