Surge In Technical Innovations In Durable Medical Equipment Are Expected To Fuel The Growth of The Market

Demand for Personal Mobility Devices is Expected to Rise Among the Senior Population as a Result of the Rising Number of Age-Related Health Issues

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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.

  • As per WHO in 2020, people above the age of 60 years will cross youngsters under the age of 5. Moreover, % of population over 60 will jump from 12% to 22% between 2015 and 2050.
  • WHO also predicts that 28% and 35% of people above 65 years will experience fall injuries. Moreover, the number of fractures and spinal cord injuries has increased in the past three decades.

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Revenue Growth Avenues:

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

  • For instance, In Australia, ASPIRE company launched the Aspire Socialite Wheelchair in January 2022.
    • This wheelchair was an extremely lightweight transport chair with a safe working load limit of 115kg that addressed a wide range of users.
  • In October 2021, A first-in-the-nation 'automated real-time hospital bed and resource tracking tool' was offered in the United States owing to a partnership between GE Healthcare & Apprise Health Insights.

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Key Segments in Durable Medical Equipment Industry Research

  • By Product :
    • Monitoring & Therapeutic Devices
    • Personal Mobility Devices
    • Bathroom Safety Devices
    • Medical Furniture
    • Incontinent Pads
    • Breast Pumps
    • Catheters
    • Consumables & Accessories
    • Others
  • By End User :
    • Hospitals
    • Nursing Homes
    • Home Healthcare
    • Ambulatory Surgical Centers
    • Others
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

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Therapeutic Catheters Market: Growing geriatric population and increase in prevalence of cardiac diseases are factors expected to drive the growth of the cardiac therapeutic catheters market. Moreover, advancement in technology is also projected to fuel the growth of the cardiac therapeutic catheters market. According to a study by the American College of Cardiology, approximately 800,000 deaths due to cardiovascular diseases are reported in the U.S., which indicates increase in the use of pulmonary artery catheters.

Neonatal Monitoring Equipment Market: Demand for neonatal brain monitoring equipment featuring video recording devices will also gain high traction in the near future. With growing instances of premature births, demand for neonatal monitoring equipment will increase in the upcoming years.

Heart Failure Monitoring Systems Market: According to the National Center for Biotechnology, heart failure is accelerating in prevalence, leading to considerable health expenditures. Despite the significant advances in treatment, therapies and prevention, morbidity and mortality are still skyrocketing. The growing awareness about the heart related issues is driving the demand for systems, such as heart failure monitoring systems that can help medical professionals detect cardiac filling pressure, days or weeks before the symptoms become evident. 

Breast Pumps Market: Global breast pump market is projected to expand at a staggering CAGR of 9.4% during the forecast period (2020-2025). However, sales of pumps are expected to dip in the next two quarters as many women are working from home due to the COVID-19 pandemic and can easily breastfeed their babies. Rising insurance coverage for breast pumps, growth in awareness about breastfeeding and advancements in breast pump technologies are also poised to steer the global breast pumps market towards a positive growth trajectory.

Endoscope Flushing Pumps Market: As the number of gastroenterological procedures increases, the market for endoscope flushing pumps will also grow. The new generation of endoscopic flushing pumps is equipped with touch screens and large computer screens. Owing to evolving end-user expectations, endoscope flushing pump manufacturers are focusing on launching advanced, touch-screen based product offerings.

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