The global durable medical equipment (DME) market is expected to reach $242.1 billion by 2024, according to a recent ReportLinker study. Greater government funding and public-private partnerships, as well as an aging worldwide population, are contributing to this growth.
Home health care is a cost-effective alternative to hospital-based care, and the growing usage of medical equipment in home health care acts as a vital driver for market growth. Furthermore, the geriatric population is susceptible to developing chronic diseases, which demand long-term care; hence, the increasing geriatric population, coupled with the rising prevalence of chronic disorders, is projected to foster the usage of durable medical equipment.
Personal mobility devices accounted for the largest market segment in 2015, and these devices are projected to remain a key segment from 2016 to 2021. North America and the Asia-Pacific are expected to be the market’s key regions, with growth in the latter region due to an increasing number of health care facilities and health care infrastructure improvements. Growth in North America, however, is largely attributable to government mandates for quality patient care.
According to ReportLinker, the key players of the DME market include Invacare Corp., Sunrise Medical, ArjoHuntleigh, Hill Rom Inc, Stryker Corp., Medline Industries Inc., Drive Medical, GF Health Products Inc., and Carex Health Brands Inc. New product developments, collaborations, and mergers and acquisitions are the key initiatives undertaken by players in this industry.
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