The medical equipment rental market comprises medical devices that are rented to healthcare providers and patients in need. Popular rental equipment includes crutches, wheelchairs, prosthetics, hospital beds, infusion pumps, ventilators, and other home care products. The demand for portable diagnostic devices like ultrasound scanners and MRI machines is increasing in ambulatory care centers and small hospitals due to their growing preference for renting expensive equipment instead of purchasing them outright.
Key Takeaways
Key players operating in the medical equipment rental market 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. These players are focusing on expanding their equipment rental offerings and establishing partnerships with hospitals and clinics globally.
The key opportunities in the medical equipment rental market include rising demand from ambulatory surgery centers and small hospitals with limited budgets. There is growth potential in emerging markets like Asia Pacific, Latin America, and Middle East & Africa due to increasing healthcare expenditure and rising medical tourism. Global players are expanding their presence across these regions through acquisitions and collaborations with local players.
Market Drivers
One of the key drivers of the Medical Equipment Rental Market Size is the high cost of purchasing new medical devices. Hospitals and clinics prefer renting expensive equipment to avoid large upfront investments. This allows for flexible budgeting and upgrading to latest technology. Moreover, rental services offer maintenance, repair, calibration and upgrade services along with equipment supply.
Market Restrains
A major challenge faced by the medical equipment rental market is infection control and cross-contamination issues. Thorough sterilization and disinfection of rented equipment between uses is required to minimize the risk of infections. Lack of standardized protocols and oversight in some developing regions could limit market growth. High maintenance costs is another issue for companies providing rental services. Strict regulations also impact timely equipment approvals and rentals across borders.
Segment Analysis
The medical equipment rental market is divided into various segments based on equipment type and modality. The equipment type rental sub segment dominates the overall market share owing to the high rental demand for patient monitoring equipment, personal mobility equipment, dental equipment and home care solutions. Mobility equipment such as wheelchairs, walkers and crutches account for the largest share within the equipment rental sub segment since they require frequent repairs and replacement and rental offers convenience and is a more cost-effective option compared to purchase.
Global Analysis
Regionally, North America holds the highest share in the medical equipment rental market owing to supportive reimbursement policies and presence of major players in the US and Canada. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to increasing healthcare expenditure and rising medical tourism in countries like India, China and Japan. There is growing demand for diagnostic and therapeutic equipment for rent in Asia Pacific region driven by infrastructure developments and expanding healthcare facilities in rural areas.
Get more insights on Medical Equipment Rental Market
Also read related article on Refurbished Medical Equipment Market
Comments
0 comment