Medical Equipment Rental Market Trends
Growth Drivers
- Increased home healthcare preferences – The augmentation of home medical equipment is resulting the reduction of dependency on clinical and pathological support and diagnostic facilities for every single need such as, ventilators and nebulizers, wheelchairs, infusion pumps, blood glucose meters, apnea monitors, and other home monitoring devices. According to International Diabetes Federation (IDF), 537 million adults (20-79 years) are living with diabetes 1 in 10. This number is predicted to rise to 643 million by 2030 and 783 million by 2045.
- Increase in Geriatric Population – According to World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
- Increasing Demand for Technically Advanced Healthcare Facilities– In July 2022, the Indian Council of Medical Research (ICMR) released standard treatment guidelines for 51 common illnesses across 11 specialties to assist doctors, particularly in rural regions, in diagnosing, treating, or referring patients in time for improved treatment outcomes.
- Increasing Prevalence of Chronic Diseases – According to World Health Organization (WHO), cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million including kidney disease deaths caused by diabetes).
- Various Government Initiative for Advanced Healthcare Facilities – According to Indian Brand Equity Foundation (IBEF), Indian Government aims to develop India as a global healthcare hub, and is planning to increase public health spending to 2.5% of country’s GDP by 2025.
Challenges
- Lack of insurance coverage and price knowledge
- Lack of quality in manufactured equipment
Medical Equipment Rental Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.6% |
|
Base Year Market Size (2024) |
USD 62.62 billion |
|
Forecast Year Market Size (2037) |
USD 125.14 billion |
|
Regional Scope |
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