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How Much Growth is Expected for the Durable Medical Equipment Market from 2024 to 2033?
There has been a significant expansion in the durable medical equipment market in the past few years. The market, which is worth $207.04 billion in 2023, is anticipated to grow to $222.77 billion in 2024, displaying a compound annual growth rate (CAGR) of 7.6%. Various factors have contributed to this growth during the historic period, including the prevalence of chronic diseases, reimbursement policies, awareness and education initiatives, the development of healthcare infrastructure, government policies, global disease outbreaks, and enhanced patient empowerment.
The market for durable medical equipment is projected to observe considerable expansion in the coming years, reaching a value of $295.59 billion in 2028 with a compound annual growth rate (CAGR) of 7.3%. This growth during the forecast period can be linked to the broadening of telehealth, value-oriented healthcare, escalating healthcare prices, international health issues, concerns regarding data security, and the emphasis on preventive healthcare and regulatory alterations. The forecast period also foresees significant trends such as swift technological progress, portable and lightweight solutions, focus on preventive healthcare, customization of healthcare solutions, and home healthcare patterns.
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What Factors Are Encouraging Growth in the durable medical equipment Market?
The expected increase in elderly individuals is projected to fuel the expansion of the durable medical equipment market. The term “aging population” refers to the growth in the count of senior citizens owing to shifts in a population’s age distribution. Often, this older demographic suffers from age-related ailments that necessitate the use of long-term, durable medical appliances such as vital sign monitors, blood glucose analyzers, infusion pumps, and nebulizers among others. As a result, the expansion of this aging population is positively influencing the progression of the durable medical equipment market. In particular, the United Nations, a US-based international peace and security keeping organization, predicted in January 2023 that the global count of senior individuals aged 65 and over is set to leap from 761 million in 2021 to 1.6 billion by 2050. Consequently, this demographic shift is propelling the growth of the durable medical equipment market.
Which Segments Play a Vital Role in the Durable Medical Equipment Market?
1) By Product: Personal Mobility Devices, Bathroom Safety Devices And Medical Furniture, Monitoring And Therapeutic Devices, Other Products
2) By Payer: Public, Private, Out-Of-Pocket
3) By End-Use: Hospitals, Nursing Homes, Home Healthcare, Other End-Uses
What Trends Are Driving Change in the Durable Medical Equipment Market?
The durable medical equipment market is witnessing a surge in popularity due to technological advancements. Big industry players are embracing this trend by integrating new technologies to fortify their market position. For example, Dexcom, a US-based company specializing in the development, manufacturing, production, and distribution of continuous glucose monitoring systems, introduced the Dexcom G6 CGM System in Canada in March 2023. This system, available for all qualifying patients with type 1 and type 2 diabetes, employs a compact, wearable sensor and transmitter to continuously monitor and wirelessly transmit glucose levels to a smart device.
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What Regions Are Contributing Significantly to the Growth of the Durable Medical Equipment Market?
North America was the largest region in the durable medical equipment market in 2023. The regions covered in the durable medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Durable Medical Equipment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the durable medical equipment market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Durable Medical Equipment Market Include
1. Durable Medical Equipment Market Executive Summary
2. Durable Medical Equipment Market Segments
3. Durable Medical Equipment Market Size And Template Market Growth Rate
4. Key Durable Medical Equipment Market Trends
5. Major Durable Medical Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Durable Medical Equipment Market
26. Top Durable Medical Equipment Companies
27. Durable Medical Equipment Market Opportunities And Strategies
28. Durable Medical Equipment Market, Conclusions And Recommendations
29. Appendix
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