Medical equipment rental market to surpass USD 94.5B by 2032

The global medical equipment rental market generated $56.0 billion in 2022 and is estimated to reach $94.5 billion by 2032, exhibiting a CAGR of 5.4% from 2023 to 2032. 

The growth of the medical equipment rental market is driven by several key factors. These include cost efficiency, growing demand for rental medical equipment in hospitals, and an increase in the population of disabled patients. Purchasing medical equipment can pose a substantial financial burden for hospitals, especially when it comes to expensive or specialized equipment.

Renting provides a more efficient allocation of financial resources, allowing hospitals to redirect funds toward other critical areas of patient care. However, stringent regulatory compliance may hinder market growth in the future. Despite this challenge, the rise in preference for telemedicine and remote healthcare services presents new opportunities for growth.

The durable medical equipment segment, which includes items like oxygen supplies, wheelchairs, and blood testing strips, accounted for the largest share of the market in 2022 and is expected to continue its dominance. This is driven by increasing demand for long-term patient care and the rising prevalence of chronic diseases that require specialized equipment. In terms of end users, hospitals currently occupy the highest share of the market due to the cost-effectiveness and flexibility of rental options.

However, the home care segment is projected to experience significant growth, particularly driven by the preferences of the geriatric and disabled populations.

Regionally, North America is expected to lead the market in 2022, with factors such as a growing elderly population, a focus on patient-centric care, and the availability of medical rental equipment on e-commerce platforms contributing to its dominance. Meanwhile, Asia-Pacific is anticipated to exhibit notable growth throughout the forecast period, fueled by a large patient population, increasing medical tourism, and advancements in healthcare infrastructure. Allied Market Research