Every medical procedure requires specific medical equipment for accurate diagnoses, subsequent patient care, and the much-need patient care thereafter. Over the years, medical equipment segment has grown by leaps and bounds as complex engineering used to make life simple for patients. As the technologically advanced medical equipment is used in case of specific situations, periodic assistance, or for just a procedure, several hospitals prefer renting the equipment instead of buying them. In a bid to save big funds of capital expenditure made on medical equipment, hospitals are actually fueling the growth of medical equipment rental market. This has made the global medical equipment rental market especially diverse, aggressive, and dynamic.

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Several players in the global medical equipment rental market are now taking an organized approach towards catering to various demands from hospitals, medical colleges, practitioners, and patients. Many companies in the global medical equipment rental market are also offering refurbished devices, thus making the rates far more competitive. With strong key growth factors, recovering economies, increasing healthcare awareness and improved reach of medical help is expected to keep the growth of global medical equipment rental market robust in the coming years.

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Market Segmentation of Global Medical Equipment Rental Market

The global medical equipment rental market has been segmented on the basis of devices, end users, which is further divided into personal or home care medical equipment rental and institutional medical equipment rental, and geography. The devices category includes personal or home care equipment, electronic or digital equipment, surgical equipment, durable medical equipment which is further divided into long term care, emergency and trauma, and acute, and storage and transport. In accordance with the end users in the personal or home care medical equipment rental market, the category is inclusive of chronic and geriatric patients, short term and outpatient care, and preventive care or monitoring. The institutional medical equipment rental is inclusive of hospitals, healthcare centers, medical nursing homes, and medical research laboratories or institutions. On the geography, the global medical equipment rental market is divided into North America, Asia Pacific, Europe, and Rest of the World.

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Future of Global Medical Equipment Rental Market

The global medical equipment rental market was valued at US$33,417.4 million in 2013 and is expected to reach US$ 49,112.8 million in 2020, growing at a CAGR of 5.8% from 2014 to 2020. This optimistic growth will be supported by a number of reasons increasing geriatric population, growing incidences of diabetic complications and rising disabled individuals has given an impetus to the demand for rental medical equipment as patients and doctors are looking for cheaper alternative for disease management, instead of spending an exorbitant amount a single unit. Rental service providers are now launching their line products and service via e-commerce to be approachable to a huge number of clients across the globe.

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Amongst the segments, durable medical equipment is expected to grow at a CAGR of 6% between 2014 and 2020. The reasons supporting this growth are high adoption rate, preference of patients to such medical equipment, and ease of availability for rental purposes. The personal or home care medical equipment rental segment is expected to grow at a CAGR of 5% in the end-user segment due to online presence of these products, reasonable pricing of the medical devices, rising incidences of chronic illnesses, and growing geriatric population.

Some of the key players dominating the global medical equipment rental market are Hill-Rom Holdings, Inc., Centric Health Corporation, Nunn’s Home Medical Equipment, Port Huron Hospital Medical Equipment, US Med-Equip, Inc., Woodley Equipment Company Ltd., Universal Hospital Services, Inc., Walgreen Co., and Westside Medical Supply, Inc.