May 13, 2020
As per the report titled ‘Durable Medical Equipment Market Size By Product , By Payer, By End-use, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global durable medical equipment market is anticipated to amass prominent gains by the year 2026.
Durable medical equipment such as oxygen equipment, wheelchairs, and crutches or blood testing strips for diabetes patients are ordered by a health care provider for everyday or long-term use. Escalating product demand owing to therapeutic benefits for patients on a day-to-day basis is the primary growth driver of global durable medical equipment market. Medical device supply companies deploy staff to hospitals and the patient’s home to deliver product and guide about the usage & operation, which is rendering a positive impact on the industry.
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Based on product type, catheters segment was worth USD 40 billion in 2019 and is anticipated to show considerable growth during the forecast period. Catheters find their application in draining pus or fluid that is collected in cavities. They also reduce the treatment time.
With respect to the payer spectrum, out-of-pocket payer segment registered around 5.5% CAGR over the recent past. These expenses are cost that individuals pay out of their own cash reserves. Growing consumer preference for out-of-pocket payment as it could potentially help the individual save a considerable amount of debt is stimulating the segment growth.
Speaking of the end-use spectrum, durable medical equipment market share from home healthcare segment attained a valuation of USD 60 billion in 2019 and is projected to see modest growth in the forthcoming years. The integration of high-tech monitoring technologies and features that facilitates patients to access trained professionals as well as resources for swift healing are driving the sales of home based durable medical equipment.
Major players operating in global durable medical equipment market are Compass Health Brands, Cardinal Health, Getinge AB, Hill-Rom Services, Inc., GF Health Products, Inc., Invacare Corporation, Intco Medical Technology Co., Ltd., Stryker, Sunrise Medical, and Medline Industries, Inc.