Medical Equipment Rental Global Market Report 2024

The medical equipment rental market has grown strongly in recent years. It will grow from $58.83 billion in 2023 to $61.84 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The expansion observed in the historical period can be attributed to factors such as cost containment, regulatory compliance, flexibility, and scalability, as well as a focus on core competencies, along with opportunities in emerging markets.

The medical equipment rental market is expected to see strong growth in the next few years. It will grow to $76.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to factors such as the rising costs in healthcare, increased demand for short-term solutions, adherence to stringent regulations, agility in healthcare management, and global expansion efforts. Major trends expected in the forecast period include an increasing demand for cost-effective solutions, technological advancements driving the adoption of rentals, the rise of home healthcare services, the need for flexibility and scalability, and a growing focus on sustainable practices in the healthcare industry.

The growth of medical equipment rental is expected to be propelled by the increasing number of hospitals, diagnostic laboratories, and surgery centers. These healthcare facilities require a diverse range of medical equipment to deliver high-quality services, but the financial constraints may hinder outright purchases. To address this, medical equipment rental companies offer short- or long-term access to various equipment, presenting cost-effective alternatives. For instance, in March 2023, data from the United States Census Bureau indicated a revenue increase in medical and diagnostic laboratories from $12.41 billion in Q2 2020 to $16.93 billion in Q2 2021. Additionally, the Centers for Medicare and Medicaid Services reported a 13% rise in the number of certified clinical laboratories in the United States from 2020 to 2021, reaching 323,086. The surge in healthcare facilities is a driving factor for the growth of the medical equipment rental market.

The growth of the medical equipment rental market is also expected to be fueled by the increasing demand for at-home testing. At-home testing involves collecting samples for various medical conditions using kits or devices available over the counter or online. Medical equipment rental plays a crucial role in at-home testing by providing access to specialized equipment that may not be readily available or affordable. According to a survey by R.R. Donnelley, around 21% of consumers find at-home testing convenient, and 25% express a demand for such testing. This growing demand for at-home testing is a significant driver for the expansion of the medical equipment rental market.

Technological advancements represent a prominent trend in the medical equipment rental market. Major companies in the sector are dedicated to developing innovative solutions to maintain their market positions. For example, in May 2022, US Med-Equip introduced the GoUSME App, an online portal and mobile app designed to facilitate the ordering and management of rented medical equipment. The app utilizes passive RFID technology for equipment identification and location tracking, streamlining the process for healthcare providers.

Innovative rental programs, such as motion-activated stimulation (MAS) technology, are being developed by major companies to gain a competitive edge in the medical equipment rental market. MAS technology combines electrical muscle stimulation (EMS) with motion detection, offering a cutting-edge approach. For instance, Alyve Medical Inc. launched the Neuralign S Home device, providing a rental program that makes the technology more affordable and accessible for a broader range of patients. This approach eliminates upfront costs, allowing patients to try out the device and continue treatment independently.

In August 2022, US Med-Equip expanded its capabilities by acquiring Freedom Medical for an undisclosed amount. This strategic acquisition enables US Med-Equip to enhance its geographical presence and workforce to meet the growing demand for equipment and services from hospitals and healthcare entities. Freedom Medical is known for providing rental medical equipment services to improve patient outcomes.

Major companies operating in the medical equipment rental market report are Hill-Rom Holdings Inc., Siemens Financial Service Inc., Nunn's home Medical Equipment, Westside Medical Supply, Universal Hospital Services Inc., Woodley Equipment Company Ltd., Apria Healthcare Group Inc., Centric Health Corporation, AGITO Medical A/S, US Med-Equip Inc., Walgreen Co., General Electric, Huron Consulting Group Inc., China Huarong Financial Leasing Co. Ltd., Meridian Group International, Mizuho Leasing Company Limited, Stryker Corporation, Agiliti Inc., Avante Health Solutions, United Rentals Inc., Block Imaging, Jamie's Medical Imaging, PrizMED Imaging, Radiology Oncology Systems Inc., National Diagnostic Imaging, Providian Medical Equipment Inc., Future Health Concepts Inc., Direct Medical Imaging LLC, Multi Imager Service Inc.

North America was the largest region in the medical equipment rental market in 2023. The regions covered in the medical equipment rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical equipment rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of equipment included in medical equipment rental encompass personal or home care equipment, electronic or digital equipment, surgical equipment, durable medical equipment, long-term care, acute care, emergency and trauma care, and storage and transport. Personal home care equipment is designed to assist seniors and individuals requiring help with their daily activities, including bathing, moving around, using the toilet, eating, and walking. These rental services cater to various end-users, including hospitals, personal or home care settings, institutional care, and others.

The medical equipment rental market research report provides medical equipment rental market statistics, including medical equipment rental industry global market size, regional shares, competitors with a medical equipment rental market share, detailed medical equipment rental market segments, market trends and opportunities, and any further data you may need to thrive in the medical equipment rental industry. This medical equipment rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical equipment rental market includes revenues earned by companies by automating inventory management, offering flexible rental prices, and streamlining payment processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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