Durable Medical Equipment Market– Statistics And Analysis & Forecast To 2026Posted by Mrudula Anil Karmarkar on June 4th, 2021 The global durable medical equipment (DME) market size is expected to reach USD 271.0 billion by 2026 registering a CAGR of 6.1%, according to a new report by Grand View Research, Inc. The market is primarily driven by rise in chronic diseases, such as kidney failures and cancer. Moreover, technological advancements along with strong reimbursement scenario will boost the DME market further. For instance, in January 2019, WHILL, Inc., a U.S.-based personal electric vehicle, introduced new technology WHILL autonomous drive at the Consumer Electronic Sow held at the Las Vegas. In the past, Medicare has taken steps to bring reimbursement of DME products in line with other payers. In this direction, in December 2015, the Center for Medicare & Medicare Services (CMS) issued a new rule of prior authorization process for DME, Prosthetics, Orthotics, and Supplies (DMEPOS). The DMEPOS includes the master list of 135 items, which require prior authorization before beneficiary receives an item. In addition, growing geriatric population across the globe is likely to contribute to the industry expansion. People aged 60 years or above are more prone to health issues, such as diabetes, mobility issues, Cardiovascular Diseases (CVDs), and other lifestyle problems. This creates demand for DME products. However, stringent regulatory guidelines in developed economies and lack of skilled professionals may limit the durable medical equipment market growth. Growing incidence of cancer, cardiac disorders, ophthalmic ailments, neurological conditions, and gynecological complications will drive the product demand over the forecast period. Better coverage and reimbursement policies for DME products are also likely to help boost the DME market growth. In addition, rising number of elderly care centers as a result of increasing geriatric population base across the globe is projected to drive the DME market further. Elderly people have low immunity levels and thus, are prone to skeletal, cardiac, and neurological problems, which increases the need for long-term care and recovery. This, in turn, is estimated to augment the demand for DME products over the coming years. According to the UN data published in 2017, population aged 60+ years was around 960 million, which accounted for 13.0% of the global population. Further key findings from the study suggest:
Durable medical equipment play an important role in long-term care after surgery at home or any other healthcare setting. This is also estimated to propel the market growth. On the other hand, stringent regulatory guidelines in developed economies and the lack of skilled professionals for these equipment are said to hinder the industry growth. On the basis of product, the market is segmented into bathroom safety devices and medical furniture, personal mobility devices, and monitoring and therapeutic devices. In 2018, the personal mobility devices segment held a market share of 8.5% and is expected to register the maximum CAGR of 6.4% over the forecast period. In January 2016, People Inc., introduced a new DME supplier, People First Mobility (PFM). It is dedicated to providing a powered wheelchair, hospital beds, lift, and scooters for people suffering from developmental disabilities and requiring special attention. The introduction of technologically advanced products with supreme patient comfort and portability is expected to fuel the segment growth. Monitoring and therapeutic devices include blood sugar monitors, infusion pumps, nebulizer, Continuous Passive Motion (CPM), oxygen equipment, suction pumps, Continuous Positive Airway Pressure (CPAP), traction equipment, and others. The others segment further includes wound care products, cardiology devices, vital sign monitors, and neuromonitors. The others segment held the highest market share in 2018. Rising cases of lifestyle-related diseases and high demand for wireless monitoring equipment are expected to augment the segment growth. Nebulizers is expected to be the second fastest-growing segment over the forecast period on account of the rising prevalence of asthma and Chronic Obstructive Pulmonary Disease (COPD). Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/3091/ibb In 2017, the Indian Government envisaged National Health Policy for quality healthcare outcomes. Moreover, it introduced Draft National Medical Device Policy, in 2015, to reduce dependence on imports to give impetus to the Make in India initiative. It also introduced a new Goods and Services Tax (GST) regime at 12%, which is expected to lower the cost of manufacturing, thereby reducing the final product costs. Moreover, economic strides made by countries, such as China, India, and South Korea, coupled with improvement in healthcare infrastructure will contribute to the region’s growth. Some of the key companies in this market include Invacare Corporation; ArjoHuntleigh; Stryker Corporation; Hill Rom, Inc.; Drive Medical; GF Health Products, Inc.; Sunrise Medical; Medline Industries, Inc.; and Carex Health Brands, Inc. These firms focus on strategic acquisitions, agreement, and partnerships for business development. For instance, in January 2019, Medical Imaging Corp., a provider of medical supplies to the U.S. and Canadian hospitals, acquired Sandy Shores Medical, Inc., a supplier of DME products. Grand View Research has segmented the global Durable Medical Equipment (DME) market on the basis of product, end use: DME Product Outlook (Revenue, USD Million, 2015 - 2026)
o Wheelchairs o Scooters o Walker and Rollators o Cranes and Crutches o Door Openers o Other Devices
o Commodes and Toilets o Mattress and Bedding Devices
o Blood Sugar Monitors o Continuous Passive Motion (CPM) o Infusion Pumps o Nebulizers o Oxygen Equipment o Continuous Positive Airway Pressure (CPAP) o Suction Pumps o Traction Equipment o Others Equipment DME End Use Outlook (Revenue, USD Million, 2015 - 2026)
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