Global Durable Medical Equipment Market - Segmented by Device Type, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global durable medical equipment (DME) market is expected to register a CAGR of about 7.0% during the forecast period, 2018-2023. DMEs refers to the equipment providing therapeutic benefits to patients. The DME market is primarily driven by the rise of chronic diseases, technological advancements, and increasing government initiatives. Regional dynamics, the well-developed healthcare infrastructure, significant presence of multinational medical device companies, and well-planned reimbursement policies are among the major factors contributing to the dominance of the North American region in the DME market.
Increasing Prevalence of Chronic and Lifestyle Disorders
Over the last decade, there has been a rise in the prevalence of several chronic diseases, which in several cases need long hospital stays. Some of the major chronic diseases include cancer, kidney failure, and heart diseases, etc. The World Health Organization (WHO) states that approximately 30% (nearly 18 million people) of the global deaths can be attributed to cardiovascular diseases. Monitoring and therapeutics devices play major roles in the management and diagnosis of several heart diseases, such as congenital heart diseases, valvular diseases, and arterial stiffness, and the assessment of cardiac electrophysiology and cardiovascular health. In case of critical diabetic patients, continuous monitoring and control glycemic levels is essential. Moreover, the increasing prevalence of cancer accounts for a large number of deaths, globally. Thus, the increasing patient pool and prevalence of chronic diseases is anticipated to boost the growth of the DME market.
Other factors driving this market are increasing technological advancements offering enhanced portability, patient comfort and utilities, and increasing demand and funding for monitoring and therapeutic devices.
Lack of Skilled Professionals and Shortage of Facilities
The need for skilled professionals and improved facilities is increasing each year both in developed and emerging markets. These markets suffer from an inadequate supply of trained and qualified healthcare professionals, particularly physicians, medical laboratory professionals, nurses, paramedics, and technologists. As per a report from the International Journal of Africa Nursing Sciences, in 2017, poor infrastructure, inadequate resources, and the shortage of skilled staff were the primary reasons for the poor working conditions in public hospitals of South Africa. Similarly, Indian hospitals suffer from an acute shortage of paramedics and administrative professionals in emergency cases. The United States is also struggling with the demand of more efficiently trained nurses and other providers in its hospitals. Thus, it is one of the vital factor restricting the growth of durable medical equipment market.
Other limitations include: stringent regulatory guidelines associated with medical supplies.
The Asia-Pacific Region is Expected to Exhibit Fastest Growth Rate
The Asia-Pacific region is poised to register the fastest growth rate due to the increasing R&D expenditure by governments and private companies in healthcare. Owing to a diversified patient population, the risk of life-threatening disorders in the region is high. Countries, such as China, Japan, and India, have witnessed an increased economic growth over the past five years which has helped develop improved healthcare infrastructure, thus, driving the growth of this market. The demographics in the emerging markets in the Asia-Pacific region is improving gradually. However, currently, measures undertaken by countries in the region are not conducive enough to drive accessibility and affordability in healthcare, compared to developed markets.
Key Developments in the Market