Durable medical equipment is a medical device category aimed at offering solutions to aid patients to complete their activities efficiently during the day. Suppliers of such equipment may help patients in understanding the operation of the equipment. Most durable medical equipment are covered under healthcare insurances based on certain parameters. Generally, the coverage of this equipment includes power scooters, oxygen equipment, walkers, wheelchairs, hospital beds, catheters, support braces, and replacement CPAP masks.
- COVID-19 Impact Analysis
- COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
- Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
- With COVID-19, the supply chain of the raw materials required to manufacture durable medical equipment has been disrupted in many countries. In addition, the market growth of durable medical equipment is declining, as the manufacturers of these medical devices have slowed down their production due to the pandemic. Therefore, COVID 19 is expected to have a significant impact on the durable medical equipment market.
Top Impacting Factors
Upsurge in elderly population is driving the growth of the durable medical equipment market, as aged patients demand home healthcare facilities and point-of-care treatment.
Rise in cases of patients with prostate problems is further positively influencing the growth of the durable medical equipment market. This is attributed to the fact that durable medical equipment such as medical catheters help in drain pus, fluids, or urine from the body in such cases.
In addition, increase in focus on homecare settings of durable medical equipment for the management of medical illnesses and conditions along with rise in awareness about durable medical equipment propel the growth of the market.
However, high cost of durable medical equipment and reimbursement issues regarding healthcare policies in many developing regions of the world hinder the growth of the durable medical equipment market.
Key Market Trends
- In 2019, BiKube launched its life-changing mobility aid for bringing freedom and independence at home. This mobility-aid device is used to fill the gap between the walker and the cane and allows patients at home to have hands-free movement.
- In 2019, Current Health raised $11.5 million led by MMC Ventures for further commercialization and development of its artificial intelligence-powered patient management platform. The company uses wireless and wearable vital signs monitoring of more than 50 integrations to track patient health trends.
- The home healthcare segment held a major share of the market in 2019, owing to the development of advances home-based high-end monitoring technologies and a large patient pool that needs homecare for their health conditions.
- In 2020, Stryker Corporation launched its completely wireless hospital bed called ProCuity. This bed is designed to improve nurse workflow efficiency and reduce patient falls at all acuity levels.
Key Benefits of the Report
- This study presents the analytical depiction of the durable medical equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the durable medical equipment market share.
- The current market is quantitatively analyze to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Durable Medical Equipment Report
- Which are the leading players active in the durable medical equipment market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the durable medical equipment market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps in the market?
- What are the impacts of COVID-19 on the industry?
- What is durable medical equipment?
- What are the current and predicted trends of the market?
Durable Medical Equipment Market Report Highlights
By End User
Key Market Players
Compass Health Brands, Getinge AB, GF Health Products Inc., GE Healthcare, Medtronic PLC