Executive Summary

The global medical equipment rental market is expected to grow at a CAGR of 6.1% from 2021 to 2028. The market is primarily driven by the increasing demand for home healthcare services and the rising cost of medical equipment. The rental services also provide flexibility in terms of equipment use and allow healthcare providers to access the latest equipment without significant upfront costs. The key market players include Hill-Rom Holdings, Inc., Siemens Healthineers AG, Agfa-Gevaert Group, Universal Hospital Services, Inc., and GE Healthcare.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

• The global medical equipment rental market is growing at a significant rate, primarily due to the increasing demand for home healthcare services and the rising cost of medical equipment.
• The rental services also provide flexibility in terms of equipment use and allow healthcare providers to access the latest equipment without significant upfront costs.
• The key market players include Hill-Rom Holdings, Inc., Siemens Healthineers AG, Agfa-Gevaert Group, Universal Hospital Services, Inc., and GE Healthcare.

Market Drivers

• Increasing demand for home healthcare services

The increasing demand for home healthcare services is driving the growth of the medical equipment rental market. Home healthcare services allow patients to receive healthcare services in their homes, which reduces the burden on hospitals and other healthcare facilities. The rental services provide necessary equipment for home healthcare services, which is contributing to the growth of the market.

• Rising cost of medical equipment

The rising cost of medical equipment is driving the growth of the medical equipment rental market. The high cost of medical equipment makes it difficult for healthcare providers to invest in capital expenditures. The rental services provide access to necessary equipment without significant upfront costs, which is contributing to the growth of the market.

Market Restraints

• Stringent regulatory framework

The stringent regulatory framework is a major restraint for the medical equipment rental market. The regulatory framework includes strict guidelines for the quality and safety of medical equipment. The rental services must comply with these guidelines, which increases the cost of the rental services and limits the growth of the market.

• Lack of awareness

The lack of awareness about medical equipment rental services is a major restraint for the market. Many healthcare providers are not aware of the benefits of medical equipment rental services, which limits the growth of the market.

Market Opportunities

• Increasing adoption of telemedicine

The increasing adoption of telemedicine is an opportunity for the medical equipment rental market. Telemedicine allows patients to receive healthcare services remotely, which reduces the need for physical medical equipment. The rental services can provide necessary equipment for telemedicine, which is contributing to the growth of the market.

• Emerging markets

The emerging markets are an opportunity for the medical equipment rental market. The rising healthcare expenditure in emerging markets is contributing to the growth of the market. The rental services provide access to necessary equipment without significant upfront costs, which makes them an attractive option for healthcare providers in emerging markets.

Market Dynamics

The medical equipment rental market is primarily driven by the increasing demand for home healthcare services and the rising cost of medical equipment. The rental services provide necessary equipment without significant upfront costs, which is contributing to the growth of the market. However, the market is limited by the stringent regulatory framework and the lack of awareness about medical equipment rental services.

Regional Analysis

The medical equipment rental market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share due to the increasing demand for home healthcare services and the presence of key market players such as Hill-Rom Holdings, Inc. and Universal Hospital Services, Inc. The Asia Pacific region is expected to grow at the highest rate due to the rising healthcare expenditure in emerging markets such as China and India.

Competitive Landscape

Leading companies in the Medical Equipment Rental Market:

1. Hill-Rom Holdings, Inc.
2. Getinge AB
3. Stryker Corporation
4. Agfa-Gevaert Group
5. Siemens Healthineers AG
6. Becton, Dickinson and Company
7. Smith & Nephew plc
8. Olympus Corporation
9. Medtronic plc
10. Fresenius SE & Co. KGaA

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The medical equipment rental market is segmented based on product type, end-user, and region. By product type, the market is segmented into diagnostic equipment, therapeutic equipment, and durable medical equipment. By end-user, the market is segmented into hospitals, clinics, and home healthcare settings.

Category-wise Insights

• Diagnostic equipment

The diagnostic equipment segment holds the largest market share due to the increasing demand for diagnostic imaging services and the rising cost of diagnostic equipment.

• Therapeutic equipment

The therapeutic equipment segment is expected to grow at a significant rate due to the increasing demand for physical therapy services and the rising prevalence of chronic diseases.

• Durable medical equipment

The durable medical equipment segment is expected to grow at a significant rate due to the increasing demand for home healthcare services and the rising cost of medical equipment.

Key Benefits for Industry Participants and Stakeholders

The key benefits of the medical equipment rental market include:

• Access to necessary equipment without significant upfront costs
• Flexibility in terms of equipment use
• Reduced burden on capital expenditures
• Improved patient care and outcomes

SWOT Analysis

Strengths:

• Increasing demand for home healthcare services
• Rising cost of medical equipment
• Flexibility in terms of equipment use

Weaknesses:

• Stringent regulatory framework
• Lack of awareness about medical equipment rental services

Opportunities:

• Increasing adoption of telemedicine
• Emerging markets

Threats:

• Competition from traditional medical equipment suppliers
• Economic slowdowns and recessions

Market Key Trends

• Increasing demand for home healthcare services
• Rising cost of medical equipment
• Emergence of telemedicine
• Growing healthcare expenditure in emerging markets

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on the medical equipment rental market. The pandemic has led to an increasing demand for medical equipment such as ventilators and personal protective equipment (PPE). The rental services have provided necessary equipment to healthcare providers without significant upfront costs, which has helped to manage the pandemic.

Key Industry Developments

• In August 2020, Hill-Rom Holdings, Inc. announced the acquisition of Breathe Technologies, Inc. to expand its respiratory care product portfolio.
• In July 2020, Siemens Healthineers AG announced the acquisition of Varian Medical Systems, Inc. to expand its product portfolio in the field of oncology.

Analyst Suggestions

• Increasing awareness about medical equipment rental services
• Developing new product offerings to cater to the rising demand for home healthcare services
• Expanding into emerging markets

Future Outlook

The global medical equipment rental market is expected to grow at a CAGR of 6.1% from 2021 to 2028. The market is primarily driven by the increasing demand for home healthcare services and the rising cost of medical equipment. The rental services also provide flexibility in terms of equipment use and allow healthcare providers to access the latest equipment without significant upfront costs.

The market is expected to witness significant growth in emerging markets such as China and India due to the rising healthcare expenditure. The increasing adoption of telemedicine is also expected to contribute to the growth of the market.

Conclusion

The medical equipment rental market is growing at a significant rate, primarily due to the increasing demand for home healthcare services and the rising cost of medical equipment. The rental services provide necessary equipment without significant upfront costs, which is contributing to the growth of the market. However, the market is limited by the stringent regulatory framework and the lack of awareness about medical equipment rental services.

The key market players include Hill-Rom Holdings, Inc., Siemens Healthineers AG, Agfa-Gevaert Group, Universal Hospital Services, Inc., and GE Healthcare. These companies are focusing on mergers and acquisitions to expand their product portfolios and increase their market share.