India Medical Equipment Rental Market Size, Share, Demand, Trends, Growth Drivers, Industry Analysis, Regional Outlook, & Forecast 2017-2025

Market Overview

The Indian medical device sector valued approximately USD 5.5 billion in 2016 and is growing at 15.1% CAGR. The medical device market is dominated by imported products, which comprise of around 75% of total sales. The domestic companies are largely involved in manufacturing low-end products for local and as well as international consumption. Lately, many multinational companies have established local presence by acquiring established domestic companies or starting a new business. With rapid advent of high-cost equipment many healthcare providers have grappled with cuts in medical reimbursements they have shifted toward cost-saving strategies i.e. renting, rather than purchasing, medical equipment because they can access up-to-date technologies at a lower cost.            

Goldstein Research analyst forecast the India Medical Equipment Rental market size is set to register the CAGR of 6.67% over the forecast years.  The major force driving Medical Equipment Rental market is the transforming healthcare reform that tends to provide opportunities for healthcare providers to lease medical equipment.

India Medical Equipment Rental Market Segmentation

By Device Category

• Durable Medical Equipment
  • Acute Care
  • Long-term Care
  • Emergency & Trauma Care
• Surgical Equipment
• Personal/Home Care Equipment
• Electronic/Digital Equipment
• Storage and Transport

By End User

• Personal Home Care Medical Equipment Rental
  • Chronic & Geriatric Patients
  • Preventive Care/Monitoring
  • Short Term & Outpatient Care
• Institutional Medical Equipment Rental

Based on Geography

• Tier-1 Countries Medical Equipment Rental Market {Market Share (%), Market Size (USD Billion)}
• Tier-2 Countries Medical Equipment Rental Market {Market Share (%), Market Size (USD Billion)}
• Tier-3 Countries Medical Equipment Rental Market {Market Share (%), Market Size (USD Billion)}

Market Share by Device Category 

Based on device category, durable medical equipment segment accounted for the largest share of 39% of the India medical equipment rental market in terms of revenue in 2016 and is expected to lead the market during the forecast period from 2017 to 2025, expanding at a CAGR of over 6.3% owing to need to protect CAPEX, focus on lowering TCO, rapid technological obsolesce, popularity of hardware-as-a-service and high prices of new medical equipment.

In India, healthcare has become one of largest sectors both in terms of revenue & employment. The industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players. The total industry size accounted for USD 160 billion in 2017 & USD 310 billion by 2025. Indian companies are entering into merger & acquisitions with domestic & foreign companies to drive growth & gain new markets. When leasing equipment, many lease agreements allow companies to pay in fixed payments over an extended period of time. With fixed payments, healthcare organizations can more easily budget their expenses over the fiscal year. This allows organizations to better predict future growth, as well as more precisely estimate how much of the budget can be reinvested back into the company.

Trends, Drivers & Challenegs to Market Growth

According to our India market study on the basis of extensive primary and secondary research: “One trend is increasing frozen medical equipment with the manufacturers and dealers. Inefficiently deployed capital in healthcare system is handed over to the dealers to gain the profit from the frozen capital and utilize other forms of funding, such as asset finance to acquire vital and upto-date medical technology and help healthcare systems.”

According to the report, major driving factor is the serious shortage of medical devices which has been worsening steadily in the areas of surgery, intensive care, hemodialysis, treatments to prevent organ transplant rejection, oncology, hematology, psychiatric medications, ophthalmology (all eye surgeries have been halted), maternity, pediatrics and the catheterization laboratory procedures needed for diagnosis and treatment of heart disease. For instance, in India services shortfall at sub-centers, primary health centers and community health centers in the 28 states/Union territories ranged between 24% and 38%. The shortfall was more than 50% in five states -- Bihar, Jharkhand, Sikkim, Uttarakhand and West Bengal.

Further, the report states the biggest challenge is the localization of medical devices as local medical device manufacturers are more successful as compared to their multinational counterparts and local players offer tailor-made products aimed at resolving local needs and constraints which restrain the rental market for market devices.

Covered In This India Medical Equipment Rental Market Report             

The report covers the present ground scenario and the future growth prospects of the Medical Equipment Rental market for 2017-2025 along with the data of production of Medical Equipment Rental market in India. We calculated the market size and revenue share on the basis of revenue generated from major players across the country. The Medical Equipment Rental market is forecasted on the basis of revenue analysis, product benchmarking and strategic developments of key market players. The market is forecasted on the basis of number of installed rental medical devices in the medical facilities in addition with the number of distributors across the world.

India Medical Equipment Rental Market Outlook 2017-2025, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the India Medical Equipment Rental Market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. India Medical Equipment Rental Market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Key Market Players

Our India Medical Equipment Rental Market report comprises of the following companies as the key players.

•  Apria Healthcare Group, Inc.
•  Stryker Corporation
•  Hill-Rom Holdings, Inc.
•  Siemens Financial Services, Inc
•  Centric Health Corporation
•  Hill-Rom Holdings, Inc.
•  Nunn’s Home Medical Equipment
•  Port Huron Hospital Medical Equipment
•  US Med-Equip, Inc.
•  Universal Hospital Services, Inc.
•  Woodley Equipment Company Ltd.
•  Walgreen Co.
•  Westside Medical Supply, Inc.

The distributors of rental medical device in India include: Rent2cash, OLX, Quikr, JustDial, IndiaMart, etc

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this market study

• What is the total market size by 2025 and what would be the expected growth rate of market?
• What is the revenue of total market in 2016-17 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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