Medical Equipment Rental Market | Current Analysis by Market Share 2024-2032

Medical Equipment Rental Market Synopsis

Medical Equipment Rental Market Size Was Valued at USD 46.8 Billion in 2023, and is Projected to Reach USD 69.0 Billion by 2032, Growing at a CAGR of 5.0% From 2024-2032.

Medical equipment rental is a concept whereby the use of medical related devices and equipment are provided to a customer under certain terms for hire instead of purchase. This market aimed at providing healthcare facilities like hospitals, clinic, long term care, home care and others with a viable solution of sourcing high-end medical equipment that includes ventilators, imaging, surgical instrument, patient monitor and others. Renting these devices offers hospitals and medical institutions convenient and relatively cheap solutions to purchase the most advanced equipment while minimizing the fixed investments normally incurred when purchasing such equipment.

Cheaper medical equipment and steady growth of the population’s demand for medical services, in both emerging and developed markets, has facilitated the growth of initial growth in the medical equipment rental market. The use of rental medical equipment in hospitals and other health facilities has become relevant because it helps avoid the large capital investments in equipment. As the cost of healthcare delivery rears its ugly head in most parts of the world, outsourcing enables players to obtain such specialized equipment at lower cost than if they were to buy new equipment all together. In the same case, the home healthcare services have emerged as a key driver in the market expansion as patients need home health care equipment such as oxygen therapy machine, mobility aid, and home dialysis units on rentals.

As the world advances in healthcare delivery, so too are medical equipment rental services advancing. These include telemedicine, robotic surgery and wearable health devices among others; encouraging adoption of specialized medical equipment that require rentals on short- or long-term bases. However, the COVID-19 pandemic was instrumental in increasing the popularity of rental equipment and the devices, as the hospitals experienced a shortage of beds and st ors that demanded adaptive solutions. This trend of outsourcing rental services is expected to persist as healthcare facilities keep on looking for efficient and cost-effective means of acquiring and distributing new high tech medical instruments and devices for delivering quality care as they cut down on expenses.

Medical Equipment Rental Market Trend Analysis:

 Rising Adoption of Telemedicine and Home Healthcare Solutions

• Telemedicine and home health care services are among the most observed tendencies in the global medical equipment rental market today. As the number of patients preferring virtual visits and appointments rises, medical equipment rental firms are responding with more unique equipment for home use. This ranges from simple transportable medical equipment such as blood glucose meter, electrocardiogram machine, pulse oximeter and other diagnostic equipment. The increase in the home health care services mostly attributed to increase in aging population and viral diseases requiring home care, has raised a strong demand for rental medical devices, which are cheaper and easily movable. As the telemedicine process becomes increasingly assimilated into the sphere of healthcare the demand for the home use diagnostic devices will bolster the market for renting equipment even more.

Technological Advancements in Medical Equipment

• There is an increasing chance of growth in the business of renting medical equipment especially due to ever-improving technology in the health sector. Over time, more manufacturing companies engage in production of medical devices and therefore healthcare providers are opting to lease these health devices due to the high cost of purchasing brand new health equipment. Advancements in technologies like artificial intelligence, telemedicine and robotics have made medical equipment sophisticated that makes them unaffordable for procurement without leasing. Hiring these advanced devices will help healthcare organizations to extend modern services to the patients but at the same time, they will not strain their financial muscles for the same. This trend is most apparent in items such as diagnostic imaging, surgical robots, and patient monitoring systems where demand for the latest and newest technologies is fairly high while there’s also a growing interest in the rental option.

Medical Equipment Rental Market Segment Analysis:

Medical Equipment Rental Market is Segmented on the basis of Product, end user, and region

By Product, Surgical Equipment segment is expected to dominate the market during the forecast period

• The global surgical equipment market is expected to see good growth and the product surgical equipment segment will likely lead during the forecast period. This dominance is mainly because the healthcare sector is continuously expanding and the public demand for complicated sophisticated procedures and equipment. Due to the increasing population size people’s aging and growth of chronic diseases rates surgical treatment demands are increasing too. Vessels surgical tools using in various surgeries, minimally invasive surgeries, diagnostics, and intricate surgeries are also witnessing an increase in demand because of precision, believe and the tie of outpatient surgeries. These factors are instrumental in placing the segment in a vanguard of the market share in the relevant industry.
• In addition, technological enhancements in surgical instruments including robotic surgery, surgical navigation systems and efficient methods of surgical instrument reprocessing provide impetus to segment market growth. Such enhancements do not merely improve results of the surgeries but also shortens the recuperation periods and the possibilities of post-surgery complications, thus increasing safety of surgeries as well as their efficacy. Hospitals, surgical centers and other related health practitioners are implementing new technology surgical tools in delivering higher results to their patients. Consequently, the product surgical equipment segment has promising growth prospects due to continuing medical advances, enhancement of the existing and new surgical approaches, as well as continually increasing requirement for more accurate and efficient treatments.

By End user, Personal/Home Care segment expected to held the largest share

• It major share is predicted to be owned by personal home care segment in the given period due to a rising trend of home health care. The threats like aging populations, enhanced costs of hospital care and rising demand for medical services and support have exerted pressure on healthcare systems throughout the world to shift the focus to home based care. The use of home care solutions has become popular among patients since it is cheap, convenient and it involves personalized care to the patient. This trend is evidently most notable in the areas of chronic illnesses, post-surgery patient attendants, and elderly clients who would still rather be treated in the comfort of familiar surroundings. The constantly growing trend that people prefer to handle their medical issues at home will positively impact the sales of home care medical devices including diagnostics, wound care products, and mobility assisting equipment.
• Also, telemedicine, devices for remote monitoring, and new digital assets are helping the development of the personal home care segment also. All these innovations enable the health care providers to closely oversee the patients’ health status, modify the treatments, and provide consistent support all without having to admit the multiple admissions. This segment is expected to have the largest market growth as the rising consumers are adopting home care products and services. Thanks to the reduction in costs, as well as the use of new technologies and increasing patient's self-governing abilities this segment is growing and should be considered more perspective in healthcare and medical device markets.

Medical Equipment Rental Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• North America medical equipment rental market is also growing significantly due to high costs of healthcare, higher penetration of geriatric population, and soaring requirements of affordable healthcare solutions. When hospitals, outfacing care centers, and < other; institutions need medical equipment but cannot afford to make large equipment purchase they may opt to rent the equipment. Another factor that has influenced the growth of the market is the growth in home Healthcare services especially in the United States market where patients opt for rental facilities for mobility equipment, monitoring and respiratory equipment among others. Also, enhancing technologies in medical equipment are helping in the renting business because service providers like to equip themselves with new technologies at lower capital investments.
• The United States holds the largest market share for the North American region because of the well-developed healthcare system and elevated demand from both healthcare facilities and patients for new devices at their homes. The market outlook is boosted up through the rising trend in outpatient setting and the increasing shift towards the value-based care. Still, Canada remains smaller but is steadily growing along the same gig-like curve fueled by demography and rising health care costs. In market competition, major players remain strategic on such aspects as flexible rental terms, maintenance services, and product portfolio that meet individual patients’ needs, thereby fostering their competitive standing in this market category.

Active Key Players in the Medical Equipment Rental  Market:

·          Air Liquide Healthcare (France)

·          American Medical Equipment Inc. (United States)

·          Apria Healthcare (United States)

·          Baxter International (United States)

·          Fresenius Medical Care (Germany)

·         GE Healthcare (United States)

·          Hill-Rom Holdings, Inc. (United States)

·          Invacare Corporation (United States)

·          Medline Industries (United States)

·          Medtronic (Ireland)

·          National HealthCare Corporation (United States)

·         Philips Healthcare (Netherlands)

·          RMS Medical Products (United States)

·          Siemens Healthineers (Germany)

·          Stryker Corporation (United States)

·         Other Active Players