Medical Equipment Rental Market

Medical equipment is one of the basic and essential tools for patient care and clinical satisfaction in health applications. The evolving developments in technology have been complicated for medical practitioners and hospitals to keep up with the latest devices. Thus, the need for renting medical equipment has risen and is predicted to have a significant growth in the market in the forecasted period. Renting or leasing medical equipment is also seen as an alternative by the end users such as medical institutions and for home care patients. It can be rented on a monthly, daily, or weekly basis also, and thus becomes convenient to afford the latest services at a minimum price.

COVID-19 Scenario Analysis

• Rise in the health expenditure by governments across the globe, the need of infrastructure for the management of prevalent diseases, rise in the number of hospitals, diagnostic laboratories, surgery centers are expected to drive the growth of the medical equipment rental market.
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  The global outbreak of the COVID-19 pandemic is seen to be an unprecedented event. There are disruptions in the supply chain of essential medical supplies and medical devices in the year 2020, especially due to trade and travel restrictions in the Asia-Pacific countries, Europe, and the U.S.
•  Also, for the prevention of the rapid spread of COVID-19 globally, medical treatments were classified as essential and elective procedures. All these procedures were canceled or postponed during the first half of 2020. 

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

• Renting the medical devices reduces the efforts of the recalls and repairs. Many of the healthcare facilities face budget constraints and financial troubles. Thus, it becomes easy to rent medical equipment for a patient. These factors have generally led to the growth of the market in the long run. The major factor boosting the medical equipment rental market is the increased preference towards patients care which is likely to flourish the market and the demand for medical equipment. With this, an increased geriatric patient population with a prevalence of diseases is predicted to enhance the market growth leading to high sales. Patients suffering from chronic diseases usually opt for home treatment instead of long stays in hospitals. Thus, they also choose for renting medical equipment for temporary use. Rising incidence of neurological disorders, cardiac disorders, gynecological complications many times necessitate surgical procedures. This leads to recovery taking a long time and care, which usually generates demand for medical equipment.

On the other side, a lack of awareness in developing countries is likely to act as a restraint to the growth of the market.

• North America region captures the second largest market of medical equipment rental in terms of revenue in the year 2016. Also, Canada and U.S. being the major areas for showing preference towards the renting of medical equipment. Asia-Pacific region is anticipated to be a lucrative market for medical equipment renting due to the emerging geriatric population and growing economies such as India, China. With these rising disposable incomes and increasing GDP figures, government initiatives to build hospitals and high demand for patient care are likely to flourish in the market in the days to come.

Key Benefits of the Report

• This study presents the analytical depiction of the global medical equipment rental market 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 global medical equipment rental market share.
• The current market is quantitatively analyzed from 2020 to 2028 to highlight the global medical equipment rental market scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global thermistor market analysis based on competitive intensity and how the competition will take shape in the coming years. 

Questions Answered in the Medical Equipment Rental Market Research Report

• What are the leading market players active in the medical equipment rental market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Medical Equipment Rental Market Report Highlights