Home Medical Equipment Rental Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2023
- Transparency Market Research
- Medical Equipments
Home Medical Equipment Rental Market: Overview
Home medical equipment comprises of a wide range of devices intended for use in home or other non-clinical facilities. This broad spectrum category includes medical electronic equipment such as digital blood-glucose meters, blood pressure monitoring devices, respiratory assist devices, and home infusion therapy. It also includes products such as artificial limbs, nebulizers, seat lifts, walkers, hospital beds and other prosthetic devices as the delivery of healthcare services shifts from clinical settings to the home devices.
Home Medical Equipment Rental Market: Trends and Drivers
Home medical equipment market is expected to grow tremendously in the coming years, as the delivery of healthcare services will see an evident shift from clinical settings (such as hospitals and private nursing care) to the home. The overall home medical equipment rental market influenced by several market drivers such as more people with private insurance, aging population across the world, increased life expectancy, consistent rise in geriatric population, escalating national healthcare spending and increased incidence of chronic disorders across the globe.
External factors like diligent insurance reimbursement policies, healthcare providers are consistently focused on lowering costs of healthcare, in part by shifting limited resources to acute cases, and relying on patients and their families to take on a more active role in their own health care. However, it also presents unique challenges and issues like potential safety checklists to both, patients and caregivers, operating environment and skills, supplying equipment, regulatory restrains and industry standards.
Home Medical Equipment Rental Market: Segmentation
The home medical equipment rental market can be analyzed on the basis of different market scenarios such as acceptability and feasibility for non-technical consumer like patient himself as well as acceptance in several geographical region of the world.
By geography, the market can be segmented in North America, Europe, Asia pacific and rest of world (ROW). North America and Asia Pacific promise to be the most lucrative market for the home medical equipment rental due to the budget constraints faced by the hospital, increasing incidences of large number of chronic disorders and increasing number of aging patients. Europe also promises impressive growth in this market because long-lasting chronic conditions and disabilities.
According to a United Nations report, the rise in the population aged 80 years or above is moving at a faster pace in the less developed regions than in the more developed regions. 23 million persons aged 80 years or over were living in China in 2013. The USA had about 12 million, followed by India and Japan, which had 10 million and 9 million, respectively. Apart from this increase expenditure in healthcare is also responsible for the shifting paradigm.
Home Medical Equipment Rental Market: Opportunities
According to The Centers for Medicare and Medicaid Services (CMS), Spending growth for freestanding home health care agencies accelerated in 2012, increasing 5.1 percent to $77.8 billion following growth of 4.1 percent in 2011.The CMS also estimates that spending on healthcare services will grow to $3.4 trillion by 2015, nearly 18% of GDP. Over the time frame of 2015-2021, health spending is expected to grow at the rate of 6.2% annually. It reflects the net result of the aging of the population, Affordable Care Act, and generally improving socio-economic conditions.
Home healthcare equipment rental market varies considerably in the past few years. An industry report on the global market for home medical equipment estimates the total expenditure at $40.5 billion in 2009. This is about 1-2% of the total expenditures on healthcare services in the United States. The report also estimated growth rate around 7.4% between now and 2016. Extrapolation of this estimation can be a good indicator of health equipment rental market.
Home Medical Equipment Rental Market: Key Players
The key players in this market are Agfa Finance Corp., Access Equipment Leasing, De Lage Landen International B.V., Apria Healthcare Group (USA), Hill-Rom Holdings, Inc., GE Healthcare Financial Services, Siemens Financial Services, National Technology Leasing Corp., Prudential Leasing, Inc., Oak Leasing Ltd, Rotech Healthcare Inc., and Stryker Corporation.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America
- Latin America
- Asia Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
- Middle East and Africa (GCC, Southern Africa, North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.
More from Medical Equipments
Medical DevicesNebulizers-Medical Devices Pipeline Product Landscape, 2021