According to a new market research study titled ‘Durable Medical Equipment Market to 2027 – Global Analysis and Forecasts by Device Type, End User, and Geography.’ The global durable medical equipment market is expected to reach US$ 291.53 Bn in 2027 from US$ 170.89 Bn in 2018. The market is forecasted to grow with a CAGR of 6.5% during 2019-2027. The report highlights the trends prevalent in the global durable medical equipment market and the driving factors in the market, along with those that act as restraints to its growth.
Durable medical equipment (DME) is equipment or device which helps a patient to lead a healthy life and carry out daily activities. These devices monitor various parameters of an individual’s health and help in the identification, management, and treatment of the medical condition. Durable medical equipment (DME) is also used for therapeutic purposes and for enabling better mobility for an individual. The rise in the geriatric population, coupled with the increasing prevalence of chronic conditions, is expected to propel the demand for DME during the forecast period.
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The global durable medical equipment market, based on device type, was segmented as, personal mobility devices and monitoring therapeutic devices. In 2018 monitoring therapeutic devices held the largest share of the market, by device type, since they enable efficient diagnosis of medical conditions and also help in reducing the patient hospitalization time and also minimizes hospital visits.
The major players operating in the durable medical equipment market include Invacare Corporation, Medtronic, BD, Hillrom Services Inc, Medical Depot, Inc, GF Health Products, Inc., Sunrise Medical (US) LLC, Medline Industries, Inc., Koninklijke Philips N.V, and ResMed among others. The market of durable medical equipment has witnessed various organic as well as inorganic developments during recent years. During January 2019, Medtronic plc. launched MyCareLink Heart, a mobile app that supports the peacemakers used to communicate directly with patients’ smartphones and tablets. These developments are a pivotal step towards better vital signs monitoring of patients.
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