Global Durable Medical Equipment Market is valued at USD 158.21 Billion in 2018 and expected to reach USD 239.79 Billion by 2025 with the CAGR of 6.12% over the forecast period.
Increasing geriatric population and growing prevalence of chronic diseases are the major factors drive the growth of Global Durable Medical Equipment Market.
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Scope of Global Durable Medical Equipment Market Report–
Durable medical equipment are tools used in the patient’s home and are designed to help improve the quality of life for someone with a medical condition. It is further defined by the United States government under Medicare, and most insurance plans for billing purposes. For example; According to Medicare, durable medical equipment is definitely iron lungs, oxygen tents, nebulizers, CPAP, catheters, hospital beds, and wheelchairs. Medicare Part A typically only covers about 80% of the costs associated with durable medical equipment as long as the supplies are considered medically necessary and the patient also qualifies for the Home Health Benefit. Disposable medical supplies are occasionally covered for items such as diabetic testing and administering supplies, feeding tubes and colostomy supplies. Durable medical equipment also includes blood testing monitors and strips for individuals testing their glucose, with or without diabetes this type of medical equipment needs to be easy to use, and not surprisingly durable.
Global Durable medical equipment market Report covers prominent players are like,
Invacare, GF, Hill Rom, Sunrise Medical, Drive Medical, ArjoHuntleigh, Medline, Stryker, Carex, Others
Global Durable medical equipment market report is segmented on the basis of source type, application and regional & country level. Based upon type, durable medical equipment market is classified as personal mobility devices, bathroom safety devices, medical furniture, monitoring and therapeutic devices. Based upon application, durable medical equipment market is classified as hospitals, nursing homes, home healthcare and others.
The regions covered in this Global Durable Medical Equipment market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Durable Medical Equipment market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Increasing Geriatric Population and Prevalence of Chronic Diseases are the Major Factors Driving the Growth of Global Durable Medical Equipment Market.
Increasing elderly population base across the globe is regarded as the major factor contributing to drive the growth of global durable medical equipment market. The number of older population aged 80 years and above is projected to grow at a much faster rate than the younger population. According to World health organization, between 2015 and 2050, proportion of the world’s population over 60 years will double from 12% to 22%. By 2020, the number of people aged 60 years and older will outnumber children younger than 5 years. In 2050, 80% of older people will be living in low- and middle-income countries. Additionally, the prevalence of chronic diseases is also expected to foster the growth of durable medical equipment market. The burden of chronic diseases is rapidly increasing worldwide. According to World health organization, chronic diseases contributed approximately 60% of the 56.5 million total reported deaths in the world and approximately 46% of the global burden of disease. The proportion of the burden of Non communicable diseases is expected to increase to 57% by 2020.
Durable Medical Equipment Market Segmentation:–
By Type: Personal Mobility Devices, Bathroom Safety Devices, Medical Furniture, Monitoring and Therapeutic Devices
By Application: Hospitals, Nursing Homes, Home Healthcare, Others
North America is Expected to Dominate the Global Durable Medical Equipment Market
North America is expected to dominate the global durable medical equipment market due to the rising incidences of chronic diseases such as cancer, multiple sclerosis, and rheumatoid arthritis in this region. Arthritis is the leading cause of disability, and causes pain, aching, stiffness and swelling of the joints. The Centers for Disease Control and Prevention March 2017 Vital Signs announced data estimating that 54.4 million U.S. adults suffer from arthritis equating to about 25% of the population. By 2040, an estimated 78 million (26%) U.S. adult’s ages 18 years or older are projected to have doctor diagnosed arthritis. Europe is second largest region for in this market due to increasing geriatric population in this region. According to aging report, the old-age dependency ratio in the Europe is projected to increase by 21.6 percentage points, from 29.6% in 2016 to 51.2% in 2070.
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