April 20, 2024
Medical Equipment Rental Market

Medical Equipment Rental Market is Estimated to Witness High Growth Owing to Increasing Demand for Cost-effective Solutions and Growing Aging Population

The Medical Equipment Rental Market is estimated to be valued at US$46.9 Bn In 2022 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Medical Equipment Rental Market offers cost-effective solutions for healthcare providers, allowing them to access medical equipment without the need for significant investments. This market provides rental options for a wide range of medical equipment, including diagnostic imaging systems, patient monitoring devices, surgical instruments, and mobility aids. The use cases for these rental products vary across hospitals, clinics, home care settings, and rehabilitation centers. The rental model is particularly beneficial for healthcare facilities experiencing financial constraints or those looking for short-term use of equipment.

Market Dynamics:
The Medical Equipment Rental Market is driven by the increasing demand for cost-effective solutions in the healthcare industry. The rental model allows healthcare providers to save upfront investment costs, reduce maintenance expenses, and stay up-to-date with the latest advancements in medical technology. Additionally, the growing aging population worldwide contributes to the market growth, as elderly individuals often require medical equipment for home care. These drivers are expected to fuel the market’s expansion during the forecast period, creating opportunities for rental service providers and facilitating efficient healthcare delivery.

Segment Analysis:

The medical equipment rental market can be segmented based on equipment type, end users, and region. In terms of equipment type, the segment analysis reveals that the dominating sub segment is the mobility aids and transportation equipment. This is due to the increasing demand for rental of wheelchairs, crutches, walkers, and other mobility devices among elderly and disabled individuals. The growing aging population, along with the rising prevalence of chronic diseases, is driving the demand for mobility aids. Moreover, the cost-effectiveness and convenience of renting these equipment instead of purchasing them are also contributing to the dominance of this sub segment in the market.

PEST Analysis:

Political: The political environment plays a crucial role in the medical equipment rental market. Government regulations and policies regarding healthcare and medical equipment can impact the rental market. For example, changes in reimbursement policies and regulations related to medical equipment rentals can influence the growth of the market.

Economic: The economic factors influencing the medical equipment rental market include the overall economic growth, healthcare expenditure, and affordability of rental services. The market growth is dependent on the economic stability and disposable income of the population, as individuals with limited financial resources are more likely to opt for rental services instead of purchasing expensive medical equipment.

Social: Social factors such as population demographics, healthcare infrastructure, and cultural attitudes towards healthcare also affect the medical equipment rental market. The aging population and increasing incidence of chronic diseases are driving the demand for rental services. Moreover, the preference for home healthcare and the desire for cost-effective solutions are also contributing to the growth of the market.

Technological: Technological advancements in medical equipment are influencing the rental market. The availability of advanced equipment and devices for rental, such as electric wheelchairs and portable oxygen concentrators, is attracting more customers. Additionally, the integration of Internet of Things (IoT) and other digital technologies in medical equipment rental is improving accessibility and convenience for users.

Key Takeaways:

The global medical equipment rental market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period. This growth can be attributed to the increasing prevalence of chronic diseases and the growing aging population. Elderly and disabled individuals are opting for rental services of mobility aids and transportation equipment, contributing to the dominance of this segment.

Regionally, North America is the fastest growing and dominating region in the medical equipment rental market. This is primarily due to the presence of well-established healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies in the region. The United States, in particular, is the leading market in North America, accounting for a significant share in the global market.

Key players operating in the medical equipment rental market include U.S. Med-Equip, Inc., Hill-Rom Holdings, Inc., Siemens Financial Services Inc., Nunn’s Home Medical Equipment, Westside Medical Supply, and Universal Hospital Services, Inc., among others. These key players are actively involved in strategic partnerships, mergers and acquisitions, and product innovations to strengthen.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it