U.S. Durable Medical Equipment Market To Hit Value .8 Billion By 2030Posted by Mrudula Anil Karmarkar on October 19th, 2022 The U.S. durable medical equipment market size is expected to reach USD 92.8 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.7% from 2022 to 2030. The rising prevalence of chronic diseases and increasing penetration of home healthcare services and staff are the key factors driving the product demand. The demand for durable medical equipment (DME) is projected to witness a rise during the forecast period due to high adoption. The COVID-19 pandemic has disrupted the transportation and supply chain of the DME market due to the restrictions imposed by the government. As the demand for the equipment increases for medical purposes to fight against COVID-19, the supply of the product also increases. COVID-19 led to an increase in the demand for medical beds and therapeutic mattresses, and volumes were also high within the U.S. rental operations. The growing aging population and rising shift towards shorter hospital stays are making home healthcare more common. With these trends, a significant number of medical devices, such as patient monitoring systems and mobility aids, are in great demand. Furthermore, the current coronavirus pandemic has presented unusual and extraordinary challenges to the healthcare system. The COVID-19 pandemic has affected the supply chain of durable medical equipment (DME). The market is majorly driven by the rising product demand due to the growing geriatric population that is susceptible to various chronic diseases, such as cancer, diabetes, Cardiovascular Diseases (CVDs), neurological disorders, and mobility disorders. The durable medical equipment suppliers are facing numerous challenges in serving patients requiring respiratory support and other DME-related services. Cancer is a leading cause of death globally accounting for 10 million deaths in 2020. As per the National Cancer Institute Report 2018, approximately 1.7 million people in the U.S. were diagnosed with cancer. To Request Sample Copy of this report, click the link: The COVID-19 pandemic has initially disrupted the market due to the lack of accessibility of the products to the customers. The pandemic has affected the operations and financial condition of various market players. The DME suppliers have encountered interruptions in the supply chain, such as significant delays and order cancellations, as a result of public health and economic emergencies related to the COVID-19 pandemic. U.S. Durable Medical Equipment Market Report Highlights
It is predicted that there will be a 70.0% rise in the new cases of cancer over the next couple of years (about 1.1 million people). The rising prevalence of neurological diseases, such as Alzheimer’s, Parkinson’s, and Epilepsy, is also expected to fuel the product demand. As per the statistics of the Centers for Disease Control and Prevention, in 2020, 5.8 million Americans were living with Alzheimer’s disease. The rising prevalence of diseases is expected to result in an increase in demand for DME over the forecast period. In addition, an increase in healthcare spending across the country is expected to boost market growth. The demographic shifts underlie the projected growth in the U.S. healthcare expenditure from USD 3.5 trillion in 2017 to USD 6.2 trillion in 2028 and account for 20% of the GDP. The anticipated growth in the annual spending for Medicare (7.9%) is projected to contribute significantly to the increase in the national health expenditure over the forecast period. Since its inception, Medicare has accounted for an increasing proportion of the total healthcare expenditure. Medicare has covered 18.4% of U.S. Americans in 2020 and in 2021, more than 26 million people enrolled in Medicare Advantage Plan. The key companies are continuously focusing on initiatives such as mergers & acquisitions, regional expansion, and novel product development. For instance, in December 2020, Arjo completed the acquisition of AirPal, which is likely to strengthen Arjo’s Patient Handling portfolio. The market players are introducing innovative technologies and products to expand their product portfolio to capture a large share in the market. The market consists of big players as well as local distributors and suppliers. The key players are focusing on providing cost-efficient products, which can be used remotely. Some prominent players in the U.S. durable medical equipment include:
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