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Insights into Durable Medical Equipment Market and it’s growth outlook

Durable Medical Equipment Market Size By Product (Personal Mobility Devices {Wheelchair and Scooter, Crutches and Canes, Walker}

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Insights into Durable Medical Equipment Market and it’s growth outlook

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  1. Durable Medical Equipment Market to witness major growth in coming years Fuel Cell Market size worth $25.5bn by 2024

  2. KeyInsights from Durable Medical Equipment Market : • With growing preferences for home-based care, the global durable medical equipment market is expected to chalk out remunerative growth trend over the coming years through a diverse array of verticals. • Durable medical equipment is an equipment that serves a particular medical purpose, is able to survive repeated use, and is also suitable for being used in-home care settings. These medical devices are equipped with high-tech monitoring and feedback technologies that ultimately reduces the dependency of patients on professional caregivers and family. • Home care settings include skilled nursing care along with several health services, which are carried out specifically at the patient’s home for effective as well as better treatment of illness or injury. These aforementioned facets are likely to lead to a rise in patient preferences towards home-based care and further drive market growth.

  3. Continued... • Based on Global Market Insights, Inc., estimates, the global durable medical equipment market size is set to exceed $275 billion by 2026. • The product segment includes monitoring and therapeutic devices, breast pumps, medical furniture, personal mobility devices, incontinent pads, bathroom safety devices, catheters, consumables and accessories. Among these, the personal mobility devices segment was estimated to be worth over $18 billion back in 2019 and is further expected to register lucrative growth during the forecast time period. • These devices are further segmented into walkers, wheelchair & scooter, crutches & canes, and others. Rising patient population suffering from some kind of disability that impedes movement is expected to further lead to a rise in demand for scooters and wheelchairs. Meanwhile, a steadily growing disability demographic owing to accidental injuries is also expected to boost overall segmental demand.

  4. Continued... • With respect to payer, the market is divided into public, private, and out-of-pocket. Among these, the public segment is anticipated to witness nearly 5% CAGR over the estimated time frame. Medicare covers the use of durable medical equipment which serves a medical purpose and is suitable for repeated use. • Additionally, it also provides different plans with numerous benefits on durable medical equipment for efficiently managing patient health. Citing an example, the Spanish National Health System gives universal health care for free, which will lead to rise in the public payer segment demand. • Based on end-use segment, the market is classified into hospitals, ambulatory surgical centers, home healthcare, and others. Among these, the ambulatory surgical centers accounted for approximately 17% revenue share back in 2019. The availability of secured healthcare infrastructure and the increasing number of patients in need of critical care through ambulatory surgical centers are likely to favor segmental progress.

  5. Continued... • Ambulatory surgical centers are capable of offering several advantages as compared to hospitals and diagnostic centers. Advantages like low risk of acquiring hospital acquired infection, shorter stays in hospital, and use of well-equipped devices are anticipated to further improve the market growth. • Europe market registered over $38 billion back in 2019. With the presence of a large number of manufacturers in the European region, durable medical equipment industry is set to witness appreciative growth. Development of healthcare infrastructure and rising disposable income resulting in treatment affordability might further favor the regional market growth. • These industry players have implemented numerous growth strategies in order to sustain market competition. Citing an example, Sunrise Medical, acquired a leading Australian designer and manufacturer of power wheelchairs, Magic Mobility, back in August 2018. This strategy provided customers opportunities to avail the benefits offered by power wheelchairs and also improves the product range of the firm.

  6. Browse Full Market Research Report On Durable Medical Equipment Market @ https://bit.ly/34S7YCh Request for a Sample of this Research Report @ https://www.gminsights.com/request-sample/detail/3894

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