The Global Durable Medical Equipment In Healthcare Market Report is a compilation of comprehensive research studies of various aspects of the Durable Medical Equipment In Healthcare Market. With accurate data and highly authentic information, a brilliant attempt is made to paint a true, transparent picture of the current and future situations of the global Durable Medical Equipment In Healthcare market. Market participants can use this powerful tool when creating effective business plans or making major changes to their strategies. The report discusses the growth of the global as well as regional markets. It also throws light on high-growth segments of the global Durable Medical Equipment In Healthcare market and how they will evolve in the years to come.
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Global Durable Medical Equipment in Healthcare Market was valued at US$ 177174.7 million in 2022 and is anticipated to reach US$ 304156.4 million by 2030, growing at an estimated CAGR of 6.2% over the forecast period.. Invacare Corporation; ArjoHuntleigh; Stryker Corporation; Hill Rom, Inc.; Drive Medical; GF Health Products, Inc.; Sunrise Medical; Medline Industries, Inc.; and Carex Health Brands, Inc.
Durable medical equipment (DME) is any healthcare equipment that delivers therapeutic assistances to a patient due to various medical conditions or illnesses that has the ability to withstand repeated use, and is majorly and customarily cast-off to aid medical resolution, and is appropriate for home usage. It consists of diverse items, like walkers, oxygen tanks and wheelchairs. Durable medical equipment is generally prescribed by a medical practitioner, where in a person buying the equipment from a durable equipment provider or the doctor providing the diagnosis himself informed durable medical equipment companies to deliver it to the patient’s residential location. This is the situation where the price transparency is present in the Durable Medical Equipment in Healthcare Market. A knee brace might cost anywhere from a range of $200 to $1600. Durable medical equipment billing then gets flawed due to double bills and inappropriate expenses. Price transparency generally means to how much extent the information can be availed. It has involvement when all parties engaged in trading are conscious about the price incurred for the equipment. i.e. alertness and information regarding the bid price and ask price at numerous price levels, along with the amount of any goods or service involved. This also further leads to inconsistency in the billing and coding, and further affects the overall revenue management.
The effect of price transparency mainly results in the over payment by patients. Sometimes, contracts (after sales agreements) prevent buyers to unveil the charges to other buyers. Hence, buyers don’t know what price the other buyers have paid for the same/similar product. The Law of One-Price does not hold. With hospitals too, prices differ based on the negotiating power. Sellers also incline to gain profit if subjects are patented. To physician and staff preferences too, the prices are different as on taking decisions regarding which products to use and is primarily depending on them, or else buyers will end up paying vivid prices on similar product as the buyers are pretty large in quantity. There have been continuous efforts to regulate the issues related to pricing policy and disclosure. If the physicians across hospitals negotiate with device manufacturers to eliminate and regulate the price differences, it can be advantageous to patients, healthcare providers and insurance payers. Hence, a disclosure might advance the purchasing power and allegiance of the physician/patient and regulate hospital costs. The United States healthcare system mainly run on market principles, norms and the government can control, finance and yield enough for an equitable and capable release of health care services. Such factors are expected to aid the durable medical equipment market over the next eight years.
The Durable Medical Equipment in Healthcare Market has witnessed huge demand in the market owing to the rising geriatric population and increasing incidence of chronic diseases. According to WHO, the world population aged 60 years are greater than 962 million in 2017, which is almost double that of the population in 1980 that accounted to 382 million geriatric population worldwide. The number of old age people (above 60) are anticipated to double again by 2050, after it is estimated to get to closely 2.1 billion. The rate of population ageing globally are also increasing dramatically. France need around 150 years to witness the change from 10% to 20% in the amount of the population that was elder than 60 years. But, places such as China, Brazil and India are anticipated to have more than 20 years to make the same adaptation. Chronic diseases are having high incidence in United States and the health conditions normally incurs high amount of costs in United States. Almost half (approximately 45%, or 133 million) of all united states citizen suffers from at least one chronic disease and the number is rising at an alarming rate. Chronic diseases mainly include cancer, obesity, strokes, heart diseases, oral diseases etc. Worldwide, chronic diseases have severely affected the health and quality of life of many citizens. Moreover, chronic diseases act as a major determinant in controlling the health care costs and also impacting workforce patterns, absenteeism and so on. According to the Centers for Disease Control (CDC), in United States only, chronic diseases is projected to around 75 percent of average healthcare spending which is further stated as $5300 per person annually. Such trends are expected to aid the Durable Medical Equipment in Healthcare Market over the forecast period.
While this swing in number of country’s population towards older ages happened in high-income countries, in countries like Japan, geriatric population is approximately 30% of the total japan population. But it is now affecting the emerging, developing and under developed countries. By the middle of this century many countries for e.g. Chile, the Islamic Republic of Iran, China and the Russian Federation will have a similar proportion of older people to Japan. Such factors are expected to assist the Durable Medical Equipment in Healthcare Market over the next eight years.
The major factor that is restraining the Durable Medical Equipment in Healthcare Market is the huge cost incurred in the purchase of the device. Durable Medical Equipment is often expensive. Many people are hesitant to buy because they don’t think they can afford it, thanks to high out-of-pocket costs. Each type of durable medical equipment has different costs. These costs vary depending on the companies offering the equipment and the materials used to manufacture it amongst others. Some companies require customized equipment for their situations, which further increase their costs. Moreover, some equipment price differ by geographical location. Such factors are expected to assist the durable medical equipment market over the next eight years.
Global Durable Medical Equipment in Healthcare Market:
- By Device type
- Personal Mobility Devices,
- Medical Furniture and Bathroom Safety Devices,
- Monitoring and Therapeutic Devices
- By End-user
- Ambulatory Surgical Center
- Other End Users
- By Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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