Durable Medical Equipment Market Size, Share & Trends Report

Durable Medical Equipment Market Size, Share & Trends Analysis Report By Product (Personal Mobility Devices, Monitoring And Therapeutic Devices), By End Use (Hospitals, Nursing Homes), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-084-2
  • Number of Report Pages: 120
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2021
  • Forecast Period: 2023 - 2030 
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing thedurable medical equipment market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process fordurable medical equipment market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods ofdurable medical equipment market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Durable Medical Equipment Market Categorization:

Thedurable medical equipment market was categorized into three segments, namely product (Personal Mobility Devices, Bathroom Safety Devices and Medical Furniture, Monitoring and Therapeutic Devices), end-use (Hospitals, Nursing Homes, Home Healthcare), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Segment Market Methodology:

Thedurable medical equipment market was segmented into product, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

Thedurable medical equipment market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; Italy; France; Spain; Denmark; Sweden; Norway; Japan; China; India; South Korea; Australia; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Durable medical equipment market companies & financials:

Thedurable medical equipment market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • BAXTER INTERNATIONAL, INC. - Baxter International, Inc. offers a broad portfolio of sterile intravenous solutions, acute & chronic dialysis therapies, parenteral nutrition therapies, infusion systems & devices, generic injectable pharmaceuticals, inhaled anesthetics, and surgical hemostat & sealant products. The company operates in more than 100 countries in North America, Europe, APAC, Latin America, and MEA. Its major customers include hospitals, nursing homes, kidney dialysis centers, and rehabilitation centers.

  • INVACARE CORPORATION - Invacare Corporation has core competencies in long-term and home-care medical products. The company distributes and manufactures nonacute medical equipment and respiratory products. It has a distribution network in 80 locations worldwide. Various acquisitions and product development initiatives have helped the company boost its market share. The company has gained popularity by introducing innovative products such as motorized wheelchairs with computerized controls in the market.

  • SUNRISE MEDICAL - Sunrise Medical is a medical device company that develops, designs, manufactures, and distributes electric-powered wheelchairs, manual wheelchairs, seating & positioning systems, and motorized scooters. The company operates in the U.S., UK, Germany, Mexico, China, and Spain. The company’s products are marketed under various proprietary brands such as Breezy, JAY, Quickie, Sopur, Sterling, and Zippie, which are sold across more than 130 countries through the homecare medical product dealers’ network.

  • ARJO - Getinge Group is a Swedish medical technology company founded in 1904. ArjoHuntleigh is subsidiary of Getinge Group catering to the extended patient care devices segment. The company offers products across various segments including patient transfer solutions, therapeutic support systems, medical beds, hygiene systems, vascular therapy, disinfectant products, clinical couches, and diagnostic products. Moreover, the company offers services such as assessment services, rentals, technical services, and architectural services.

  • HILL-ROM SERVICES INC. - Hill-Rom Services is a manufacturer & provider of healthcare technologies and medical services for the industry. The company offers medical equipment rentals, information technology solutions, surgical products, and noninvasive therapeutic products for a variety of acute & chronic medical conditions, safe mobility & handling, and patient care systems. The company was established in 1929 and has a wide range of products & service offerings that are used in hospitals, home care settings, and extended care facilities. The company along with healthcare providers caters to more than 100 countries in the fields of advancing mobility, patient monitoring & diagnostics, wound care & prevention, surgical safety & efficiency, and respiratory health.

  • STRYKER - Stryker offers products and services related to medical, surgical, orthopedics, spine, and neurotechnology fields. Its product offerings include patient handling equipment, Emergency Medical Services (EMS) & evacuation equipment; powered surgical instruments, joint replacement solutions; trauma products; micro & spine implant systems, orthobiologics, endoscopic products, and surgical navigation systems. The company has a presence in more than 100 countries around the world.

  • MEDLINE INDUSTRIES, INC. - Medline Industries, Inc. is a medical device company that specializes in manufacturing and distribution of medical supplies & medical devices. The company offers products in nursing & patient care, wound & skin care, central sterile equipment, furnishing, gloves, infection prevention, lab supplies & diagnostics, linen & cleaning supplies, patient apparel, perioperative supplies, pharmaceutical & nutrition, respiratory care, and incontinence care. The company provides durable medical equipment such as bath safety, transfer equipment, walking aids, and wheelchairs.

  • NUMOTION - Numotion is one of the leading suppliers of Complex Rehab Technology (CRT) in the U.S. The company offers manual & powered wheelchairs, as well as disposable medical supplies. It serves more than 250,000 people from about 140 locations across the U.S.

  • MEDICAL DEVICE DEPOT, INC. - Medical Device Depot, Inc. is a U.S.-based company engaged in the marketing of medical equipment to physicians and other healthcare professionals. The company supplies medical, dental, and hospital supplies to customers in the country. Its product portfolio includes surgical instruments, apparatus, and other medical equipment. In addition, the company distributes products to rehabilitation centers and athletic departments.

  • GF HEALTH PRODUCTS INC. - GF HEALTH PRODUCTS, INC. ("Graham-Field") is a manufacturer of medical equipment & products. The company has a wide product range of over 50,000 devices that are used in extended care facilities, hospitals, clinics, and home care facilities. It is a manufacturer & distributor of medical equipment in Central, North, and Latin America, Europe, and Asia. The company deals with key brands such as Lumex, John Bunn, Everest & Jennings, Basic American/Simmons Clinical Care, Labtron, and Grafco. The company provides manual power & folding wheelchairs, healthcare seating products, beds, and patient room furnishing & respiratory products.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Durable Medical Equipment Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Durable Medical Equipment Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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