Transparency Market Research observes that the global durable equipment market is reasonably fragmented due to a strong presence of several players. The key players contributing to the market dynamics are Stryker Corporation, Medtronic plc., Baxter International, Inc., Becton, Dickinson and Company, Invacare Corporation, Medline Industries, Inc., Sunrise Medical (US) LLC, Drive DeVilbiss Healthcare, Inc. (Medical Depot Inc.), ResMed, Inc., and Hill-Rom Holdings, Inc. Companies are expected to focus on developing customized solutions to cater to individual needs of the end users to maintain a place in the highly competitive market.
According to Transparency Market Research, the global durable medical equipment (DME) market is expected to be worth US$228.65 mn by the end of 2025 from US$112.30 mn in 2016. During the forecast period of 2017 and 2025, the global market is expected to surge at a CAGR of 8.3%. Amongst the various types of equipment, the bathroom safety devices are expected to drive the global market. Increasing awareness about ensuring bathroom safety, especially within households, to avert traumatic injuries is expected to favor this segment in the near future. Geographically, Asia Pacific is expected to lead the global market in the coming years. The increasing geriatric population in this region is expected to drive the market.
Awareness about Patient’s Comfort to Spike Demand for Durable Medical Equipment
The growing awareness about patient’s comfort has given the global durable medical equipment market a much-needed impetus. The devices available in this market are predominantly meant for therapeutic use and are designed in way to alleviate the discomforts of the illnesses. Commercialization of sturdy equipment that has recurring uses has encouraged several end users to investment in various types of durable medical equipment over the years. The growing community of home caregivers are have propelled the demand for wheelchairs, commodes, and toilet rails amongst others. Furthermore, mushrooming elderly care centers are expected to be stoke the demand for durable medical equipment in the coming years.
Firm investments by durable medical equipment (DME) industries and close cooperation of government, national institutes, and physicians with vigorous hands-on training for medical professionals, improving lifestyle, increasing demand and adoption rate of high end technology devices and equipment, has brought about technology enhancement and increased value for money in durable medical equipment (DME) market. The high incidence of chronic conditions such as cancer, cardiovascular diseases, and other disabilities are also projected to up the usage of durable medical equipment in home care settings as well as hospitals. Regions with high and growing geriatric population are anticipated to be fertile grounds for the growth of this market in the coming years.
Availability of Counterfeit Products to Hamper Market Growth
On the flip side, the global durable medical equipment market is expected to witness a few impediments along its growth trajectory. To begin with availability of counterfeit equipment and low barrier for entry of newcomers are expected to eat into the market shares of existing players. Bigger companies are also likely to be affected by cost-sensitive markets that tend to incline toward makeshift or cheaper solutions. Furthermore, high durability of medical equipment will also discourage end users from buying or upgrading to new equipment, thereby negatively impacting sales.