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Market Research Report

Global Medical Equipment Rental Market: Global Industry Size, Trends, Deman and Growth Analysis With Opportunity Assessment & Forecast 2016-2024

Published On : 2018-03-21 Report Page : 310 Category: Healthcare

Global Medical Equipment Rental Market Outlook 

Market Overview

High upfront investments, long gestation periods, and rising real estate costs are compelling private players to innovate with business models and to expand into under-penetrated Tier II and Tier III cities.  As a result, these private players can capitalize on the opportunity to expand. The private sector is likely to contribute 80-85 % of the USD 86 billion healthcare investment required by 2025. Vendors supply equipment to many clinical trial sites across the globe through working directly with Contract Research Organizations, pharmaceutical companies and biotechnology companies or via their network of distributors with full level of service from the initial enquiry to the final collection of equipment.  

Goldstein Research analyst forecast the Medical Equipment Rental Market size is set to reach USD 68.6 billion by 2024, at a CAGR of 6.2% over the forecast years.  The major forces driving Medical Equipment Rental market are unpredictable census, technology consistency needed for better patient safety, prompt replacement of unavailable devices, ability to access and try new technology and lack of capital budget.

Covered In This Global Medical Equipment Rental Market Report          

The report covers the present ground scenario and the future growth prospects of the Medical Equipment Rental market for 2016-2024 along with the data of production of Medical Equipment Rental market worldwide. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe. 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.

Global 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

  • North America (U.S. & Canada) Medical Equipment Rental Market {Market Share (%), Market Size (USD Billion)}
  • Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Medical Equipment Rental Market {Market Share (%), Market Size (USD Billion)}
  • Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) Medical Equipment Rental Market {Market Share (%), Market Size (USD Billion)}
  • Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) Medical Equipment Rental Market {Market Share (%), Market Size (USD Billion)}
  • Middle East & Africa (GCC, South Africa, North Africa, RoMEA) Medical Equipment Rental Market {Market Share (%), Market Size (USD Billion)}

Based on device category, durable medical equipment segment accounted for the largest share of 37.5% of the medical equipment rental market in terms of revenue in 2016 and is expected to lead the market during the forecast period from 2016 to 2024, expanding at a CAGR of over 6% 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.

Medical Equipment Rental Market - Trends, Drivers, & Challenges

Global Medical Equipment Rental Market Outlook 2016-2024, 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 global 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. Global 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.

Our global 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., and Westside Medical Supply, Inc.

According to our global market study on the basis of extensive primary and secondary research: “One trend is the implementation of highest degree of professionalism in regulation of medical devices, a system of ‘Third Party Conformity Assessment and Certification’ through notified bodies accredited by the National Accreditation Board for Certification Bodies (NABCB).”

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.

Based on geography, Europe was the largest market for Medical Equipment Rental in terms of revenue in 2016 with the market share of 35%, followed by North America owing to medical institutions aim to reduce costs through renting/leasing of medical equipment. Asia Pacific is anticipated to be the fastest growing market during the forecast period owing to growing population, increasing frozen equipment value and rising number of medical facilities in China, Japan, India, Australia and Korea.

 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 Medical Equipment Rental Market Report

  • What is the total market size by 2024 and what would be the expected growth rate of market?
  • What is the revenue of total market in 2015-16 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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Global Medical Equipment Rental Market: Global Industry Size, Trends, Deman and Growth Analysis With Opportunity Assessment & Forecast 2016-2024

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