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Medical equipment has become one of the essentials for clinical satisfaction and patient care in all the health applications. With the evolving technological advancements, it has been difficult for the hospitals and the medical practitioners to keep up with the emerging devices. Therefore, need for medical equipment renting has risen and is anticipated to have a flourishing growth during the forecasted timeframe. Additionally, renting of the medical equipment minimizes the efforts for repairs and recalls.
Many healthcare facilities face financial troubles and have budget constraints. Thus, renting medical equipment can cause limited monetary spending and adoption of latest medical equipment to ensure better patient care. This is likely to increase market value of the rental services thus experiencing a higher growth during the forecast duration.
The major factor driving the global medical equipment rental market is the increased patient preference towards home healthcare which is likely to foster product demand. Also, growing geriatric patient population with various diseases is anticipated to augment the growth of the products leading to higher sales.
On the flip side, lack of awareness among the population in the lower economic countries is likely to hinder the market growth owing to lesser adoption of the rental services.
Key Market Driver -
Increased home healthcare preference to augment demand for rental medical equipment
Key Market Restraint -
Lower adoption rate in emerging countries to affect market growth
By product type, the global medical equipment rental market is segmented into durable medical equipment (acute care, long-term care, and emergency/trauma care), personal mobility devices, electronic/digital equipment, and storage & transport devices. Based on end user the global market is classified as hospitals, institutes and laboratories, personal/ home care, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global medical equipment rental market report includes Med One Group, AGITO Medical A/S, Hill-Rom Holdings Inc., Woodley Equipment Company Ltd, Westside Medical Supply, Nunn’s Home Medical Equipment, Siemens Financial Services, Inc., and Others.
The global medical equipment rental market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America followed by Europe dominated the global market in 2019, owing to the increased demand of the products by hospitals and other end users for diagnostic or therapeutic application. Additionally, rising government investment and support of medical financing companies to boost setup of well infrastructure facilities for patient care is also the factor driving the market growth. Awareness among the healthcare professionals about the importance of adoption of high-end medical equipment is the major factor leading to increased sales and demand of the medical equipment rentals in the Asia Pacific countries. This along with growing mergers and acquisitions between industry players is likely to promote the sales of the products in countries like China, India, and other countries. Latin America is projected to register a comparatively higher CAGR by the end of the forecast period owing to higher investments in the setup of large diagnostic centers and well-infrastructured hospital for various applications. On the other hand, Middle East & Africa is likely to witness a slower growth due to lack of penetration of the advanced products.
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