Medical Equipment Rental Market

Medical Equipment Rental Market Outlook (2023 to 2033)

The global medical equipment rental market is valued at US$ 59 billion in 2023 and is projected to expand at a CAGR of 5.5% to reach US$ 98 billion by 2033-end, according to a new study by seasoned analysts at Fact.MR.

Medical supplies are basic tools or indispensable devices used in clinical settings to care for patients. The medical equipment rental market offers cutting-edge equipment due to the continuous research and development efforts in the industry. Renting medical equipment is becoming more popular, especially in countries with tight resources for healthcare facilities due to economic hardship.

Growing need for rented medical equipment is a result of its cost-saving advantages, which reduce the costs related to equipment procurement. Businesses that rent out these items are essential to improving patient care facilities. The process of renting specialized medical tools and equipment for use in the healthcare and life sciences industries is known as biomedical equipment rental.

The practice of renting specialized medical tools and equipment designed to assist individuals with respiratory disorders is referred to as respiratory equipment rental. For individuals who need respiratory support owing to a variety of medical disorders, such as chronic obstructive pulmonary disease (COPD), asthma, sleep apnea, and acute respiratory infections, these devices are essential.

The process of renting specialist medical devices and equipment created to help people with orthopedic disorders or injuries is known as orthopedic leasing. A "hip replacement chair rental" is a service that provides the ability to rent a specialist chair made to help those who have had hip replacement surgery or have mobility problems related to their hips. These chairs were created to offer comfort and support to patients recovering from hip replacement surgery.

The practice of renting medical equipment that continuously measures a person's blood glucose levels throughout the day and night is known as continuous glucose monitor (CGM) rental. People with diabetes primarily use CGMs to monitor their blood sugar levels, spot trends, and make educated decisions about their diet, lifestyle, and insulin dosing.

Report Attributes	Details
Medical Equipment Rental Market Size (2022A)	US$ 56 Billion
Estimated Market Value (2023E)	US$ 59 Billion
Forecasted Market Value (2033F)	US$ 98 Billion
Global Market Growth Rate (2023 to 2033)	5.5% CAGR
Hospitals Segment Share (2023)	59%
North America Market Share (2023)	32.5%
Asia Pacific Market Growth Rate (2023 to 2033)	6.3% CAGR
Storage & Transport Equipment Segment Growth Rate (2023 to 2033)	4.9% CAGR
Durable Medical Equipment Segment Growth Rate (2023 to 2033)	5.7% CAGR
Europe Market Growth Rate (2023 to 2033)	3.8% CAGR
Key Companies Profiled	Westside Medical Supply Siemens Financial Services, Inc. Hill-Rom Holdings, Inc. Nunn’s Home Medical Equipment Woodley Equipment Company Ltd. GE Healthcare All American Medical Supply Corp Universal Hospital Services, Inc.

What’s Leading to Rapid Increase in the Demand for Medical Equipment Rental?

"Increasing Use of Smart Devices in Healthcare"

Companies from all over the world are making large expenditures to create a sustainable supply of medical equipment. Innovative items designed for rental purposes have been produced as a result of ongoing industry research and development efforts and significant investments by market participants.

Cutting-edge medical technologies have significant advantages for both patients and medical personnel. Long-term market growth is also anticipated to be fueled by the proliferation of smart gadgets. Throughout the projected period, the medical equipment rental market is projected to grow substantially as a result of several rental gadgets created to monitor patients' daily activities and aid in their treatment.

The option to lease or finance medical equipment rather than buy it outright is offered by medical equipment leasing companies, which are specialist financial institutions or corporations. By providing financial solutions that help healthcare providers acquire the most recent medical technology, maintain modern equipment, and successfully manage their budgets, these businesses play a significant role in the healthcare industry.

"Medical Equipment Rental Bridging Healthcare Needs for Institutions and Patients"

Patients rely on a variety of assistive devices, including walkers, hearing aids, and vision aids. In this field, ongoing research and development efforts have produced cutting-edge solutions that offer improved effectiveness and efficiency. Healthcare service providers are favoring the option of renting these cutting-edge items more and more due to their escalating expenses.

Both medical facilities and people who need these gadgets for home usage take part in the leasing process for medical equipment. Patient's needs for price and convenience can be met by renting for various durations, with possibilities ranging from weekly to daily and monthly leases. Governments around the world have increased healthcare spending to adequately address current healthcare concerns. Diagnostic labs, hospitals, and surgical centers provide attractive potential in the industry, and the rental market for medical equipment is primed for long-term growth.

Healthcare providers frequently use necessary, long-lasting medical tools, equipment, and supplies to assist patient care, increase mobility, speed up recovery, or enhance the quality of life for people with temporary or long-term health issues.

What Challenges Do Medical Equipment Rental Companies Face?

“Regulatory Obstacles and Limited Reimbursement Facilities”

Medical equipment rental companies may encounter difficulties due to the strict regulations and compliance standards in the healthcare sector. Ensuring that medical equipment complies with all legal requirements can be expensive and time-consuming. In some areas, equipment purchases over rentals may be encouraged through reimbursement policies. When reimbursement rates are poor or variable, healthcare practitioners could be hesitant to rent equipment.

Although renting can lower up-front costs, some healthcare institutions may still experience capital restraints that prevent them from making investments in medical equipment, whether through rental or purchase.

“Lack of Insurance Coverage and Limited Awareness of Lower-Priced Options”

The ability of healthcare practitioners to get the equipment they require may be hampered by the limited availability of particular equipment for rental in some areas or during certain specialized medical procedures. It is difficult to guarantee the upkeep and quality of rental medical equipment. To meet safety and legal requirements, the equipment must be properly maintained, which can be expensive for rental companies.

Only a small number of the items available for rental come with adequate insurance. This is projected to limit the sector's ability to expand. Healthcare providers often pay higher rental costs for these devices due to limited awareness of lower-priced options.

Country-wise Insights

This section outlines market revenue from significant countries, with the United Kingdom and the United States standing out as key markets. North America holds 32.5% of the market in 2023. The European market is forecasted to expand at a CAGR of 3.8% during the forecast period. This is driven by the presence of prominent market players, substantial healthcare expenditure, and a robust adoption rate for cutting-edge medical technologies.

What are the Current Trends for Medical Equipment Rental in the United States?

“Well-developed Healthcare Infrastructure and Rising Prevalence of Chronic Diseases”

Throughout the forecast period, North America holds a leading market share of 32.5% in 2023, primarily due to the region's developed healthcare infrastructure, rising demand for healthcare services, and rising prevalence of chronic diseases.

• To enhance the availability of its first product designed for individuals suffering from severe respiratory conditions, Turn Medical partnered with USME (US Med-Equip) in January 2023. Through this partnership, Turn Medical's Pronova-O2 Automated Prone Therapy System, an innovative automated hospital bed that makes it simple to rotate patients onto their tummy for prone positioning, is more quickly available to hospitals.

Growing demand for medical equipment rental services and the interest of both established and new businesses in the area both contribute to the region's dominance. There is an urgent need for medical equipment rental in home-care settings, and support from the government, healthcare, and hospital organizations encourages the use of rental medical equipment.

• In April 2020, the emPOWER map from the United States Department of Health and Human Services (HHS) unveiled a national average of 45.84 users of durable medical equipment per 1,000 Medicare beneficiaries. Over time, the prevalence of rentals has been increasing across different demographic groups, including age, gender, race, ethnicity, and Medicaid enrollment.

What Makes the United Kingdom an Attractive Market for Medical Equipment Rental Providers?

“Supportive Reimbursement Policies for Patients”

The medical equipment rental market in Europe is forecasted to progress at a CAGR of 3.8% from 2023 to 2033. Due to growing patient populations caused by the rising burden of chronic diseases, increasing demand for medical equipment and healthcare services, and robust healthcare infrastructure in Europe are poised for significant growth in the global market for medical equipment rentals.

• To address the accessibility issues faced by patients who cannot afford expensive medical equipment due to limited healthcare infrastructure, IRM Europe, a well-known provider of rental medical equipment, extends its services to clinical trials and focuses on developing nations.

Increasing older population in Europe is expected to drive market growth. Renting medical equipment is becoming more and more popular as a way for hospitals and other healthcare facilities to cut operating costs. A good reimbursement strategy is also anticipated to be crucial in promoting market expansion.

Category-wise Insights

This section offers an overview of the market segmented by type and end user. In 2023, the hospitals segment dominates the market with a substantial market share of 59%. Demand for durable medical equipment is predicted to advance at a CAGR of 5.7% from 2023 to 2033. This is primarily attributed to the significant influx of patients in hospitals compared to laboratories and institutes, along with a growing need to stay abreast of technological advancements.

What Makes Durable Medical Equipment the Preferred Choice Among Healthcare Providers?

“Durable Medical Equipment Enhancing Mobility for People with Disabilities"

By type, the durable medical equipment segment is projected to expand at a 5.7% CAGR from 2023 to 2033. The need for assistive devices is primarily driven by the expanding aging population and the rise in the number of people with disabilities. Additionally, there is a considerable need for treatment and monitoring equipment, both of which greatly boost revenue. Particularly, wireless monitoring equipment is in high demand.

Health issues linked to lifestyle choices are another important aspect driving market expansion. Due to the launch of technologically improved products, the market is also anticipated to expand in the area of personal mobility devices. Availability of automated recliners is expected to further support industry growth.

Why is There Extensive Adoption of Medical Equipment Rental in Hospital Settings?

“Benefits of Leasing Services Driving Demand for Medical Equipment Rental in Hospitals”

The hospitals segment dominates the market with 59% revenue share in 2023. The growing patient population and government measures to improve the healthcare system's infrastructure are the main reasons why the hospital segment is dominating the market. Equipment procurement patterns have changed significantly in recent years, with growing preference for leasing and rental systems. The market is being driven by a spike in demand for mobilizing frozen capital and addressing problems with inefficient capital deployment.

Healthcare providers should benefit from the appeal of spreading capital expenses over several months through leasing services. Additionally, the increased desire for lower pre-treatment expenses and the growing emphasis on diagnostic effectiveness are anticipated to have a substantial impact on market growth.

Competitive Landscape

The medical equipment rental market includes a mix of established healthcare equipment rental companies, medical device manufacturers offering rental services, specialized rental providers, and startups. This diversity creates healthy competition and fosters innovation.

• In May 2023, YNB Healthcare unveiled its comprehensive healthcare solutions, including medical equipment rentals, as a one-stop destination for all healthcare requirements. The company's services encompass a wide range of offerings, including round-the-clock ambulance services, in-home nursing care, medical equipment rentals, home-based ICU setups, laboratory tests, diagnostic services, medication delivery to homes, and funeral services, all offered at affordable rates.
• In March 2022, BioSig Technologies, Inc. entered into a partnership agreement with Summit Blue Capital to launch a leasing and financing program for the PURE EP System, enhancing accessibility to its cutting-edge medical technology.
• In September 2021, Agiliti made an acquisition agreement to purchase Sizewise Rentals, a United States-based medical equipment rental company. Sizewise serves a broad customer base of over 3,000 clients in acute and post-acute-care settings by specializing in the manufacturing and distribution of hospital beds, specialized surfaces, mobility aids, and patient-handling equipment.

Key Segments of Medical Equipment Rental Industry Research

• By Type :

  • Durable Medical Equipment
  • Electronic Medical Equipment
  • Storage & Transport Equipment
  • Surgical Equipment

• By End User :

  • Home Care
  • Hospitals
  • Laboratories

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa