According to FutureWise analysis the market for durable medical equipment in 2023 is US$ 221.22 billion, and is expected to reach US$ 355.26 billion by 2031 at a CAGR of 6.10%.
As part of treatment and at home care, durable medical equipment (DME) includes, but is not limited to: hospital beds, wheelchairs, walkers, canes, commode chairs, power scooters, blood pressure monitors, blood glucose monitors, catheters, ostomy bags, nebulizers, continuous breathing apparatus (CPAP), ventilators, and traction equipment. The term DME usually refers to equipment that lasts a long time. In addition to prosthetics, orthotics, and other supplies, this is sometimes called DMEPOS. Often, personal health insurance, Medicaid, or Medicare will cover the cost of durable medical equipment. Additionally, it includes the equipment and supplies ordered by a healthcare provider for daily or long-term use. Patients prefer blood pressure monitoring DMEs for daily checkups, such as sugar testing. Diabetes, cancer, asthma, and other chronic diseases can be monitored with this equipment. Various expensive procedures can also be avoided when the patient requires a long-term stay in a healthcare facility. As the number of people with disabilities increases, the demand for durable equipment such as wheelchairs, mobility devices, therapeutic devices, and monitoring devices will increase as well. Moreover, changes in lifestyle habits such as eating and sleeping will increase the demand for rehab and hospitalization. Thus, there will be an increase in demand for bariatric mobility and assistive devices, such as wheelchairs, walkers, crutches canes.
Preventive health care initiatives by government are contributing to the growth of durable medical equipment (DME) during forest periods. Million Hearts is an initiative led by the the the CDC and the Centers for Medicare and Medicaid Services in collaboration with the Department of Health and Human Services. Medical device manufacturers are receiving financial support from a number of private associations and governments. As a result of satisfactory funding, blood pressure monitor manufacturers invest more in research and development to develop diagnostic devices that are technologically precise and effective. Hospital shift lengths are being reduced, resulting in a rapid increase in demand for durable medical equipment for home health care. The length of stay can be reduced through post-surgical recovery products, long-term ailment products, and supportive medical treatment products. It is likely that these factors will boost the growth of this market.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Durable Medical Equipment Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Durable Medical Equipment Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.