North America Durable Medical Equipment Industry Overview
The North America durable medical equipment market size was valued at USD 68.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030. The COVID-19 pandemic has affected the logistics and supply chain of the Durable Medical Equipment (DME). The market is majorly driven by the rising product demand due to the rising need for the product and the growing geriatric population that is prone to various chronic diseases, such as cancer, cardiovascular disorders, neurological disorders, and mobility disorders.
Durable medical equipment plays a major part in long-term remote care after surgery at home or any other healthcare setting. This is also estimated to propel market growth. Additionally, the stringent regulatory guidelines in developed countries and the lack of skilled professionals for this equipment are said to hinder the industry growth.
Gather more insights about the market drivers, restrains and growth of the North America Durable Medical Equipment Market
The rising chronic diseases and need for healthcare services have affected U.S. healthcare expenditure from USD 3.5 trillion in 2017 to USD 6.2 trillion in 2028 and account for 20% of the GDP. The anticipated growth in the annual spending for Medicare (7.9%) is projected to contribute significantly to the increase in the national health expenditure over the forecast period.
The durable medical equipment users can avail reimbursement and coverage for the products are also likely to boost the growth of the market. Durable medical equipment is covered under Medicare. Medicare Part-B beneficiaries pay 20% of the approved cost of the product and the remaining 80% is paid by Medicare.
Browse through Grand View Research’s Medical Devices Industry Research Reports
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Key Companies Profile
Some prominent players in the North America durable medical equipment market include:
- Invacare Corp.
- Sunrise Medical
- Arjo
- Medline Industries, Inc.
- GF Healthcare Products, Inc.
- Carex Health Brands, Inc.
- Cardinal Health
- Drive DeVilbiss Healthcare
- NOVA Medical Products
- Kaye Products, Inc.
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