Cheaper Access to Advanced Technology and Customizable Devices Driving Growth of Medical Equipment Rental Market
Rockville , Oct. 02, 2023 (GLOBE NEWSWIRE) — According to the latest industry report by Fact.MR, a provider of market research and competitive intelligence, the global Medical Equipment Rental Market is projected to expand at 5.5% CAGR and reach a size of US$ 98 billion by the end of 2033.
The term ‘medical equipment rental market’ refers to the sector that deals with the short-term rental or lease of medical equipment to healthcare facilities, organizations, and individuals. The objective of this market is to supply patients, healthcare providers, and other medical professionals with immediate or long-term demand for medical equipment.
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| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 98 Billion |
| Growth Rate (2023-2033) | 5.5% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Due to the affordability and adaptability of rental medical equipment, growing emphasis on home healthcare, and rise in the number of patients with disabilities, the market for medical equipment rental is anticipated to exhibit substantial growth. The market is the area of the economy where a variety of medical devices are rented out to patients, healthcare professionals, and other organizations in the healthcare business.
Healthcare facilities and patients can choose to rent essential medical equipment for a particular duration, rather than buying it entirely. This enables healthcare institutions to access new medical technologies without the large upfront expenses linked to buying or owning. Hospitals, clinics, long-term care institutions, home healthcare providers, and rehabilitative facilities are some of the various stakeholders served by the medical equipment rental market.
Key Takeaways from Market Study
- The global medical equipment rental market stands at US$ 59 billion in 2023.
- Worldwide demand for medical equipment rental is projected to rise at a CAGR of 5.5% from 2023 to 2033.
- The market is projected to touch US$ 98 billion by the end of 2033.
- Hospitals are predicted to account for a market share of 59% in 2023.
- North America accounts for a leading market share of 32.5% in 2023.
- Revenue from storage & transport equipment is forecasted to rise at a CAGR of 4.9% over the next 10 years.
- The Asia Pacific market is projected to expand at 6.3% CAGR across the forecast period (2023 to 2033).
- By type, the durable medical equipment segment is forecasted to progress at 5.7% CAGR.
“One of the main factors driving the expansion of the medical equipment rental market is the increasing adoption of rental medical aid equipment driven by the ongoing global economic crisis. Introduction of upgraded equipment variations with improved efficacy and effectiveness as a result of increased R&D efforts in the medical device sector is driving up the cost of various pieces of equipment,” says a Fact.MR analyst.
Key Segments of Medical Equipment Rental Industry Research Report
| By Type | By End User | By Region |
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Market Competition
An examination of the competitive landscape and the profiles of prominent participants in the medical equipment rental industry reveals that leading players have strategically utilized partnerships and acquisitions as core developmental tactics to enhance their product offerings and establish a robust presence in the medical equipment rental market.
- In October of 2021, Agiliti Health, Inc., a vital service provider to the United States healthcare sector, reported the successful conclusion of its previously disclosed acquisition of Sizewise Rentals, LLC, a company specializing in the production and distribution of specialized hospital beds, surfaces, and patient-handling equipment.
Key Companies Profiled
- Westside Medical Supply
- Siemens Financial Services, Inc.
- Hill-Rom Holdings, Inc.
- Nunn’s Home Medical Equipment
- Woodley Equipment Company Ltd.
- GE Healthcare
- All American Medical Supply Corp
- Universal Hospital Services, Inc.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the medical equipment rental market with historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (durable medical equipment, electronic medical equipment, storage & transport equipment, surgical equipment) and end user (home care, hospitals, laboratories), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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Medical Beds Market: The global medical beds market amassed a revenue share worth US$ 3.69 Billion in 2021. Fact.MR, a market research and competitive intelligence provider, has recently published a revised analysis, which estimates the market to rise at a CAGR of 3.7% and be valued at around US$ 5.5 Billion by 2032.
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