BURLINGAME, CALIFORNIA, UNITED STATES, November 22, 2023 /EINPresswire.com/ -- The Medical Equipment Rental Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. The global medical equipment rental market was valued at US$ 46.9 Bn in 2022 and is forecast to reach a value of US$ 69.1 Bn by 2030 at a CAGR of 5.0% between 2023 and 2030.
Market Overview:

The medical equipment rental market involves renting of medical equipment to healthcare providers, insurance companies and patients. Some common medical equipment available on rent includes crutches, wheelchairs, implantable devices, durable medical equipment and surgical equipment.

Market Dynamics:

One of the key drivers fueling the growth of the medical equipment rental market is the rising healthcare infrastructure spending around the world. According to data by the World Bank, global healthcare spending increased from 9.908% of GDP in 2000 to 10.594% of GDP in 2020. This rise in spending has encouraged growth in healthcare infrastructure including hospitals, clinics and other medical facilities. Increasing number of medical facilities is driving the demand for renting medical equipment as it helps in reducing upfront capital costs. Additionally, advancements in medical technologies have widened the range of medical equipment available on rent, thereby positively impacting the market growth.

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Reduced Capital Expenditure For Healthcare Facilities Is Driving Growth In The Medical Equipment Rental Market

The high costs associated with purchasing medical equipment has traditionally been a challenge for many healthcare facilities, especially smaller clinics and private practices. The large upfront capital costs of devices such as MRI machines, CT scanners, patient monitors and surgical equipment can be prohibitive. By renting medical equipment on an as-needed basis instead of purchasing, healthcare providers are able to avoid these heavy capital outlays which helps reduce financial burdens. Renting allows facilities to have access to the latest technology without having to spend thousands or even millions of dollars upfront. They pay a regular rental fee which provides flexibility compared to buying and owning the equipment. This has significantly driven the growth of the medical equipment rental market as it provides an attractive alternative to healthcare facilities looking to utilize advanced medical technology without large capital expenditures.

Some of the Top Players in Medical Equipment Rental Market: 

U.S. Med-Equip, Inc., Hill-Rom Holdings, Inc., Siemens Financial Services Inc., Nunn’s Home Medical Equipment, Westside Medical Supply, and Universal Hospital Services, Inc., among others

Detailed Segmentation:

Global Medical Equipment Rental Market, By Product:
Surgical Equipment
Durable Medical Equipment (DME)
Storage and Transport

Global Medical Equipment Rental Market, By End-Use:
Personal/Home Care
Institutes and Laboratories
Hospitals

Global Medical Equipment Rental Market, By Geography:
North America
Latin America
Europe
Asia Pacific
Middle East
Africa

Increasing Demand For Flexible Access To Medical Equipment Is Another Key Driver

Along with reducing costs, renting medical equipment also provides facilities with more flexibility compared to ownership. Healthcare needs and technologies are constantly evolving. By renting, facilities can easily upgrade to newer models as and when required without being tied down to older devices they previously purchased. They also have the option to rent devices on a temporary basis to meet short term needs like surgery volume fluctuations or to cover for equipment that is undergoing repairs. Such flexibility allows providers to optimally manage their medical resources according to changing patient demands and care requirements. Not being locked into long term ownership of devices they may not need long term has significantly boosted rental preferences. This growing demand for flexible access to advanced equipment on an as-needed basis continues to be a major driver propelling the medical equipment rental market.

Rising Healthcare Costs Present A Major Restraint

While medical equipment rentals do help reduce upfront capital costs and bring more flexibility compared to ownership, the overall costs of renting can be higher in the long run compared to a one-time equipment purchase if factored over the device's total usable lifetime. Regular rental payments add up over extended periods of time. Additionally, healthcare budgets are already under tremendous pressure globally due to rising overall medical costs. Limited financial resources may discourage some providers from opting for the higher long term expenditure of rentals even if it offers other benefits. Rising healthcare costs are a challenge faced by many nations and a major restrain on higher adoption of the equipment rental model which is more expensive in the long run compared to buying. Cost sensitivity will continue restricting complete shift to the rental system.

Telemedicine Presents Significant Growth Opportunities

One of the most notable opportunities gaining attention in the medical equipment rental market is the rising scope within the expanding telemedicine sector. With the COVID-19 pandemic accelerating the digital transformation of healthcare delivery worldwide, telemedicine is seeing immense growth. This Remote care delivery model relies heavily on rental of mobile diagnostic machines, monitoring devices and imaging equipment that can be rapidly deployed to homes, rural locations or temporary testing sites as required. It opens up huge potential for renting a variety of medical devices to enable virtual doctor consultations, remote surgery assistance and other telehealth services. As telemedicine adoption increases globally, it will present lucrative business prospects for equipment lessors and drive notable revenue growth within the rental market. Telehealth represents a major avenue that is positively influencing the market outlook.

Ageing Population And Chronic Disease Burden To Boost Technology Rental Needs

One overriding trend impacting the medical equipment rental market is the growing prevalence of chronic health conditions caused by rapidly rising life expectancies and an ageing population base worldwide. Older demographics are more prone to illnesses like cancer, heart disease, diabetes etc. which require long term treatment and management. This steadily increasing chronic disease burden on healthcare systems will fuel the demand for advanced medical technologies over longer periods. Since facilities cannot afford capital-intensive full purchase of all equipment, renting offers a cost-effective solution to address their long term needs of accessible technology resources. It allows optimized allocation and management of high value assets according to patient volume fluctuations and changing disease patterns. Rental solutions are well-positioned to effectively cater to the sector's technology demands arising from demographic and disease trends.

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Questions Answered by the Report:

(1) Which are the dominant players of the Medical Equipment Rental Market?
(2) What will be the size of the Medical Equipment Rental Market in the coming years?
(3) Which segment will lead the Medical Equipment Rental Market?
(4) How will the market development trends change in the next five years?
(5) What is the nature of the competitive landscape of the Medical Equipment Rental Market?
(6) What are the go-to strategies adopted in the Medical Equipment Rental Market?

Table of Contents

Chapter 1 Market Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Market Size Analysis from 2023 to 2030

Chapter 2 Competition by Types, Applications, and Top Regions and Countries
2.1 Market (Volume and Value) by Type
2.3 Market (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Worldwide Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Medical Equipment Rental Sales, Consumption, Export, Import by Regions (2023-2023)
Chapter 5 North America Market Analysis
Chapter 6 Europe Market Analysis
Chapter 7 Middle East and Africa Market Analysis
Chapter 8 Asia Pacific Market Analysis
Chapter 9 Latin America Market Analysis
Chapter 10 Company Profiles and Key Figures in Medical Equipment Rental Business
Chapter 11 Market Forecast (2023-2030)
Chapter 12 Conclusions

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

Mr. Shah
Coherent Market Insights Pvt. Ltd.
+1 206-701-6702
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