Medical Equipment Rental Market Size, Analysis and Forecast up to 2020

A shift in preference toward renting of medical devices in place of buying those devices has been noticed in the last few years in the healthcare industry. Across the globe, healthcare providers are aiming toward installation of highly advanced infrastructural facilities and in lessening capital cost. These two factors are likely to boost the growth of the industry in the years to come. All the aforementioned factors together with short lifecycle of the product are expected to pave way for the rapid growth of the global medical equipment rental market.
Expanding at a growth rate of 5.80 % CAGR over the projection period, the global medical equipment rental market is estimated to attain a market valuation of US$ 20 Bn through 2020.

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Some of the important vendors in the global medical equipment rental market comprise Nunn’s Home Medical Equipment,Woodley Equipment Company Ltd., Nunn’s Home Medical Equipment, Westside Medical Supply, Port Huron Hospital Medical Equipment and Walgreen Co.

Reduced Hospital Stays to Shoot up Demand in the Market

A shift in trend from procuring to renting of medical devices in the healthcare industry has become a prominent trend. The growing need to cut down on the cost of capital and to bring on the improvement of the infrastructural facilities is what the industry is aiming at to foster growth over the period of projection. This trend is here to stay and is expected to propel development of the global medical equipment rental market in the years to come.

Rising need for the services of home healthcare owing to diminished hospital stays is estimated to induce growth in the global medical equipment rental market. Furthermore, increasing number of disabled and geriatric patients generate the demand for rental devices in the forthcoming years. Rising incidences of skeletal or brain disorders and muscular dystrophy are resulting in a rise in the number of disabled population. The patients suffering from various chronic disorders opt for treatment at home in an effort to avoid long stays at hospitals. These patients could choose from a wide range of medical devices on rent in a bid to avoid long stays at hospital. This factor is likely to support growth of the global medical equipment rental market in the years to come.

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The segment of durable medical equipment is likely to observe profitable growth over the projection tenure owing to its extensive use in the treatment and diagnosis of different types of disorders. The rising incidences of gynecological complications, neurological disorders, cancer, and cardiac disorders necessitate surgical interventions on many occasions. This leads to long term recovery and care, which generates the demand for durable medical equipment.

On the other hand, few medical devices come with insurance coverage, which is likely to act against the expansion of the global medical equipment rental market over the assessment tenure.

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Asia Pacific to Offer Promising Growth Opportunities

Considering regional platform, both North America and Europe are likely to emerge as the most promising zones for the global medical equipment rental market. The medical equipment rental market in Europe is estimated to witness substantial growth over the projection tenure. The region is expected dominate the global market. Rising incidences of chronic diseases with development of the healthcare infrastructure is likely to boost the market in Europe.

North America is estimated to emerge as another prominent region in the global medical equipment rental market. Driven by Canada and the US, the medical equipment rental market in the region is likely to observe growth on the back of rising preference for renting such equipment as opposed to buying.

Asia Pacific is likely to be one of the most lucrative regions for the market. Increased disposable income together with rising expenditure for the development of healthcare infrastructure presents ample scope for growth of the medical equipment rental market in Asia Pacific.