Market Synopsis
Competitive Market Growth, Size, Share and Forecast to 2027 for Durable Medical Equipment In Healthcare Market, By Device Type (Personal Mobility Devices, Medical Furniture And Bathroom Safety Devices, Monitoring And Therapeutic Devices), By End User (Hospital/Clinic, Ambulatory Surgical Center, Other End Users)
Market Snapshot
The Durable Medical Equipment In Healthcare Market will reach US$ 304156.4 million by 2027 at a CAGR of 6.20% , according to the Absolute Markets Insights Comprehensive Research Report titled Durable Medical Equipment In Healthcare Market
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Report Description Durable Medical Equipment In Healthcare Market.
Market Overview
Global Durable Medical Equipment in Healthcare Market was valued at US$ 177174.7 million in 2018 and is anticipated to reach US$ 304156.4 million by 2027, growing at an estimated CAGR of 6.2% over the forecast period. Durable medical equipment (DME) is any healthcare equipment that delivers therapeutic assistances to a patient due to various medical conditions or illnesses that has the ability to withstand repeated use, and is majorly and customarily cast-off to aid medical resolution, and is appropriate for home usage. It consists of diverse items, like walkers, oxygen tanks and wheelchairs. Durable medical equipment is generally prescribed by a medical practitioner, where in a person buying the equipment from a durable equipment provider or the doctor providing the diagnosis himself informed durable medical equipment companies to deliver it to the patient’s residential location. This is the situation where the price transparency is present in the Durable Medical Equipment in Healthcare Market. A knee brace might cost anywhere from a range of $200 to $1600. Durable medical equipment billing then gets flawed due to double bills and inappropriate expenses. Price transparency generally means to how much extent the information can be availed. It has involvement when all parties engaged in trading are conscious about the price incurred for the equipment. i.e. alertness and information regarding the bid price and ask price at numerous price levels, along with the amount of any goods or service involved. This also further leads to inconsistency in the billing and coding, and further affects the overall revenue management.
The effect of price transparency mainly results in the over payment by patients. Sometimes, contracts (after sales agreements) prevent buyers to unveil the charges to other buyers. Hence, buyers don’t know what price the other buyers have paid for the same/similar product. The “Law of One-Price” does not hold. With hospitals too, prices differ based on the negotiating power. Sellers also incline to gain profit if subjects are patented. To physician and staff preferences too, the prices are different as on taking decisions regarding which products to use and is primarily depending on them, or else buyers will end up paying vivid prices on similar product as the buyers are pretty large in quantity. There have been continuous efforts to regulate the issues related to pricing policy and disclosure. If the physicians across hospitals negotiate with device manufacturers to eliminate and regulate the price differences, it can be advantageous to patients, healthcare providers and insurance payers. Hence, a disclosure might advance the purchasing power and allegiance of the physician/patient and regulate hospital costs. The United States healthcare system mainly run on market principles, norms and the government can control, finance and yield enough for an equitable and capable release of health care services. Such factors are expected to aid the durable medical equipment market over the next eight years.
A number of factors affect the term Durable Medical Equipment In Healthcare Market including forward/backward integration, economies of scale, the proportion of various distribution channels, factors influencing consumer behavior, such as brand loyalty, price, and accessibility of the product, capital investments, the regulatory environment, production rights and patents, marketing strategies, and other client preferences. This information will probably be helpful to the industry’s stakeholders, and it might even spur them to action.
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Durable Medical Equipment In Healthcare Market Competitive Landscape:
The prominent companies in the Durable Medical Equipment In Healthcare Market are:
include Invacare Corporation; ArjoHuntleigh; Stryker Corporation; Hill Rom, Inc.; Drive Medical; GF Health Products, Inc.; Sunrise Medical; Medline Industries, Inc.; and Carex Health Brands, Inc.
Impact of COVID-19:
Observations are made in this article regarding COVID-19 customer behavior, demand shifts, shopping trends, supply chain restructuring, market forces dynamics, and major government engagement. More details, analyses, projections, and estimations about the market effects of COVID-19 are provided in the new research.
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Key Benefits of Global Durable Medical Equipment In Healthcare Market Report:
- A lot of time has been spent looking into the past and future as part of the research on worldwide Durable Medical Equipment In Healthcare Market trends.
- The Global Durable Medical Equipment In Healthcare Market Growth Research Report provides in-depth information on the Market Introduction, Market Summary, Global Market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and National levels.
- Finding business opportunities is aided by research on worldwide Durable Medical Equipment In Healthcare Market trends.
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Durable Medical Equipment In Healthcare Market Regional Insights
According to Durable Medical Equipment in Healthcare Market regional analysis, North America is estimated to hold the major share in the market owing to the presence of established companies who accounted a significant share and wide adoption of advanced technology in the region. Asia Pacific is projected to be the fastest growing market in the years to come due to the rising geriatric population and increasing number of hospitals. According to the statistics, in 2017, in China, the number of Chinese populations above 60 years old is 17.3 percent, approximately above 241 million. Such factors are expected to aid the Durable Medical Equipment in Healthcare Market over the next eight years.
The report offers a thorough analysis of several aspects, including the spread of the Durable Medical Equipment In Healthcare Market in important geographic regions. The study’s main geographic focus regions are North America, Europe, Asia-Pacific, and Latin America.
Why the Durable Medical Equipment In Healthcare Market Report is Beneficial?
- A detailed and contemporary research methodology was used to put together the Durable Medical Equipment In Healthcare Market study.
- The study includes a sizable quantity of information on the most recent product and technological developments in the Durable Medical Equipment In Healthcare Market and provides a thorough analysis of the market competition for the Durable Medical Equipment In Healthcare Market.
- The many analyses of how these upgrades might impact the continued expansion of Durable Medical Equipment In Healthcare Market
- Comprehensive historical data and analysis are included in the research report for the Durable Medical Equipment In Healthcare Market study.
- The graphical representations of the data in the Durable Medical Equipment In Healthcare Market report, such as bar graphs, statistics, pie charts, etc., make the report’s insights clear and understandable.
Durable Medical Equipment In Healthcare Market Segmentation:
Various divisions have been created within the Durable Medical Equipment In Healthcare Market market based on the nature of the product and its intended use. Each market segment’s growth rate and share are evaluated. The specialists have also looked into potential regions where the producers can profit in the coming years. Market participants can better comprehend the whole industry thanks to the geographical analysis’ precise volume and value estimates.
Global Durable Medical Equipment in Healthcare Market:
- By Device type
- Personal Mobility Devices,
- Medical Furniture and Bathroom Safety Devices,
- Monitoring and Therapeutic Devices
- By End-user
- Hospital/Clinic
- Ambulatory Surgical Center
- Other End Users
- By Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Global Durable Medical Equipment In Healthcare Market by Region Durable Medical Equipment In Healthcare Market
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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