The medical equipment rental market involves renting or leasing medical devices and equipment to healthcare providers and patients. This helps providers supplement their inventory of equipment without major capital expenses and allows patients short-term access to medical technologies. Common rental items include durable medical equipment such as hospital beds, wheelchairs, walkers, orthopedic braces and crutches. Larger and more expensive items like surgical equipment and monitoring devices are also part of equipment rentals. This option relieves providers and patients of maintenance and storage costs. It offers flexibility to have equipment on an as-needed basis instead of sitting idle otherwise. The Global Medical Equipment Rental Market is estimated to be valued at US$ 56.68 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Medical Equipment Rental are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company. The growing geriatric population and increasing incidence of chronic diseases are major factors boosting the demand for medical equipment rentals. In addition, lack of funds for bulk purchase and need for short-term equipment utilization are also driving market growth.
Growing demand in the market: The demand for medical equipment rentals has increased significantly over the past few years. With the growing prevalence of lifestyle diseases and a rapidly aging population worldwide, healthcare needs have risen sharply. This has propelled the requirement for a wide range of medical devices and technologies in hospitals and clinics. Renting equipment on temporary basis has helped providers optimize resource use without breaking budgets to purchase equipment that may not have constant utilization. It removes the burden of equipment maintenance and upkeep costs as well.
Global expansion of market: Leading rental service companies have expanded their global footprint to match the rising international demand. Established players from developed markets are partnering with local providers in emerging countries to offer a wider portfolio of equipment for rent. They are also undertaking strategic acquisitions to enter new high potential regions. On the other hand, regional players are gaining ground through innovative service models, customized packages and competitive pricing. This has increased geographic access to medical equipment rentals worldwide.
Market drivers: The growing preference for Medical Equipment Rental Market Growth over purchasing is a major market driver. Factors like recurrent need for short-term use, high initial costs of equipment, budget constraints, and changing technology cycles favor the rental model. Additionally, the presence of attractive service contracts covering insurance, maintenance and repair costs make renting an affordable option. Initiatives by governments worldwide to enhance access to healthcare further propel industry growth.
Geopolitical Impact on Medical Equipment Rental Market Growth
The current geopolitical instability and economic uncertainties caused by the ongoing Russia-Ukraine conflict is impacting the growth of the medical equipment rental market. The humanitarian crisis and disruptions to international trade and supply chains have increased the demand for medical equipment and supplies in the affected regions. However, sanctions and restrictions on trade with Russia are hampering the availability of certain equipment and components. Companies in the market need to closely monitor the situation and diversify their supply base to mitigate risks. They may also face rising costs due to inflation of raw materials and transportation. Moving forward, market players must develop resilient and agile business continuity plans to withstand unpredictable geopolitical events. Establishing regional manufacturing hubs and forging new partnerships can help sustain operations during times of crisis.
Europe Dominates Medical Equipment Rental Market in Terms of Value
Europe currently holds the highest share of the global medical equipment rental market in terms of value. This can be attributed to factors such as the growing geriatric population, rising prevalence of chronic diseases, increasing demand for cost-effective healthcare solutions, and supportive government initiatives in countries like Germany, UK, France, Italy and Spain. The region is home to many leading market players as well. North America follows Europe with a sizable market size owing to the well-developed healthcare infrastructure, high acceptance of advanced medical technologies, and presence of major industry participants in the US and Canada.
Asia Pacific to Witness Fastest Growth in Medical Equipment Rental Market
Asia Pacific is poised to grow at the fastest rate for the medical equipment rental market during the forecast period. This can be credited to the expanding medical tourism industry, rapid economic development, rising per capita healthcare expenditure, growing focus on preventive healthcare, and increasing investments by both public and private sectors in the emerging nations of China, India, Japan and South Korea. A burgeoning middle-class population, improving access to services, and initiatives like 'Healthy China 2031' also provide a push to market growth. With strong economic growth and a huge patient pool, Asia Pacific offers lucrative opportunities for players in the medical equipment rental market.
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