A new report by Grand View Research, Inc. found that the global medical equipment rental market is expected to surge to $64.07 billion by 2025, increasing at a compound annual growth rate of 4.4%. The expanding base of the geriatric and disabled population, coupled with the rising need for home healthcare products, is propelling market demand.

Moreover, heightened demand for technologically advanced clinical devices, along with increased healthcare expenditures, are encouraging R&D activities in the medical device sector; this, then, has resulted in the launch of expensive variants of medical products, Grand View Research officials say.

Dominance of durable medical equipment (DME) can be attributed to increasing adoption of personal mobility and assist aids by disabled individuals. In addition, the surging demand for monitoring and therapeutic instruments—due, in large part, to a larger patient pool and continuous technological upgradation of these devices—are spurring the growth of the DME rental market.

Furthermore, the emergence of financial services for leasing healthcare equipment in the past few years has emerged to be a boon for hospitals, institutes, and other healthcare providers, Grand View Research officials maintain. After all, they say, “renting equipment confers cost benefits to end users, as it reduces ownership costs and, in turn, allows these players to adopt advanced product modules.”