The highly fragmented global Medical Equipment Rental Market is dominated by Siemens Financial Services Inc., Apria Healthcare Group Inc., Universal Hospital Services Inc., and Centric Health Corporation, among others. According to Transparency Market Research, improving the distribution network in emerging economies remains an important strategy for medical equipment rental market players to pursue, as the healthcare sector in many emerging economies is dominated by small-scale hospitals who can’t afford to purchase advanced medical equipment.
The prime driver for the global medical equipment rental market is the increasing prevalence of cardiovascular, orthopedic, and lifestyle diseases requiring long-term management. Several countries in emerging regions such as Asia Pacific and Latin America exhibit high prevalence of such diseases. The developing healthcare sector in these regions is a crucial target for medical equipment rental companies, since the increasing purchasing power of consumers in emerging regions is leading to a steady increase in the healthcare expenditure.
The lack of large-scale development in the medical sector in emerging economies also means that many hospitals are faced with the pressure of reducing expenditures. Renting instead of purchasing medical equipment thus provides a feasible solution to the healthcare sector.
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The global medical equipment rental market is held back by the prevalence of a varied cost structure across the world. Regulations regarding medical equipment rentals may vary to a considerable degree in different regions, which can cause legal complications at the time of the transaction. This has also led to a lack of awareness about medical equipment rental services, leading to many small-scale hospitals ending up paying more than necessary to obtain rented medical equipment. Global coordination between healthcare agencies and proactive measures from global healthcare bodies will be key in ameliorating the effect of this restraint on the market.
Durable medical equipment is the most popular device type in the medical equipment rental market, with the segment’s revenue expected to reach US$16.9 bn by the end of 2016. Other key device types in the medical equipment rental market are surgical equipment, home care equipment, storage and transport equipment, and electronic/digital equipment.