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Broadly, medical products are classified into two main types: durable medical equipment (DME) and disposable medical supplies. According to the U.S. Centers for Medicare and Medicaid Services, a medical device should be durable in nature (capable to withstand repeated use), appropriate for usage in homecare settings, and should have an expected lifetime of a minimum of 3 years to be categorized under the category of durable medical equipment. Both the DME and disposable medical supplies are used for providing medical care to a large target population comprising the elderly, ill, disabled people, and others. At present, the market for this equipment is witnessing lucrative growth owing to the rise in the burden of the geriatric population across the globe who are susceptible to developing various chronic and lifestyle-associated disorders. For instance, as per the World Population Ageing Highlights published in the year 2020, approximately 727 million people aged 65 years and above, worldwide which was projected to double by 2050 to reach over 1.5 billion people.
Furthermore, the rise in various chronic disorders such as diabetes, respiratory disorders, and cancer, among others is also anticipated to bolster the market growth for durable medical equipment. This is because these pieces of equipment are used for the proper care and management of these diseases.
Moreover, the governments of different nations along with global organizations are raising awareness & strengthening the healthcare infrastructure to offer improved facilities and quality-assured medical care, which is likely to increase the adoption of durable medical equipment.
Similar trends and initiatives for the management of other chronic diseases are anticipated to augment the demand for this durable medical equipment in the current and upcoming years.
The ongoing technological advancement in durable medical equipment is also one of the potential factors expected to increase the demand for durable medical equipment among the population. One such example is the rise in the adoption of smart hospital beds by hospitals instead the traditional beds. Smart beds are intelligently designed to reduce in-hospital patient fall and increase the workflow efficiency of the healthcare staff as compared to traditional beds. The shift in focus of the key players for developing such advanced smart hospital beds might increase the adoption of these devices. For instance, on October 19, 2020, Stryker launched the first and only wireless hospital bed “ProCuity”. Thus, the integration of smart technologies such as IoMT (internet of Medical Things), Artificial Intelligence (AI), 3D printing, nanotechnology, and various new technologies in the durable medical equipment product arena augment the market growth.
The COVID-19 pandemic had an adverse impact on various healthcare sectors during the initial phases due to the implementation of various regulatory guidelines, lockdown norms, and disruption in the demand and supply chain. The above precautionary measures implemented by the governing bodies of various countries across the globe had also sluggish the market for durable medical equipment market. Most of the segments of the DME market have observed slow growth. However, the pandemic has created opportunities for some segments of the DME market such as vital sign monitoring devices, and hospital beds, among others during the initial phases.
For instance, as per the FDA, due to the COVID-19 public health emergency, there was an increased demand for hospital beds, mattresses, ventilators, and stretchers. To meet the requirement manufacturers from different industries manufactured the essential medical commodities.
The other medical equipment segments such as personal mobility devices, bathroom safety devices, and others in the durable medical equipment market are expected to regain normalcy in the post-pandemic duration owing to the ease in various regulations and guidelines imposed during the pandemic.
The report will cover the following key insights:
Monitoring or therapeutics devices segment accounts for the largest proportion of the global durable medical equipment market.
Shifting patient preferences for remote medical services over in hospital medical services is anticipated to spur the market. This has led the manufacturers to increase their focus on developing medical equipment, which are specific to the patient’s needs.
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North America is expected to hold the largest market share in durable medical equipment and would continue its position in the forthcoming years. This is due to the growing approvals and launches of various durable medical equipment in the region. In May 2021, Cheelcare Canada launched Companion Plus, an improved version of the company’s front-mount Power-Assist device.
Moreover, initiatives by government agencies to provide proper reimbursement for durable medical equipment is also expected to increase their adoption among patients thereby fuelling the market. Recently, the Centers for Medicare & Medicaid Services (CMS) issued a final rule and classified non-implantable continuous glucose monitors (CGMs) as durable medical equipment (DME) regardless of whether the device has been approved by the Food and Drug Administration (FDA) to replace a blood glucose monitor for use in making diabetes treatment decisions whiwerewas effective from February 28, 2022.
The report will include the profiles of key players such as Cardinal Health, Sunrise Medical, GF HEALTH PRODUCTS, INC., Abbott, BD (Becton, Dickinson and Company), Stryker, OMRON Corporation, Invacare Corporation., Dexcom, Inc., Cheelcare Canada, and others.
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