Yahoo Finance 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
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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