The Latest Durable Medical Equipment Industry Statistics Explained
The global durable medical equipment market size was valued at USD 245.3 billion 2020.
This statistic indicates that in 2020, the global market for durable medical equipment, which includes items like wheelchairs, prosthetics, and medical monitoring devices, had a total value of USD 245.3 billion. This figure represents the overall revenue generated by sales of these durable medical devices on a global scale within that year. The size of the market suggests a significant demand for these essential medical products, likely driven by factors such as an aging population, advancements in healthcare technologies, and increasing focus on improving quality of life for individuals with medical conditions or disabilities. This data serves as a key indicator of the importance and scale of the durable medical equipment industry in providing vital products and services to individuals worldwide.
The market is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028.
This statistic indicates that the market in question is projected to expand steadily over the period from 2021 to 2028, with a compound annual growth rate (CAGR) of 5.8%. The CAGR is a measure of the mean annual growth rate of an investment over a specified period of time, assuming that the growth happens at a steady rate. In this context, a CAGR of 5.8% suggests that the market is expected to increase by an average of 5.8% per year during this timeframe. This information is valuable for investors and businesses looking to understand the potential growth prospects of the market and make informed decisions regarding investments, strategies, and resource allocation.
Factors like the increasing geriatric population and growing prevalence of chronic diseases are driving the market.
The statistic suggests that the market is being influenced by factors such as the rising number of elderly individuals in the population and the increasing incidence of chronic diseases. As the population ages, there is a greater demand for healthcare services and products tailored to the needs of older adults. Additionally, the prevalence of chronic diseases, which often require ongoing treatment and management, is contributing to the growth of the market as more people seek medical care and medications to address their conditions. These factors are driving the market by creating a larger customer base for healthcare products and services, ultimately shaping the strategies and offerings of companies operating in this sector.
By 2050, the world’s population aged 60 years and above is expected to reach 2 billion.
The statistic means that by the year 2050, the global population of individuals aged 60 years and older is projected to reach 2 billion people. This indicates a significant demographic shift towards an older population worldwide, driven by factors such as increased life expectancy and declining birth rates in many countries. The growth of the older population has wide-ranging implications for healthcare systems, social support structures, workforce dynamics, and economic policies. It highlights the need for proactive planning and investments in elderly care, retirement planning, healthcare services, and overall age-friendly policies to address the challenges and opportunities associated with an aging population on a global scale.
North America held the largest revenue share in the durable medical equipment market in 2020.
This statistic indicates that in 2020, North America had the highest proportion of total revenue generated in the durable medical equipment market compared to other regions around the world. This suggests that North America accounted for the largest portion of sales and financial returns in the industry. Factors contributing to this could include the region’s advanced healthcare infrastructure, higher per capita healthcare spending, technological advancements in medical equipment, and growing demand for such products in the region. This statistic not only highlights the dominant market position of North America but also underscores the importance of the region in driving growth and innovation within the durable medical equipment sector.
The Asia Pacific market is expected to expand at the fastest CAGR from 2021 to 2028.
This statistic suggests that the Asia Pacific market is projected to experience the highest Compound Annual Growth Rate (CAGR) compared to other regions between the years 2021 and 2028. A high CAGR indicates that the market is likely to grow rapidly during this period. This growth can be attributed to various factors such as increasing consumer demand, expanding economies, technological advancements, and favorable government policies within the Asia Pacific region. Businesses operating in this market may potentially benefit from these growth opportunities and should consider strategic investments and market expansion initiatives to leverage the promising outlook of the Asia Pacific market.
The rising prevalence of target diseases such as cardiovascular diseases, cancer, neurological disorders, and respiratory diseases is also propelling the market.
This statistic highlights the increasing occurrence of various target diseases such as cardiovascular diseases, cancer, neurological disorders, and respiratory diseases, which is contributing to the growth of the market for related healthcare products and services. As these diseases become more prevalent in the population, there is a greater demand for effective treatments, diagnostic tools, and preventive measures. This trend indicates the growing urgency to address these health conditions and the need for advancements in medical research, technology, and healthcare delivery systems to meet the rising healthcare needs of individuals affected by these diseases. In summary, the higher prevalence of target diseases is a key driving factor behind the expanding market for healthcare solutions aimed at managing and combating these health challenges.
Personal mobility devices held the largest revenue share in 2020.
The statistic “Personal mobility devices held the largest revenue share in 2020” indicates that out of all the products or categories within the market being analyzed, personal mobility devices generated the highest amount of revenue in the year 2020. This suggests that personal mobility devices were in high demand and were a significant source of income for businesses operating in this market. This information could be valuable for companies looking to understand consumer preferences and trends in order to strategically allocate resources and focus on products with the highest revenue potential.
Products such as wheelchairs, canes, crutches, walkers, and scooters are included in personal mobility devices.
The statistic indicates that personal mobility devices encompass a variety of products that assist individuals with disabilities or mobility challenges in moving around independently. This category includes essential equipment such as wheelchairs, canes, crutches, walkers, and scooters, all of which are designed to provide support, stability, and enhanced mobility for individuals with different levels of mobility impairment. By categorizing these products under personal mobility devices, it emphasizes their common purpose of aiding individuals in maintaining their mobility and overall quality of life, highlighting the importance of accessibility and inclusivity for people with disabilities.
Bathroom safety and medical furniture are expected to observe the fastest growth over the forecast period.
This statistic suggests that the categories of bathroom safety and medical furniture are anticipated to experience the highest rate of growth during the period covered by the forecast. This could be attributed to an increasing focus on home healthcare and safety measures, driven by factors such as aging populations, a rise in chronic health conditions requiring at-home care, and a growing awareness of the importance of safe living environments. The predicted rapid growth in these sectors indicates a shift in consumer preferences towards products that promote health, safety, and accessibility within the home, reflecting a broader trend of prioritizing wellness and quality of life. As these industries continue to expand, there may be opportunities for businesses to capitalize on the growing demand for bathroom safety and medical furniture products.
Reasons for the growth of the bathroom safety and medical furniture segment include the growing elderly population, increasing prevalence of chronic diseases, and the rising number of surgeries.
The statistic highlights key reasons contributing to the growth of the bathroom safety and medical furniture segment, including the factors such as the growing elderly population, increasing prevalence of chronic diseases, and the rising number of surgeries. With an aging population worldwide, there is an increasing demand for products that provide safety and convenience in bathrooms to cater to the needs of elderly individuals. Additionally, the rising incidence of chronic diseases necessitates specialized equipment in bathrooms to aid in daily activities and improve quality of life for those affected. Moreover, the uptick in surgical procedures drives the demand for medical furniture that supports post-surgery recovery and rehabilitation. These factors collectively lead to the expansion of the bathroom safety and medical furniture segment as businesses address the needs of a growing demographic with specific health and mobility requirements.
Implementation of strict regulatory guidelines pertaining to product approval and usage is driving growth.
This statistic suggests that the enforcement of stringent regulatory measures concerning the approval and usage of products is playing a significant role in driving growth within the relevant industries or markets. This implies that companies operating in these sectors are being held to higher standards in terms of the safety, efficacy, and overall quality of their products. Compliance with these regulations not only ensures consumer protection but also fosters trust and confidence in the market. By adhering to these strict guidelines, businesses are likely to experience growth as they position themselves as reliable and responsible entities within their respective industries.
The non-clinical setting was the largest application segment in 2020.
The statistic “The non-clinical setting was the largest application segment in 2020” implies that, among various sectors or fields where a certain phenomenon, technology, or practice is applied, the non-clinical setting (which could refer to applications outside of medical or healthcare environments) accounted for the highest proportion of usage or implementation in the year 2020. This suggests that the phenomenon, technology, or practice in question had the most significant impact or was most commonly utilized in non-healthcare-related contexts during that year. Understanding this statistic can provide insights into the trends and preferences in the usage of the given application across different sectors, highlighting the importance and versatility of its application beyond clinical or medical settings.
The use of durable medical equipment in non-clinical settings is due to the long-term care provided to patients post-surgery or who need assistance in performing day-to-day activities.
This statistic implies that the utilization of durable medical equipment (DME) outside of clinical settings, such as in patients’ homes or long-term care facilities, is primarily driven by the provision of ongoing care to individuals following surgery or those who require support with daily tasks. DME includes a range of devices like wheelchairs, walkers, and hospital beds that aid in mobility, provide comfort, and enhance the quality of life for patients requiring long-term assistance. By using DME in non-clinical settings, healthcare providers aim to facilitate the recovery process, promote independence, and ensure that patients receive the necessary support to maintain their well-being and functionality outside of traditional healthcare facilities.
Major players operating in the market include Invacare Corporation, Sunrise Medical (US) LLC, and Stryker Corporation.
This statistic highlights some of the major players in the market, specifically in the medical equipment industry. These companies, namely Invacare Corporation, Sunrise Medical (US) LLC, and Stryker Corporation, are significant players that have a strong presence and influence within this market. As major players, they are likely to have a large market share, significant revenues, and a wide range of products and services catering to the needs of consumers in the industry. Their activities and strategies can have a significant impact on market trends, competition dynamics, and overall industry growth. This information provides valuable insights into the competitive landscape and key players shaping the market in question.
By 2027, the global Durable Medical Equipment market is expected to reach USD 271.0 billion.
This statistic projects that by the year 2027, the overall value of the global market for Durable Medical Equipment (DME) is anticipated to grow to USD 271.0 billion. DME encompasses a broad range of healthcare devices and equipment designed for long-term use by patients, such as wheelchairs, hospital beds, and mobility aids. The forecasted growth in market size indicates an increasing demand for advanced medical technologies, an aging population in many regions, and evolving healthcare needs worldwide. This projection suggests significant opportunities for manufacturers and suppliers of DME to expand their operations and cater to the growing demands of the healthcare industry in the coming years.
The market for Therapeutic Devices such as continuous positive airway pressure devices (CPAP), infusion pumps, and nebulizers, was valued at USD 42.24 billion in 2019.
The statistic indicates that in 2019, the global market for Therapeutic Devices, specifically including continuous positive airway pressure (CPAP) devices, infusion pumps, and nebulizers, was estimated to be worth USD 42.24 billion. This monetary value represents the total revenue generated from the sales of these medical devices worldwide within that year. The significant market size highlights the growing demand for Therapeutic Devices aimed at treating various conditions such as sleep apnea, respiratory disorders, and delivering medications intravenously. Factors driving this market growth could include an increasing prevalence of these medical conditions, advancements in technology leading to more effective devices, and an aging population requiring such therapeutic interventions.
The fastest-growing application segment for Durable Medical Equipment is expected to be hospitalization.
The statistic indicates that within the Durable Medical Equipment industry, the segment experiencing the highest rate of growth is projected to be hospitalization-related equipment. This suggests that there is a rising demand for medical devices and equipment used specifically in hospital settings, potentially driven by factors such as increasing healthcare needs among the population, advancements in medical technology, or changes in healthcare policies. As hospitals continue to be critical care providers, the growth in demand for hospitalization-related durable medical equipment underscores the importance of ensuring that healthcare facilities are well-equipped to meet the evolving needs of patients and deliver quality care.
The driving factors include the increased need for intensive care, the rising number of surgeries, and the growing prevalence of chronic diseases.
This statistic highlights the main contributing factors that are driving the demand for intensive care services in the healthcare industry. The increased need for intensive care can be attributed to several factors such as the rising number of surgeries being performed globally, indicating a higher demand for postsurgical care. Additionally, the growing prevalence of chronic diseases, such as heart disease, diabetes, and respiratory conditions, necessitates specialized and continuous care in intensive care units. These driving factors collectively result in an increased strain on healthcare facilities and resources, prompting the need for healthcare systems to adapt and expand their intensive care capacities to meet the growing demand for critical care services.
The major companies in the Durable Medical Equipment market include Medtronic plc; Koninklijke Philips N.V.; GE Healthcare; Fresenius Medical Care AG & Co.
The statistic highlights key players within the Durable Medical Equipment market, emphasizing major companies dominating the industry. Medtronic plc, Koninklijke Philips N.V., GE Healthcare, and Fresenius Medical Care AG & Co. are renowned names in the healthcare sector, known for their innovation, product quality, and market presence. Their strong position in the market suggests that these companies are significant players shaping the landscape of Durable Medical Equipment, potentially influencing industry trends, pricing strategies, and technological advancements. As leaders in the market, these companies are likely to have a substantial market share, competitive advantage, and the resources to drive growth and innovation within the sector.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.emergenresearch.com
