Medical Equipment Rental Market to Reach US$49,112.8 Million by 2020, to Grow at 5.8% CAGR
Transparency Market Research, a global market intelligence firm, has recently announced the publication of a new market research report made available on the company website. The research study, titled “Medical Equipment Rental Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” talks about the global medical equipment rental market, presenting an overview of the market, along with the drivers and barriers that will determine the growth of the market throughout the forecast period.
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According to the research report, in 2013, the global market for medical equipment rental was valued at US$33.4 bn and is estimated to reach a value of US$49.1 bn by the end of 2020. The market is projected to register a 5.80% CAGR between 2014 and 2020.
The rising pressure to reduce expenses in hospitals, the growing incidence of chronic diseases, increasing geriatric population, and safety against obsolescence of technologies are some of the major factors that are expected to boost the demand for medical equipment rental throughout the forecast period. Moreover, the expansion of the distribution network in developing countries is further expected to fuel the growth of the market. However, the poor pricing flexibility and absence of appropriate regulatory policies are projected to hamper the growth of the global medical equipment rental market in the near future.
The global medical equipment rental market has been classified on the basis of device category into surgical equipment, electronic/digital equipment, personal/home care equipment, durable medical equipment, and storage and transport. In 2013, the durable medical equipment segment held a 40% share of the global medical equipment rental market. This segment is projected to remain in its leading position in the forecast period, exhibiting a 5% CAGR between 2014 and 2020.
Furthermore, the global medical equipment rental market has been categorized on the basis of end use into medical equipment rental, personal/home care, and institutional medical equipment rental. In 2013, the chronic and geriatric patient sub-category of personal/home care held a 50% share of the overall personal/home care segment.
On the basis of geography, the global medical equipment rental market has been divided into Asia Pacific, Europe, North America, and Rest of the World. In 2013, Europe led the global market, accounting for a 30% share in the overall medical equipment rental market, followed by the North America medical equipment rental market. The North America market is estimated to surpass Europe in the next few years. On the other hand, the Asia Pacific market for medical equipment rental is anticipated to register the highest growth rate – a 6% CAGR between 2014 and 2020.
Furthermore, the research study covers the competitive landscape of the global medical equipment rental market, including detailed profiles of the major players operating in the market. As per the study, the global medical equipment rental market is extremely fragmented, owing to the dominance of a few large players such as Siemens Financial Services, Apria Healthcare Group, Stryker Corporation, and Hill-Rom Holdings, Inc.
Some of the other players in the market are Universal Hospital Services, Inc., Port Huron Hospital Medical Equipment, Hill-Rom Holdings, Centric Health Corporation, Westside Medical Supply, Woodley Equipment Company Ltd., US Med-Equip, Nunn’s Home Medical Equipment, and Walgreen Co.
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