Durable medical equipment refers to medical devices that are used in homes and can withstand repeated use. This includes assistive devices like wheelchairs, walkers, adjustable beds, etc. The growing geriatric population increases the demand for such durable medical devices that can improve mobility and independence. Durable medical equipment helps improve quality of life by assisting the elderly and disabled individuals.
The global Durable Medical Equipment Market is estimated to be valued at US$ 5 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising geriatric population is one of the key trends driving the growth of the durable medical equipment market. According to the United Nations, the global population aged 60 years or older is expected to double from 12% to 22% between 2015 and 2050. The growth in the aging population increases the risk of chronic diseases, disabilities, and loss of independence due to reduced mobility. This raises the demand for assistive devices and medical equipment that can improve quality of life and support daily activities independently. Durable medical equipment such as wheelchairs, crutches, walkers, oxygen supplies, etc. help fulfill the growing needs of the elderly population and accelerate the market growth over the forecast period.
Segment Analysis
Content: The global durable medical equipment market can be segmented into mobility aids and ambulatory devices, thermobility aids, bathroom safety devices, and monitoring and therapeutic devices. The mobility aids and ambulatory devices segment dominated the market in 2022 owing to high demand for wheelchairs, walkers, crutches, and canes from the geriatric population and people with disabilities. Mobility issues are common in old age due to arthritis, osteoporosis, joint replacement, and other mobility impairments.
Key Takeaways
The global Durable Medical Equipment Market is estimated to be valued at US$ 5 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis: North America accounted for the largest share of the durable medical equipment market owing to high healthcare spending, presence of leading market players, and large elderly population base in the US and Canada. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to increasing disposable incomes, rising healthcare expenditure, growing medical tourism industry, and increasing cases of mobility issues in densely populated countries like China and India.
Key players: Key players operating in the durable medical equipment market are Medline Industries Inc., Invacare Corporation, Sunrise Medical, Arjo, Stryker Corporation, Drive DeVilbiss Healthcare, GF Health Products Inc., GPC Medical Ltd.
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