Tag Archives: Medical Equipment Rental Market

Medical Equipment Rental Market to Reach US$49,112.8 Million by 2020, to Grow at 5.8% CAGR

Rising health care expenditure and increasing demand for novel medical equipment have led to a surge in the medical equipment manufacturing industry. However, product pricing is affected by the demand-supply gap or increased raw material costs. In either case, procuring new equipment is seen as an expensive proposition for several medical institutions, especially those with funding restraints. Renting/leasing medical equipment has emerged as a boon or an alternative to equipment purchasing to these medical institutions, benefitting the end-users or patients indirectly. Home care products have seen a similar pattern with a majority of products being quite expensive for acute care patients, as the duration of the product requirement is too small to avail any benefits in the long run. The rental market, therefore, has seen a surge in recent times, with preference of the personal/home care patients for smaller devices and of medical institutions for larger equipment. The multi-billion dollar medical equipment rental market is expected to rise by a little less than half by the end of the decade and would remain dynamic for the next few years.

The global medical equipment rental market has been segmented based on device category, end-users and geography. The device category has been further segmented into personal/home care equipment, electronic/digital equipment, surgical equipment, durable medical equipment, and storage and transport. The durable medical equipment segment accounted for the largest share of over 40% of the medical equipment rental market in terms of revenue in 2013. The segment is expected to lead the market during the forecast period from 2014 to 2020, expanding at a CAGR of over 5%. High cost and increased demand has led to the growth of the durable equipment rental segment. The trend is likely to continue due to the increasing geriatric population across the world.

Based on end-users, the medical equipment rental market has been segmented into personal/home care medical equipment rental and institutional medical equipment rental. The chronic and geriatric patients sub-segment accounted for the largest share of over 50.0% of the personal/home care medical equipment rental segment in 2013. It is expected to lead the market during the forecast period. The chronic and geriatric patients segment is expected to rise with the increase in the number of patients suffering from chronic illnesses and the increasing geriatric population.

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Europe was the largest market for rental medical equipment in terms of revenue in 2013, followed by North America. Medical institutions in Europe aim to reduce costs through renting/leasing of medical equipment. However, North America is expected to surpass Europe in terms of market share during the forecast period due to the high adoption rate and increasing preference for rental medical equipment. Asia Pacific is anticipated to be the fastest growing market during the forecast period. Rapidly growing population and increasing government initiatives in emerging countries such as China and India are some of the factors attributed to the high growth rate in the region. In addition, the presence of a large number of companies manufacturing cheaper equipment and increasing investments by health care medical institutions would ensure steady market penetration and growth in the near future.

The global medical equipment rental market is highly fragmented, with only a few large players dominating it. Apria Healthcare Group, Inc., Stryker Corporation, Hill-Rom Holdings, Inc. and Siemens Financial Services, Inc. exhibit the largest geographical reach with presence in multiple device categories and catering to varied end-user segments. Their presence in developed and emerging regions along with flexible offerings has made them attractive providers in the global market. Other companies include Centric Health Corporation, Hill-Rom Holdings, Inc., Nunn’s Home Medical Equipment, Port Huron Hospital Medical Equipment, US Med-Equip, Inc., Universal Hospital Services, Inc., Woodley Equipment Company Ltd., Walgreen Co., and Westside Medical Supply, Inc.

 

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Medical Equipment Rental Market witness handsome growth in upcoming years

blood-pressure-1006789_640Transparency Market Research, a global market intelligence firm, has recently announced the publication of a new market research report made available on the company website. The research study, titled “Medical Equipment Rental Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” talks about the global medical equipment rental market, presenting an overview of the market, along with the drivers and barriers that will determine the growth of the market throughout the forecast period.

According to the research report, in 2013, the global market for medical equipment rental was valued at US$33.4 bn and is estimated to reach a value of US$49.1 bn by the end of 2020. The market is projected to register a 5.80% CAGR between 2014 and 2020.

The rising pressure to reduce expenses in hospitals, the growing incidence of chronic diseases, increasing geriatric population, and safety against obsolescence of technologies are some of the major factors that are expected to boost the demand for medical equipment rental throughout the forecast period. Moreover, the expansion of the distribution network in developing countries is further expected to fuel the growth of the market. However, the poor pricing flexibility and absence of appropriate regulatory policies are projected to hamper the growth of the global medical equipment rental market in the near future.

The global medical equipment rental market has been classified on the basis of device category into surgical equipment, electronic/digital equipment, personal/home care equipment, durable medical equipment, and storage and transport. In 2013, the durable medical equipment segment held a 40% share of the global medical equipment rental market. This segment is projected to remain in its leading position in the forecast period, exhibiting a 5% CAGR between 2014 and 2020.

Furthermore, the global medical equipment rental market has been categorized on the basis of end use into medical equipment rental, personal/home care, and institutional medical equipment rental. In 2013, the chronic and geriatric patient sub-category of personal/home care held a 50% share of the overall personal/home care segment.

On the basis of geography, the global medical equipment rental market has been divided into Asia Pacific, Europe, North America, and Rest of the World. In 2013, Europe led the global market, accounting for a 30% share in the overall medical equipment rental market, followed by the North America medical equipment rental market. The North America market is estimated to surpass Europe in the next few years. On the other hand, the Asia Pacific market for medical equipment rental is anticipated to register the highest growth rate – a 6% CAGR between 2014 and 2020.

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Furthermore, the research study covers the competitive landscape of the global medical equipment rental market, including detailed profiles of the major players operating in the market. As per the study, the global medical equipment rental market is extremely fragmented, owing to the dominance of a few large players such as Siemens Financial Services, Apria Healthcare Group, Stryker Corporation, and Hill-Rom Holdings, Inc.

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

Medical Equipment Rental Market Outlook to 2020 Latest Industry Forecast Report Available Online by Tranparency Market Research

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Rising health care expenditure and increasing demand for novel medical equipment have led to a surge in the medical equipment manufacturing industry. However, product pricing is affected by the demand-supply gap or increased raw material costs. In either case, procuring new equipment is seen as an expensive proposition for several medical institutions, especially those with funding restraints. Renting/leasing medical equipment has emerged as a boon or an alternative to equipment purchasing to these medical institutions, benefitting the end-users or patients indirectly. Home care products have seen a similar pattern with a majority of products being quite expensive for acute care patients, as the duration of the product requirement is too small to avail any benefits in the long run. The rental market, therefore, has seen a surge in recent times, with preference of the personal/home care patients for smaller devices and of medical institutions for larger equipment. The multi-billion dollar medical equipment rental market is expected to rise by a little less than half by the end of the decade and would remain dynamic for the next few years.

The global medical equipment rental market has been segmented based on device category, end-users and geography. The device category has been further segmented into personal/home care equipment, electronic/digital equipment, surgical equipment, durable medical equipment, and storage and transport. The durable medical equipment segment accounted for the largest share of over 40% of the medical equipment rental market in terms of revenue in 2013. The segment is expected to lead the market during the forecast period from 2014 to 2020, expanding at a CAGR of over 5%. High cost and increased demand has led to the growth of the durable equipment rental segment. The trend is likely to continue due to the increasing geriatric population across the world.

Based on end-users, the medical equipment rental market has been segmented into personal/home care medical equipment rental and institutional medical equipment rental. The chronic and geriatric patients sub-segment accounted for the largest share of over 50.0% of the personal/home care medical equipment rental segment in 2013. It is expected to lead the market during the forecast period. The chronic and geriatric patients segment is expected to rise with the increase in the number of patients suffering from chronic illnesses and the increasing geriatric population.

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Europe was the largest market for rental medical equipment in terms of revenue in 2013, followed by North America. Medical institutions in Europe aim to reduce costs through renting/leasing of medical equipment. However, North America is expected to surpass Europe in terms of market share during the forecast period due to the high adoption rate and increasing preference for rental medical equipment. Asia Pacific is anticipated to be the fastest growing market during the forecast period. Rapidly growing population and increasing government initiatives in emerging countries such as China and India are some of the factors attributed to the high growth rate in the region. In addition, the presence of a large number of companies manufacturing cheaper equipment and increasing investments by health care medical institutions would ensure steady market penetration and growth in the near future.

The global medical equipment rental market is highly fragmented, with only a few large players dominating it. Apria Healthcare Group, Inc., Stryker Corporation, Hill-Rom Holdings, Inc. and Siemens Financial Services, Inc. exhibit the largest geographical reach with presence in multiple device categories and catering to varied end-user segments. Their presence in developed and emerging regions along with flexible offerings has made them attractive providers in the global market. Other companies include Centric Health Corporation, Hill-Rom Holdings, Inc., Nunn’s Home Medical Equipment, Port Huron Hospital Medical Equipment, US Med-Equip, Inc., Universal Hospital Services, Inc., Woodley Equipment Company Ltd., Walgreen Co., and Westside Medical Supply, Inc.

 Global Medical Equipment Rental Market  – Research Report and Industry Segment till 2019

Owing to rapid pace of technological developments and sophistication in the medical equipment industry results in availability of expensive medical devices especially the imaging devices. The overall healthcare industry is influenced by several factors such as increased life expectancy, consistent rise in geriatric population, escalating national healthcare spending and increased incidence of chronic disorders across the globe. Also, it is witnessing the widened horizons of private healthcare sector as against public healthcare sector. All these factors collectively results in increased need and demand for efficient medical equipment to facilitate effective diagnosis and treatments. Furthermore, due to these factors, the private and public healthcare organizations or healthcare service providers are under a constant pressure to match the pace of medical technologies and offer optimum treatment and care despite of budget constraints.

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Currently, the purchase of medical equipment loaded with novel technologies and features involves high costs and also due to rapid pace of technological developments render high degree of obsolescence to the medical devices and results in regular and expensive upgradation. Hence, with all these factors along with uncertain economic conditions across the globe, more and more medical equipment providers are opting for medical equipment leasing or procuring the equipment on rental basis. The rationale behind this is that it provides influential financial benefits as compared to traditional loan and credit purchase systems. Also, this system is supportive for several hospitals, laboratories, blood banks and others that are influenced by tight budgets. Some of the most commonly leased medical devices are ultrasound, remote patient monitoring equipment, X-ray systems and other laboratory equipment.

Some of the factors such as limited budget constraints of hospitals, nursing facilities, and commercial diagnostic laboratories among others provide lucrative scope for growth in this market. Leasing also enables the healthcare service providers to maintain the balance between the monthly payments with respect to monthly patient throughput rates and render strengthened business presence and optimized profits. The major benefits of leasing medical equipment are tax advantages, cash conservation and also there it provides a provision for the inclusion of sift costs and also render protection to the business from obsolescence.
The capital budget of several healthcare centers and hospitals is greatly affected by the economic downturns or uncertain economic environment. Owing to these factors, hospitals are increasingly adopting the operating lease agreements as these eliminate the possibility of waiting for the accumulation of enough capital budgets to proceed with the procurement of the medical equipment. Also, the hospitals and healthcare service providers had exhibited their interest towards acquiring bundled products such as equipment, software and other services from a single source.

The medical equipment leasing market can be analyzed on the basis of the market scenario and its acceptance in several geographies such as the North America, Middle East, Europe, Asia-Pacific and RoW. Europe promises to be the lucrative market for the medical equipment leasing owing to the budget constraints faced by the hospitals and increasing incidences of chronic disorders in this region. North America also promises impressive growth in this market due to rise of small clinical facilities and diagnostic centres. While Asia-Pacific region and other emerging economies exhibits a very limited scope owing to the nascent stage of the market in these regions. Some of the major companies offering medical equipment lease are GE Healthcare, Agfa Finance Group, Philips Medical Systems, Stryker Corporation, Hill-Rom Holdings Inc., De Lage Landen International B.V., Apria Healthcare Group, Oak Leasing Ltd., and Siemens Financial Services.

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