Medical Equipment Rental Market Growth Accelerated By Increase In Rental Preference
Medical equipment rental refers to renting or leasing medical equipment for short term use. This helps in reducing the costs associated with equipment purchase and allows healthcare facilities to avail the latest technology without heavy investments. The adoption of medical equipment rental is growing owing to benefits like predictable operational expenses, easy upgrades, and relief from equipment maintenance responsibilities.
The global Medical Equipment Rental Market is estimated to be valued at Us$ 56.68 Mn in 2023 and is expected to exhibit a CAGR Of 6.7% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the medical equipment rental market is the rising preference for rental over purchase among healthcare institutions. Both large and small healthcare providers are opting for rental equipment to avoid substantial capital investment requirements. Renting medical equipment provides flexibility to healthcare facilities to get access to advanced equipment for a specific period as per their clinical needs. This temporary access allows rental of multiple equipment concurrently and eliminates risks of equipment under-utilization or redundant purchases. With rental equipment, providers can also upgrade periodically according to technological advancements without large additional costs. The market is witnessing growing rental adoption for equipment across diagnostic imaging, patient monitors, surgical, homecare, and other segments which is expected to boost market revenues over the forecast period.
Segment Analysis
The global medical equipment rental market is dominated by general rentals which account for more than 30% share of the total market. This segment focuses on rental of basic medical equipment such as crutches, walker, knee braces, and other rehabilitation equipment which see widespread use. The demand for such basic medical equipment rental continues to be high given the increasing incidence of accidents, ageing population and sports injuries. Additionally, it is a cost effective option for both patients and healthcare providers compared to outright purchase of these frequently used medical devices.
Key Takeaways
The Global Medical Equipment Rental Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis:
North America currently dominates the global market and is expected to maintain its leading position over the forecast period. This can be attributed to factors such as higher healthcare spending, presence of major market players and favourable reimbursement policies in the region. However, Asia Pacific region is projected to offer lucrative opportunities with the highest CAGR of over 8% owing to growing medical tourism, rising healthcare expenditure and rapid expansion of healthcare infrastructure in developing countries of the region.
Key players:
Key players operating in the medical equipment rental market include Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company. These players are focusing on new product launches, partnerships and collaborations to expand their market share.
Get more insights on this topic :
Check more trending articles on this topic:
https://ceocolumn.com/news/understanding-the-complex-tumor-microenvironment/
Comments
Post a Comment