The growth of the durable medical equipment market is primarily attributed to rising prevalence of chronic diseases, increasing elderly population and growing incidents of road accidents. However the market is likely to experience restraining factor due to high Cost associated with therapeutic products and procedures.
The North America durable medical equipment market is expected to reach US$ 131,013.4 Mn in 2027 from US$ 75,507.9 Mn in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019-2027.
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The North American region is likely to witness growth in the durable medical equipment due to rising geriatric population. The significantly growing geriatric population is major leading factor of the durable medical equipment market. The elderly population are more susceptible to suffer from chronic disorders such as heart diseases, diabetes and other respiratory disorders. As per data published by National Institute on Ageing, around 85 percent of older adults suffer from least one chronic health condition, and approximately 60 % have at least two chronic disorders, as per the Centers for Disease Control and Prevention.
Some of the major primary and secondary sources for durable medical equipment included in the report are, Centers for Disease Control and Prevention, The International Diabetes Federation, Center for Medicare & Medicaid Services, and World Health Organization among others.
Various challenges have been witnessed in the nations owing to the demographic shift in the population of developed as well as developing nations. The U.S. Census Bureau’s national population projection reports that the older population in the United States currently consists of around 15% of the total population in the nation, and the percentage is anticipated to increase unto 23.5% by the end of the year 2060.
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Canada also has witnessed a rise in the cases of respiratory disorders such as asthma and chronic obstructive pulmonary disease (COPD). Also, about 2.4 million Canadians are reported to be living with asthma. In 2016, 8.4% of Canadians aged 12 and above (i.e. almost 2.6 million people) reported to have been diagnosed with asthma by a health professional.
In addition, during the year 2016 to 2019, various companies have made organic and inorganic growth strategies in the market there are operating. Some of the activities undertaken by the company, which have promoted its growth are, product launches, acquisition and partnership. The organic developments undertaken by the companies have led to the growth of the market as well as helped in the company’s development. For instance, in April, 2019, Royal Philips launched the DreamWisp that allows patients with sleep apnea to sleep in normal position. DreamWisp delivers a new level of comfort and freedom of movement, providing patients with the therapy option.
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NORTH AMERICA DURABLE MEDICAL EQUIPMENT – MARKET SEGMENTATION
By Device Type
- Personal Mobility Devices
- Walkers & Rollators
- Canes & Crutches
- Other Personal Mobility Devices
- Monitoring & Therapeutic Devices
- Blood Glucose Monitors
- Vital Signs Monitoring Devices
- Infusion Pumps
- Oxygen Equipment
- Continuous Positive Airway Pressure (CPAP)
- Cardiovascular Devices
By End User
- Hospitals & Clinics
- Ambulatory Care Centers
- Home Healthcare
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This post was originally published on The Picayune Current