November 15th, 2021 BrandEssence Market Research Releases
The Detailed Market intelligence report on the Durable Medical Equipment (DME) Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Regenerative Medicine Market place for the forecast 2021– 2027.
Durable Medical Equipment (DME) market: An Overview
Durable medical equipment includes items like canes, wheelchairs, canes, patient lifts, blood sugar meters, hospital beds, traction equipment, commode chairs, and more. Centers for Medicare and Medicaid services (CMS) defines durable medical equipment as equipment that withstands repeated use, and has an expected lifetime of at least 3 years. The growing demand for catering to chronic diseases and disability around the world remain key drivers of growth for the durable medical equipment market. According to the World Health Organization (WHO), over 1 billion people globally live with some form of disability. Moreover, the WHO notes a dramatic increase in disability over the last few years. The increasing cases of disability, growing incidences of chronic diseases like cancer, and increased availability of reliable durable medical equipment remain present major promise of growth.
Request a Sample Report: @ https://brandessenceresearch.com/requestSample/PostId/966
Durable Medical Equipment (DME) Market: Key Trends
The growing population of elderly and need to cater to old homes, and other facilities remain key growth drivers in the durable medical equipment industry market analysis. According to the WHO, between 2015-2050, the world’s elderly population is expected to double to 22%. Furthermore, perhaps the first time in history, the aged between 60 and older will outnumber children under the age 5. Additionally, regions of North America and Europe with an already large elderly population promises robust growth for the durable medical equipment market.
The steady growth in revenues for medical instrument companies have resulted in large funding for research and development for durable medical equipment. According to a study of over 5 years published in Lancet, in 2012, the medical equipment industry invested 50% of its revenues in research and development. This funding has partially taken a hit amidst the covid-19 crisis. The unreliable nature of economy slowed down research and funding for DME. The slowdown in the pandemic has resulted in renewed vigor for development of cutting-edge products in biotechnology, and high-performance synthetic materials. Agencies like Medicare and Medicaid have increased funding for equipment like DME in recent years since 2010. Furthermore, as the unemployment dropped after 2010, private exchange players also became heavily active in key regions like the American durable medical equipment market.
Growing attempts by the government to take on the burden of healthcare costs remains a positive development in the American durable medical equipment market. For example, in 2013, the American government levied a 2.3% tax on domestic sales of medical devices to healthcare providers. The tax raised $30 billion in capital for the expansion of Medicare and Medicaid services. However, in the short run, it put tremendous burden on several manufacturers of small DME including tongue depressors. The margins in these products remain tight, and increased demand for cost-effective foreign goods, and largely homogeneous nature of products made these susceptible to harsh competition. The strong regulatory measures to provide a stable environment for growth amidst a growing global competition spells positive promise for the durable equipment industry outlook.
Request for Methodology of this report: https://brandessenceresearch.com/requestMethodology/PostId/966
Increased diversity in product offerings, inelastic demand are expected to result in continuous growth of durable medical equipment manufacturers. Despite minor derailing of growth during the covid-19 pandemic, the demand for DME has picked up again. This has resulted in increased preparation from established players to manage growing fluctuations, with increase in margins, and growing stable regulatory policies.
Rehabilitation Remains a Key Driver of Growth in the DME Industry
WHO estimates there are over 2.4 billion globally that require rehabilitation services. This trend is likely to grow as global population ages, exhibits greater penetration of chronic diseases, and disability. Furthermore, many people (around 50%) do not have access to key medical equipment for medical rehabilitation. The covid-19 pandemic resulted in major disruption of rehabilitation services, delaying their reach. The growing populations of elderly and increasing stress in daily lives, with increased penetration of cardiovascular diseases even among young remain major drivers of growth for the DME industry. WHO estimates that each year cardiovascular diseases or CVD result in estimated 17.9 million lives lost each year. Rehabilitation requires repeated use of durable medical equipment like canes, wheelchairs, hospital beds, commodes, traction equipment, and more.
Durable Medical Equipment (DME) Market: Regional Analysis
The durable medical equipment market report is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region is expected to hold the largest share of total revenues during the 2020-2028 periods. The region home to a large elderly population and growing incidences of chronic disease, and increased funding for public healthcare remains a promising new horizon of growth. The Europe region remains a promising ground for future growth, due to large investments in public healthcare, high disposable income, and growing demand for advanced medical equipment remain key growth dynamics. The Asia Pacific region is expected to register fastest CAGR in the near future, with its large population, increased healthcare infrastructure, and growing demand for rehabilitation amidst a rising service sector population.
Durable Medical Equipment (DME) Market: Competitive Analysis
The durable medical equipment market is a fragmented, competitive, and innovative landscape. The market remains highly competitive, thanks to increased innovation on the part of key players. The strategic focus on key players remains in produce enhancements, as the landscape promises competitive rivalries. Some key players in the durable equipment market are Compass Health Brands, GF Health Products Inc., Medtronic PLC, Getinge AB. Konica Minolta Inc introduced a patient monitoring system in Japan, wherein patient hospitalized with Covid-19 in Japan, with mild and moderate illness were treated in isolation zones. The patient monitoring systems along with durable equipment like hospital beds remain key to tackling the covid-19 pandemic, thanks to key advancements. Similarly, Stryker Corporation introduced the first wireless hospital bed, an intelligent offering which reduces fall for patients, and improves key vitals such as blood flow, while simultaneously offering better efficiency for hospital staff.
Complete Access of Report@ https://brandessenceresearch.com/medical-device/durable-medical-equipment-market-size
At 4.96% CAGR, Prosthetics Market Size to hit USD 12.40 Bn by 2025, Says Brandessence Market Research
Africa vaccine Market In-Detailed Analysis and Growth and Huge Competition on Moderna Inc., Innovative Biotech, Biovaccines Nigeria Limited | Says Brandessence Market Research
At 6.4% CAGR, Active Pharmaceutical Ingredients Market Size is Projected to Exceed $284.4 Bn by 2027, Says Brandessence Market Research
At 4.2% CAGR, Operating Room Equipment Market is Expected to reach USD 41.22 Bn in 2027, Says Brandessence Market Research
At 6.3% CAGR, Personalized Medicine Market Revenue to Cross USD 751 Bn by 2027, Says Brandessence Market Research
We publish market research reports & business insights produced by highly qualified and experienced industry analysts. Our research reports are available in a wide range of industry verticals including aviation, food & beverage, healthcare, ICT, Construction, Chemicals and lot more. Brand Essence Market Research report will be best fit for senior executives, business development managers, marketing managers, consultants, CEOs, CIOs, COOs, and Directors, governments, agencies, organizations and Ph.D. Students.
Contact No.: +91 7447409162, +44-2038074155, 1-888-853-7040
Sign up and submit a press release
Medical technologies transform the world! Join us and see the progress in real time. At Medgadget, we report the latest technology news, interview leaders in the field, and file dispatches from medical events around the world since 2004.