The global medical equipment rental market was valued at $56.0 billion in 2022, and is projected to reach $94.5 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032. The medical equipment rental market refers to the industry segment that provides medical devices, instruments, tools, and equipment on a rental basis. This allows healthcare providers, patients, and caregivers to access essential medical equipment without the need for significant upfront investments. The market Includes a diverse array of products such as mobility aids, respiratory equipment, patient monitoring systems, therapeutic devices, and surgical equipment. The medical equipment is often facilitated through medical equipment rental companies, healthcare institutions, and online platforms, ensuring cost-effectiveness and flexibility in healthcare operations. The market caters to healthcare facilities, patients requiring home-based care, and medical professionals seeking temporary equipment for specific procedures.
The medical equipment rental market growth is driven by cost efficiency and flexibility of medical rental equipment, Increasing focus on home healthcare, and Increase in number of disabled patient population. The renting of medical equipment eliminates the need for large capital investments, which surge the demand for cost-effective healthcare solutions. The rental solutions aim to provide high-quality healthcare services at affordable prices, making the medical equipment accessible to a larger population. By opting for medical equipment in rent, instead of purchasing expensive equipment outright, healthcare providers can significantly reduce the capital expenditures. This cost-saving strategy allows them to allocate their financial resources more efficiently, directing them towards improving patient care and expanding healthcare services.
The rental model offers several advantages such as cost effectivity and flexibility to healthcare facilities. Rental equipment eliminates the need for large upfront investments in purchasing medical equipment, which can be financially burdensome, especially for smaller clinics and healthcare centers. Instead, healthcare providers can rent the required equipment on a temporary or long-term basis, paying only for the duration they need it for. This flexibility allows them to scale their operations based on patient demand and avoid unnecessary expenses during periods of low utilization.
For instance, the U.S Bureau of Labor Statistics reported that producer price indexes for medical equipment and supplies manufacturing were significantly higher in 2022 than 2021. The average Increase in 2021 was approximately 1.2%, while this number was more than doubled to 3.4% in 2022.The rising cost of materials such as metals, plastics and chemicals, is driving production costs. Prices of raw materials for medical devices have skyrocketed in the past two years. Many medical device companies are dealing with shortages of semiconductors and other critical components. Thus, the impact of inflation on medical equipment prices has led to an Increasing preference for medical rental equipment among hospitals boosting the growth of the market.
Moreover, medical rental equipment offers flexibility, allowing healthcare providers to quickly adapt to changing patient needs and advancements in medical technology. By renting equipment, healthcare institutions can access state-of-the-art devices without the burden of long-term ownership and maintenance costs. Additionally, the rise of online platforms and digital marketplaces has made it easier for healthcare professionals and patients to browse, compare, and rent medical equipment, further fueling market growth. The availability of a wide range of equipment options ensures that healthcare providers can find the specific tools they require for different medical procedures and treatments.
In the context of patient care, the medical equipment rental market plays a crucial role in enabling home-based care and supporting patients with temporary medical needs. Individuals recovering from surgeries or managing chronic conditions can benefit from renting mobility aids, respiratory devices, and other essential equipment for their rehabilitation and comfort.However, factors such as the stringent regulatory frameworks and maintenance and repair costs might restrain the growth of the medical equipment rental market.
The medical equipment rental market is segmented on the basis of type, end user and region. By type, the market is classified into durable medical equipment, electronic medical equipment, storage and transport equipment, and others. The others Include diagnostic medical equipment, surgical medical equipment. By end user, it is fragmented into hospitals, home care, and Others. The others Include research institute, and clinics. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global medical equipment rental market are Med One Group, LLC, Baxter International Inc, Portea Medical Pvt. Ltd, Medirent Services Pvt. Ltd, US Med-Equip, Westside Medical Supply, Avante Health Solutions, ArjoHuntleigh AB, Agiliti Health, Inc, and USA Medical Supply.
The medical equipment rental market growth is driven by cost efficiency and flexibility of medical rental equipment, Increasing focus on home healthcare, and Increase in number of disabled patient population. The renting of medical equipment eliminates the need for large capital investments, which surge the demand for cost-effective healthcare solutions. The rental solutions aim to provide high-quality healthcare services at affordable prices, making the medical equipment accessible to a larger population. By opting for medical equipment in rent, instead of purchasing expensive equipment outright, healthcare providers can significantly reduce the capital expenditures. This cost-saving strategy allows them to allocate their financial resources more efficiently, directing them towards improving patient care and expanding healthcare services.
The rental model offers several advantages such as cost effectivity and flexibility to healthcare facilities. Rental equipment eliminates the need for large upfront investments in purchasing medical equipment, which can be financially burdensome, especially for smaller clinics and healthcare centers. Instead, healthcare providers can rent the required equipment on a temporary or long-term basis, paying only for the duration they need it for. This flexibility allows them to scale their operations based on patient demand and avoid unnecessary expenses during periods of low utilization.
For instance, the U.S Bureau of Labor Statistics reported that producer price indexes for medical equipment and supplies manufacturing were significantly higher in 2022 than 2021. The average Increase in 2021 was approximately 1.2%, while this number was more than doubled to 3.4% in 2022.The rising cost of materials such as metals, plastics and chemicals, is driving production costs. Prices of raw materials for medical devices have skyrocketed in the past two years. Many medical device companies are dealing with shortages of semiconductors and other critical components. Thus, the impact of inflation on medical equipment prices has led to an Increasing preference for medical rental equipment among hospitals boosting the growth of the market.
Moreover, medical rental equipment offers flexibility, allowing healthcare providers to quickly adapt to changing patient needs and advancements in medical technology. By renting equipment, healthcare institutions can access state-of-the-art devices without the burden of long-term ownership and maintenance costs. Additionally, the rise of online platforms and digital marketplaces has made it easier for healthcare professionals and patients to browse, compare, and rent medical equipment, further fueling market growth. The availability of a wide range of equipment options ensures that healthcare providers can find the specific tools they require for different medical procedures and treatments.
In the context of patient care, the medical equipment rental market plays a crucial role in enabling home-based care and supporting patients with temporary medical needs. Individuals recovering from surgeries or managing chronic conditions can benefit from renting mobility aids, respiratory devices, and other essential equipment for their rehabilitation and comfort.However, factors such as the stringent regulatory frameworks and maintenance and repair costs might restrain the growth of the medical equipment rental market.
The medical equipment rental market is segmented on the basis of type, end user and region. By type, the market is classified into durable medical equipment, electronic medical equipment, storage and transport equipment, and others. The others Include diagnostic medical equipment, surgical medical equipment. By end user, it is fragmented into hospitals, home care, and Others. The others Include research institute, and clinics. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global medical equipment rental market are Med One Group, LLC, Baxter International Inc, Portea Medical Pvt. Ltd, Medirent Services Pvt. Ltd, US Med-Equip, Westside Medical Supply, Avante Health Solutions, ArjoHuntleigh AB, Agiliti Health, Inc, and USA Medical Supply.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical equipment rental market analysis from 2022 to 2032 to identify the prevailing medical equipment rental market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical equipment rental market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global medical equipment rental market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Durable medical equipment
- Electronic medical equipment
- Storage and transport equipment
- Others
By End User
- Home care
- Hospitals
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Agiliti Health, Inc.
- ArjoHuntleigh AB
- Avante Health Solutions
- Baxter International Inc.
- Medirent Services Pvt. Ltd
- Med One Group, LLC
- Portea Medical Pvt. Ltd.
- USA Medical Supply
- US Med-Equip
- Westside Medical Supply
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEDICAL EQUIPMENT RENTAL MARKET, BY TYPE
CHAPTER 5: MEDICAL EQUIPMENT RENTAL MARKET, BY END USER
CHAPTER 6: MEDICAL EQUIPMENT RENTAL MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Medical Equipment Rental Market,' The medical equipment rental market was valued at $56.0 billion in 2022, and is estimated to reach $94.5 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032. The medical equipment rental market refers to the industry that provides temporary access to various medical devices and equipment on a rental basis. It caters to healthcare facilities such as hospitals, clinics, nursing homes, and even individual patients who require specialized equipment for a limited period. The rental medical equipment offers an alternative to purchasing expensive medical equipment, allowing healthcare providers to access a wide range of devices without the need for significant upfront investments. The market includes wide range of products available, including mobility aids, respiratory equipment, patient monitoring systems, therapeutic devices, and surgical equipment. Medical equipment is commonly provided by medical equipment rental companies, healthcare institutions, and online platforms, offering cost-effective and flexible options for healthcare operations.The growth of the medical equipment rental market is fueled by the cost efficiency and flexibility offered by renting medical equipment, the increasing focus on home healthcare, and the rise in the number of disabled patients. Renting medical equipment eliminates the requirement for substantial capital investments, leading to an increased demand for affordable healthcare solutions. The objective of rental solutions is to provide high-quality healthcare services at affordable prices, making medical equipment accessible to a larger population. Opting to rent medical equipment instead of purchasing expensive equipment outright allows healthcare providers to significantly reduce capital expenditures. This cost-saving strategy enables them to allocate their financial resources more efficiently, directing them towards enhancing patient care and expanding healthcare services. The rental model provides several advantages, including cost effectiveness and flexibility for healthcare facilities. Renting equipment eliminates the need for large upfront investments in purchasing medical equipment, which can be financially burdensome, particularly for smaller clinics and healthcare centers. Instead, healthcare providers can rent the required equipment on a temporary or long-term basis, paying only for the duration they need it. This flexibility allows them to adjust their operations according to patient demand and avoid unnecessary expenses during periods of low utilization.
The market also offers growth opportunities to the key players in the market. Rise in preference for telemedicine and remote healthcare services by patient is indeed a major growth opportunity in medical equipment rental market. patients increasingly prefer the convenience and accessibility of telemedicine, healthcare providers are seeking efficient ways to meet this demand. Instead of purchasing expensive medical equipment outright, healthcare facilities and practitioners are turning to medical equipment rental services. Renting allows healthcare providers to access a wide range of equipment on a temporary basis, without the need for large capital investment. The availability of a wider range of equipment options enhances the overall management of remote healthcare and contributes to market growth.
The medical equipment rental market has witnessed a significant surge in recent years, driven by an increasing focus on home healthcare. As more individuals seek medical care and treatment within the comfort of their own homes, the demand for rental medical equipment has grown substantially. This trend can be attributed to several factors, including advancements in technology, rising healthcare costs, and the preference for personalized care. Home healthcare offers numerous advantages to patients, such as the convenience of receiving medical services without the need for hospitalization. It allows individuals with chronic conditions, disabilities, or those recovering from surgeries to receive necessary care while maintaining a familiar and comfortable environment. To facilitate this shift towards home healthcare, a wide range of medical equipment is required, such as mobility aids, respiratory devices, patient monitoring systems, and more.
Furthermore, the rise in the disabled patient population has become a driving force behind the demand for rental medical equipment. According to 2023 fact sheet by World Health organization, it was estimated that 16% of world population experience significant disability. Medical equipment rental companies play a crucial role in meeting the demands of the disabled patient population. The medical equipment rental companies offer a diverse inventory of equipment designed to enhance mobility, independence, and overall well-being. This includes items such as wheelchairs, mobility scooters, patient lifts, and specialized aids for daily living. Rental services provide patients with the flexibility to access the equipment they need for a specific duration, adapting to their changing needs over time.
The medical equipment rental market is segmented on the basis of product type, end user and region. By type, the market is classified into durable medical equipment, electronic medical equipment, storage and transport equipment, and others. The others include diagnostic medical equipment, surgical medical equipment. By end user, it is fragmented into hospitals, home care, and Others. The others include research institute, and clinics. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players profiled in the study include Med One Group, LLC, Baxter International Inc, Portea Medical Pvt. Ltd, Medirent Services Pvt. Ltd, US Med-Equip, Westside Medical Supply, Avante Health Solutions, ArjoHuntleigh AB, Agiliti Health, Inc, and USA Medical Supply.
Key Market Insights
- On the basis of type, the durable medical equipment segment was the highest contributor to the market in 2022.
- On the basis of end user, the hospital segment dominated the market in terms of revenue in 2022. However, the homecare segment is anticipated to grow at the highest CAGR during the forecast period.
- On the basis of region, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- Agiliti Health, Inc.
- ArjoHuntleigh AB
- Avante Health Solutions
- Baxter International Inc.
- Medirent Services Pvt. Ltd
- Med One Group, LLC
- Portea Medical Pvt. Ltd.
- USA Medical Supply
- US Med-Equip
- Westside Medical Supply
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 233 |
| Published | June 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 56 billion |
| Forecasted Market Value ( USD | $ 94.5 billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
