Surge In Technical Innovations In Durable Medical Equipment

2022-09-24 03:49:49 By : Mr. Alex Zhang

September 20, 2022 06:00 ET | Source: FACT.MR FACT.MR

Dublin, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: Durable Medical equipment market is expected to witness impressive growth due to the high usage of durable medical equipment by the geriatric population.

Durable Medical supplies are the type of supplies that can sustain repeated usage. Durable medical equipment is designed to offer patients with day-to-day activities assistance. For instance, monitoring and therapeutic devices, personal mobility devices, and bathroom safety devices are some examples of durable medical equipment. One of the most common benefits offered by durable medical equipment is that patients can get aid from equipment manufacturers in comprehending how it works. Moreover, the majority of durable medical equipment are covered by healthcare insurance, ultimately boosting its adoption.

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High adoption of manufacturing technological advancements in the durable medical equipment market

Technological developments in durable medical equipment market are expected to have a beneficial impact on market expansion. High development of medical technology has made it feasible for the surgeons to safely diagnose and efficiently treat patients. Moreover, various innovations such as scanning equipment and advanced monitoring systems are reducing the amount of time patients need to recover. In addition to this, market is growing due to collaboration of medical equipment technologies, including wireless remote monitoring, to fulfill the need for treatments.

Rapid usage of Durable Medical Equipment by the Geriatric Population

Main driver fueling the growth is the rising geriatric population and it is predicted that geriatric population, defined as those 80 years of age and older, will increase significantly more than younger population.

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North America is expected to dominate the durable medical equipment market over the next few years.

Significant presence of top manufacturers in North America and rapid uptake of advanced technologies are expected to boost North America’s market growth. To establish a strong marker share, key manufacturers are investing in high-tech, low-cost medical gadgets. Moreover, increasing geriatric population in the region and increase in hospitals are contributing to the growth of the market.

In the meanwhile, Asia Pacific is anticipated to witness the fastest growth during the forecast period. Rising prevalence of geriatrics, high tendency towards home health care, and rise in neurological illnesses is driving the demand for durable medical equipments during the forecast period.

Intense competition among key players of the market

Market is highly competitive for durable medical equipment. Moreover, key players are following aggressive competitive strategies used by the top durable medical equipment companies currently operating in the market.

Competition is getting more stringent due to leading durable medical equipment manufacturers focusing on product developments and advancements

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Key Segments in Durable Medical Equipment Industry Research

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