growing geriatric population is driving the Durable Medical Equipment Market in US
Technavio analyzes that the Durable Medical Equipment Market in US is expected to grow at a CAGR of 5.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 18.63 billion.There are various factors that contribute to the growth of the market. The Durable Medical Equipment (DME) market in the US is experiencing significant growth due to the increasing geriatric population. According to the Administration on Aging, individuals aged 65 and above are projected to comprise nearly 21% of the US population by 2040. This demographic shift is driving demand for DME, including mobility aids, respiratory equipment, and infusion pumps, to cater to the unique healthcare needs of the elderly population. Additionally, advancements in technology are leading to the development of innovative DME solutions, further fueling market growth.
In the US healthcare sector, the Durable Medical Equipment (DME) market experiences significant growth due to the increasing prevalence of Non-Communicable Diseases (NCDs) such as diabetes, hypertension, and cardiovascular diseases. Consequently, the demand for medical equipment used for continuous monitoring of physiological parameters is escalating. This equipment includes cardiac monitoring devices like ECG machines, cardiac event monitors, and Cardiac Output Monitoring (COM) devices; respiratory monitoring devices such as pulse oximeters, capnographs, spirometers, and peak flow meters; neurological monitoring devices including electroencephalogram (EEG) devices, magnetoencephalography (MEG) devices, transcranial doppler (TCD) devices, intracranial pressure (ICP) devices, cerebral oximeters, and sleep monitoring devices; blood glucose monitoring devices; and fetal monitoring devices. Furthermore, the aging population and their increased admission rates to hospitals and elderly care centers necessitate the use of Continuous Positive Airway Pressure (CPAP) and Respiratory Assist Devices (RADs) monitoring devices. The patient monitoring medical equipment market is projected to expand steadily during the forecast period, driven by the growing need for early disease detection and management.
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Durable Medical Equipment Market in US Segmentation
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The Durable Medical Equipment (DME) market in the US encompasses a range of medical devices, including power scooters, oxygen equipment, walkers, wheelchairs, hospital beds, catheters, and support braces. These devices cater to various chronic conditions and physical disabilities, such as those related to chronic diseases like cancer, cardiovascular disease, neurovascular diseases, and urological disorders. The elderly population, geriatric care centers, and caregivers are significant consumers, with Medicare and Medicare Part-B beneficiaries being major payers. The World Health Organization highlights the therapeutic benefits of DME for patients with disabilities, contributing to the World's population dealing with non-communicable diseases (NCDs). Healthcare capacity, including hospitals and healthcare systems, plays a crucial role in DME distribution.
The Durable Medical Equipment (DME) market in the US is a significant segment of the global healthcare equipment industry, according to Technavio's market research. This market encompasses a range of medical devices, including power scooters, oxygen equipment, walkers, wheelchairs, hospital beds, catheters, support braces, CPAP masks, and more. These devices cater to various medical conditions such as cancer, cardiac disorders, and neurological conditions. Technavio's global healthcare equipment market analysis calculates the market size based on the combined revenue generated by manufacturers of diagnostic equipment and devices used across diverse therapy areas. The healthcare equipment industry is segmented into devices, which include advanced, differentiated, and clinically tested data-driven devices. The DME market's growth is driven by factors such as an aging population, increasing prevalence of chronic diseases, and technological advancements in medical devices.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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