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Written by sujeet rai » Updated on: September 12th, 2024
IMARC Group's report titled "Durable Medical Equipment (DME) Market Report by Product (Personal Mobility Devices, Bathroom Safety Devices and Medical Furniture, Monitoring and Therapeutic Devices), End Use (Hospital, Nursing Homes, Home Healthcare, and Others), and Region 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global durable medical equipment (DME) market share. The global market size reached US$ 217.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 356.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/durable-medical-equipment-market/requestsample
Factors Affecting the Growth of the Durable Medical Equipment (DME) Industry:
Aging Population:
The increasing demand for durable medical equipment (DME) among the elderly population is driving market expansion. With age, individuals are more prone to mobility issues, sensory impairments, and various age-related health conditions that require the use of DME like walkers, wheelchairs, hospital beds, and hearing aids. This demographic shift is particularly significant in developed nations with higher life expectancy. Additionally, there is a growing demand for products aimed at enhancing quality of life, promoting independence, and aiding in daily activities.
Rising Incidences of Chronic Illness:
The rising prevalence of chronic diseases such as diabetes, heart disease, and respiratory conditions, influenced by factors like lifestyle shifts and population aging, is driving market growth. These ailments often necessitate continuous medical intervention and support, leading to sustained demand for durable medical equipment (DME) such as glucose monitors, blood pressure cuffs, and oxygen concentrators. Effective management of these conditions often relies on the availability and efficacy of DME, making it a vital component of healthcare strategies. Additionally, there is an increasing need for durable and user-friendly DME that can facilitate chronic disease management outside traditional healthcare settings.
Technological Advancements:
Innovations are driving the development of more advanced, efficient, and user-friendly products. Breakthroughs like wireless monitoring devices, wearable health technology, and telemedicine-compatible equipment are enhancing patient care. These technologies not only boost the functionality of traditional durable medical equipment (DME) but also increase patient engagement and adherence to treatment protocols. Furthermore, the incorporation of smart technologies and the Internet of Things (IoT) into DME enables real-time health monitoring and data analysis, improving outcomes and accelerating market growth.
Leading Companies Operating in the Global Durable Medical Equipment (DME) Industry:
Durable Medical Equipment (DME) Market Report Segmentation:
By Product:
Bathroom Safety Devices and Medical Furniture
Monitoring and Therapeutic Devices
Personal mobility devices represent the largest segment as they are designed to aid individuals who have mobility issues due to various conditions, such as injuries, disabilities, or age-related impairments.
By End Use:
Hospital holds the biggest market share due to the comprehensive care requirements among the population.
Regional Insights:
North America enjoys the leading position in the durable medical equipment (DME) market on account of a well-established healthcare infrastructure, high healthcare expenditure, favorable reimbursement policies, and a large aging population with chronic health conditions.
Global Durable Medical Equipment (DME) Market Trends:
Government agencies in various countries are enacting policies that significantly enhance the accessibility and affordability of durable medical equipment (DME). In many areas, health policies that include DME coverage under insurance programs and Medicare help alleviate the financial strain on patients. Additionally, regulatory bodies are implementing standards to ensure the safety and effectiveness of DME. Subsidies, tax incentives, and funding for research and development in the medical equipment sector further drive the growth of the DME market.
Moreover, the increasing demand for home healthcare as a cost-effective alternative to hospital care, particularly for long-term treatments, is positively impacting the market.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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