Durable Medical Equipment Market

• Growing Number of Individuals with Disabilities to boost market growth

The growth in the number of individuals with disabilities can contribute to the growth of the durable medical equipment (DME) market in several ways. DME refers to a wide range of medical devices and equipment that are designed to aid individuals with disabilities or medical conditions in performing daily activities or receiving medical treatment.

One way in which the growth in the number of individuals with disabilities can help to drive the DME market is by increasing the demand for these types of products. As more people require DME to assist with their daily activities or medical needs, the market for these products will naturally expand to meet that demand.

Additionally, according to the Centers for Disease Control and Prevention (CDC) estimates that approximately 61 million adults in the United States, or about 26% of the population, have a disability. This number is expected to grow as the population ages and the prevalence of chronic diseases increases. Additionally, the National Institutes of Health (NIH) reports that the number of people with disabilities worldwide is increasing, particularly in low- and middle-income countries. Therefore, such disabilities condition has enhanced the durable medical equipment market CAGR across the globe in the recent years.

Overall, while growth in the number of individuals with disabilities is not a positive trend in and of itself, it highlights the importance of continued investment and innovation in the DME market to ensure that people with disabilities have access to the tools and equipment they need to live full and independent lives is another factor driving the growth of the durable medical equipment revenue.

The increasing global population aged 65 and older is a primary driver of the Global Durable Medical Equipment Market Industry. As this demographic expands, the demand for medical equipment such as wheelchairs, oxygen therapy devices, and home healthcare products rises significantly. By 2024, the market is projected to reach 218.9 USD Billion, reflecting the urgent need for equipment that supports the health and mobility of older adults. This trend is expected to continue, with the market potentially reaching 343.8 USD Billion by 2035, indicating a robust growth trajectory fueled by the aging populace.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America held the largest market share with 34.9%. The United States has quickly embraced new technology, which has increased its market share. The presence of top manufacturers and the rapid uptake of cutting-edge products are expected to accelerate the region's growth. To win a substantial market share, the area is constantly creating high-tech, low-cost medical gadgets for patients. In addition, the growth of the geriatric population and the expansion of hospitals are contributing factors to the expansion of the regional market.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: GLOBAL DURABLE MEDICAL EQUIPMENT SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Asia Pacific durable medical equipment accounts for the second-largest market share due to the rise in the target population base with rising chronic illnesses, the demand for medical equipment by patients, and supporting government efforts, the Asia Pacific is anticipated to see the quickest growth throughout the projection period. Further, the China durable medical equipment held the largest market share, and the India durable medical equipment was the fastest growing market in the Asia Pacific region.

The Europe Durable Medical Equipment Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to DME market in Europe is expected to continue growing due to several factors, including the aging population, increasing prevalence of chronic diseases, and rising demand for home-based medical devices and equipment. Moreover, Germany durable medical equipment held the largest market share, and the France durable medical equipment was the fastest growing market in the Europe region

For instance, United States durable medical equipment Additionally, according to the Center for Disease Control and Prevention's (CDC) 2021 update, 4 in 10 individuals in the United States had two or more chronic illnesses in 2020, and 6 in 10 persons in the United States had at least one chronic disease. The expenditures of treating heart disease, cancer, chronic lung disease, stroke, Alzheimer's disease, diabetes, and chronic kidney disease would amount to almost USD 4.1 trillion in 2020, according to the same analysis. Players in the industry are also concentrating on the introduction of new goods.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the durable medical equipment grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the durable medical equipment industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global durable medical equipment industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, durable medical equipment industry has provided medicine with some of the most significant benefits. The durable medical equipment major player such as Compass Health Brand (US), Medtronic Inc. (Ireland), GF Health Products Inc. (US), and others are working to expand the market demand by investing in research and development activities.

Medtronic Inc. (Ireland) is a global healthcare solutions company committed to improving the lives of people through medical technologies, services, and solutions. With Covidien, the company has accelerated and advanced its ability to create meaningful innovations for hospitals, health systems, and healthcare providers to deliver the best care possible to patients and their families worldwide. In August 2021, The FDA has approved the EvolutTM FX TAVR system, the newest generation of self-expanding transcatheter aortic valve replacement (TAVR) technology from Medtronic plc (NYSE: MDT), the world leader in medical technology.

Also, ASPIRE is a non-profit organization based in the United States that is dedicated to supporting the development and success of early-stage life science companies. The organization provides a range of services, including mentorship, funding, networking opportunities, and educational programs, to help biotech and medtech startups grow and succeed. In January 2022, In Australia, ASPIRE introduced the ASPIRE SOCIALITE WHEELCHAIR. A wide spectrum of users can utilize the Aspire Socialite, an ultra-lightweight transport chair with a safe operating load capability of 115kg.