At 6.5% CAGR, the Durable Medical Equipment market is estimated to accumulate US$ 170,885.52 million by 2018, says The Insight Partners

According to our new research study on “Durable Medical Equipment Market Forecast to 2027 – Global Analysis – by Device Type, End User, and Geography,” the global durable medical equipment market analysis is expected to reach US$ 291,529.57 million by 2027 from US$ 170,885.52 million in 2018; it is estimated to grow at a CAGR of 6.5% during 2019–2027. The report highlights trends prevailing in the market and factors driving its growth. The durable medical equipment market growth is attributed to growing prevalence of chronic disease, rising healthcare expenditure, and rising penetration of home healthcare services. However, high equipment cost, high maintenance, and lack of skilled professionals to handle the equipment may hinder the growth of market.

North America accounted for the largest market in the durable medical equipment with the US holding the largest market share, followed by Canada. The market for durable medical equipment in the US is expected to grow owing to the rise in the prevalence of cardiovascular disorders, lung disorders, and cases of sleep apnea. A rise in the cases of cardiovascular disorders during recent years has been observed in the US. As per the data collected by the American Heart Association (AHA), in 2016, around 15.5 million people aged 20 years and above across the US had chronic heart diseases (CHD). Also, recent data collected for cardiac diseases by the American Heart Association states that in 2018, one out of every three deaths is caused due to cardiovascular diseases. Nearly 2,300 Americans die owing to cardiovascular disease, and an average of one death is recorded every 38 seconds.

Furthermore, sleep apnea is one of the significant health issues observed among the population in the US and is one of the most common sleep disorders. As per the National Sleep Foundation, in 2019, more than 18 million American adults recorded suffered from sleep apnea. Hence, considering the factors mentioned above, the growth of the durable medical equipment market in the US is expected to grow during the forecast period. Medical devices used to diagnose or treat diseases include diagnostic tests, masks, gowns, gloves, sterilizers, and ventilators.

The durable medical equipment market share is anticipated to flourish with the development of new innovative products by market players. Hillrom Services Inc; Carex Health Brands, Inc.; Cardinal Health; NOVA Medical Products; Drive DeVilbiss Healthcare; Medical Depot, Inc; GF Health Products, Inc.; Medline Industries, Inc.; Invacare Corporation; Sunrise Medical (US) LLC; Resmed Inc.; Medtronic; BD; and Koninklijke Philips N.V. are among the leading companies in the durable medical equipment market.