The global Medical Equipment Rental market is estimated to be valued at US$ 46.9 Bn in 2022 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The medical equipment rental market involves renting out medical equipment to healthcare providers and patients for treatment purposes. Renting allows for cost savings as expensive medical equipment does not have to be purchased and can be leased for short term needs.

Market key trends:
One of the key trends in the medical equipment rental market is the growth of the online platform for rentals. Many rental companies are offering their equipment catalogs and facilitating rentals online for the convenience of customers. This allows customers to browse options from home, get quotes, and process rentals virtually eliminating the need to visit stores. Online rental platforms offer transparency in prices and have expanded the reach of rental companies globally.
Market key trends:

One of the key trends in the medical equipment rental market is the growing preference for renting medical equipment over purchasing them. This is mainly due to the rising equipment costs which put pressure on hospital budgets. Renting allows healthcare facilities to have access to advanced medical technologies without having to bear high capital expenses. It offers flexibility to upgrade, replace or renew equipment according to changing needs. This has boosted the rental market size over the years.

SWOT Analysis
Strengths: Renting offers flexibility to healthcare facilities to access advanced technologies without high capital costs. It allows easy upgrading/replacing of equipment.
Weaknesses: Renting increases operational costs compared to one-time purchases. Lack of ownership may limit control over equipment.
Opportunities: Rising preference for renting over purchases due to budget constraints provides market opportunities. Growth in ageing population and chronic diseases drives demand.
Threats: Intense competition from refurbished equipment market may impact sales. Economic slowdowns can negatively impact market growth.

Key Takeaways

The Global Medical Equipment Rental Market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing preference for renting over purchasing equipment. The high initial costs of medical devices is the primary driver boosting the rental market.

Regional analysis: North America dominated the medical equipment rental market in 2022 with a share of over 35%, due to presence of major players and advanced healthcare infrastructure in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period, owing to growing medical tourism, healthcare investments and expanding patient pool in the region.

Key players operating in the Medical Equipment Rental market are U.S. Med-Equip, Inc., Hill-Rom Holdings, Inc., Siemens Financial Services Inc., Nunn’s Home Medical Equipment, Westside Medical Supply, and Universal Hospital Services, Inc., among others. These players are focusing on new product launches and strategic partnerships with hospitals to strengthen their market position.

Read More:

https://www.marketwebjournal.com/medical-equipment-rental-market-forecast-demand-and-trends/