Global Medical Equipment Rental Market Overview:
As per MRFR analysis, the Medical Equipment Rental Market Size was estimated at 56.4 (USD Billion) in 2023. The Medical Equipment Rental Market is expected to grow from 59.52 (USD Billion) in 2024 to 94.07 (USD Billion) by 2032. The Medical Equipment Rental Market CAGR (growth rate) is expected to be around 5.89% during the forecast period (2024 - 2032).
Key Medical Equipment Rental Market Trends Highlighted
The Medical Equipment Rental Market is projected to grow significantly over the next few years due to several key drivers. Increasing healthcare costs and limited capital budgets for hospitals and clinics have led to the growing adoption of rental services.
The aging population and rising prevalence of chronic diseases have also contributed to the demand for medical equipment, such as wheelchairs, hospital beds, and respiratory devices.
Furthermore, the emergence of telemedicine and home healthcare services has further fueled the need for flexible and cost-effective equipment rental options.
In recent times, the medical equipment rental market has witnessed several key trends, including the adoption of advanced technologies such as IoT and AI. These technologies enable remote monitoring of equipment, predictive maintenance, and improved inventory management.
The growth of online rental platforms has also made it easier for providers to connect with customers and offer a wider range of equipment options.
Additionally, the increasing focus on sustainability has led to the adoption of eco-friendly rental practices, such as the use of reusable and biodegradable materials.
To capture the opportunities presented by these emerging trends, market participants should focus on providing innovative and tailored rental solutions. Offering flexible rental plans, investing in advanced technologies, and expanding into new market segments are some potential strategies for growth.
Exploring partnerships with healthcare providers and insurance companies can also create new revenue streams and enhance customer reach.
By adapting to the changing market landscape, companies can position themselves to capitalize on the growing demand for medical equipment rental services.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medical Equipment Rental Market Drivers
Increasing Prevalence of Chronic Diseases
One of the main drivers of the Medical Equipment Rental Market is the increasing prevalence of chronic diseases, such as cardiovascular diseases, cancer, and diabetes, among others. As more people develop these diseases, the demand for medical equipment used to manage the conditions rises as well.
Renting medical equipment is a viable and cost-saving option for many patients as it allows them to use required equipment for either a long or short term without having to purchase it. The ease of use and lower cost of renting medical equipment make it a more attractive option to patients.
Technological Advancements in Medical Equipment
The rapid pace of technological advancements in the healthcare sector is another significant driver of the Medical Equipment Rental Market.
The development of new and innovative medical equipment, such as advanced imaging systems, surgical robots, and patient monitoring devices, has increased the demand for these technologies in healthcare facilities.
Renting medical equipment allows healthcare providers to access the latest technologies without the need for large capital investments.
It enables them to offer cutting-edge treatments and improve patient outcomes while also ensuring cost efficiency.
Growing Focus on Home Healthcare
One of the factors contributing to the increasing demand in the Medical Equipment Rental Market is the emphasis on healthcare at home. As hospitals and other healthcare providers concentrate on providing medical care in patient's homes, the need for medical equipment for such purposes is rising.
Homes and family members, and, importantly, patients, are becoming the focal points of care in the modern shifting context. Importantly, renting medical equipment allows patients to hasten their recovery and reduce the healthcare organizations’ responsibilities.
For these reasons, medical equipment rental turns into a significant option for those patients who must be provided with some care on a regular or intermittent basis outside the hospital.
Medical Equipment Rental Market Segment Insights:
Medical Equipment Rental Market Equipment Type Insights
The Equipment Type segment of the Medical Equipment Rental Market is projected to experience significant growth in the next years.
Factors that are propelling such development include rising demand for advanced medical technologies, growing prevalence of chronic diseases, and increasing geriatric population.
Patient Monitoring Equipment represented the largest share of the market in 2023, and it is expected to dominate the field within the forecast period.
This is due to the fast-growing rate of monitoring critical conditions and vital human parameters on a real-time basis in critical care units, emergency rooms, and operating theaters.
Imaging Equipment is another leader in the category that includes MRI, CT, and ultrasound machines. They are in demand due to the expanding focus on early diagnosis and personalized medicine.
There is a considerable demand for Surgical Equipment because of the rapid development of the number of surgical procedures and the need for minimally invasive surgeries.
Respiratory Equipment is becoming more important for the market because of the rising prevalence of respiratory diseases: asthma, COPD, and others. Finally, Home Healthcare Equipment occupies a large share because of rising numbers of patients that choose home care services to be provided to them.
Demand for these aids – mobility means, oxygen therapy equipment, wound products, and others – is growing drastically. Other Equipment that includes diagnostic equipment, laboratory equipment, and sterilizing units, is also positively impacting market development.
They are needed in an increased amount due to the growing number of various healthcare units of all types, patient' flow, and other factors. In conclusion, the Equipment Type segment of the Medical Equipment Rental Market is forecasted to grow significantly in the coming years due to the rise of the technological level and healthcare expenditure numbers.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medical Equipment Rental Market Application Insights
The application segment of the Medical Equipment Rental Market holds significant importance in understanding the diverse needs of various healthcare settings. Hospitals account for a dominant share of the market due to the high demand for medical equipment for patient care, surgeries, and diagnostics.
Nursing homes and clinics also contribute a substantial portion to the market as they provide long-term care and specialized treatments. Ambulatory surgical centers have gained traction in recent years, leading to increased demand for rental equipment for outpatient procedures.
Home healthcare is another growing segment, driven by the rising preference for home-based care and the need for specialized equipment for chronic conditions. Other applications, such as research laboratories and educational institutions, also contribute to the market's growth.
Medical Equipment Rental Market End User Insights
The Medical Equipment Rental Market is segmented by end users into patients, healthcare providers, medical device distributors, insurance companies, and other end users. The patients segment is expected to hold the largest market share in 2023 and is projected to register a CAGR of 8.5% from 2024 to 2032.
The growth of this segment can be attributed to the increasing prevalence of chronic diseases, the growing demand for home healthcare services, and the rising number of patients opting for rental services to manage their healthcare expenses.
The healthcare providers segment is also expected to witness significant growth during the forecast period, owing to the increasing adoption of medical equipment rental services by hospitals and clinics to reduce capital expenditure and improve operational efficiency.
The medical device distributors segment is expected to grow at a steady pace, driven by the increasing demand for medical equipment from various end users, including patients, healthcare providers, and insurance companies.
The insurance companies segment is expected to witness moderate growth as insurance companies are increasingly offering rental coverage to their customers. The other end users segment is expected to grow at a stable rate, driven by the rising demand for medical equipment from research institutions, educational institutions, and other end users.
Medical Equipment Rental Market Regional Insights
The Medical Equipment Rental Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to maintain its dominance during the forecast period.
The regional market growth is attributed to the presence of well-established healthcare infrastructure, increasing demand for advanced medical equipment, and favorable government policies.
Europe is the second-largest market for medical equipment rental, driven by factors such as rising healthcare expenditure, high adoption of advanced medical technologies, and a large patient population.
The APAC region is expected to witness significant growth during the forecast period due to the increasing healthcare expenditure, rising prevalence of chronic diseases, and government initiatives to improve healthcare infrastructure.
South America and MEA are emerging markets for medical equipment rental. The increasing healthcare expenditure and government investments in healthcare infrastructure are expected to fuel the growth in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medical Equipment Rental Market Key Players and Competitive Insights:
The major players in the Medical Equipment Rental Market are huge players in the industry who are constantly busy trying to grow their market presence. The Medical Equipment Rental Market is immensely focusing on expanding the market widely.
The leading players in the Medical Equipment Rental Market focus on research and development and try to come up with innovative medical equipment that is based on advanced technologies. These leading players are expanding their presence globally.
As part of their strategy, some of them are acquiring the existing business and some other players in the industry are developing business relationships with the local players. In this way, they are focusing on broadening their presence in maximum countries to increase their customer base.
It is expected that the Medical Equipment Rental Market will develop considerably in the upcoming years owing to the increasing demand for medical equipment and the requirement of economic solutions. Getinge is one of the major players in the Medical Equipment Rental Market.
Getinge is a Swedish company that produces a wide variety of medical equipment and services across the globe. It operates in more than 100 countries. Getinge offers a wide variety of products such as surgical equipment, anesthesia machines, patient monitoring devices, and ventilators.
Getinge has a strong focus on research and development and is committed to coming up with advanced medical technologies. The company has a specialized group of research and development that is continuously working on developing new products and improving the existing ones.
STERIS is another major Medical Equipment Rental Market player situated in the United States of America. STERIS develops and markets infection prevention and surgical products and services. STERIS has a strong presence in North America, Europe, and the Asia-Pacific.
STERIS offers a wide variety of products. It offers sterilizing equipment, surgical instruments, and other medical infection prevention supplies. STERIS also is focusing its priorities on customer service. The company established a specialized team of customer service representatives who are ready to serve the customers round the clock.
Key Companies in the Medical Equipment Rental Market Include:
- Baxter International
- Philips Healthcare
- Medline Industries
- Getinge
- GE Healthcare
- 3M
- Johnson Johnson
- Wright Medical
- Boston Scientific
- Stryker
- Cardinal Health
- Smith Medical
- Hillrom Holdings
- Zimmer Biomet
- STERIS
Medical Equipment Rental Market Developments
The Medical Equipment Rental Market is anticipated to witness substantial growth in the coming years, driven by factors including rising demand for specialized medical equipment, cost-effectiveness, and technological advancements.
Technological advancements, such as the integration of IoT and AI, are revolutionizing the medical equipment landscape, leading to the development of more efficient and user-friendly devices.
Moreover, the increasing prevalence of chronic diseases and the geriatric population is further fueling the demand for advanced medical equipment.
The market is witnessing the emergence of new business models, such as subscription-based services and partnerships between healthcare providers and rental companies, offering greater flexibility and cost advantages to end-users.
Medical Equipment Rental Market Segmentation Insights
Medical Equipment Rental Market Equipment Type Outlook
- Patient Monitoring Equipment
- Imaging Equipment
- Surgical Equipment
- Respiratory Equipment
- Home Healthcare Equipment
- Other Equipment
Medical Equipment Rental Market Application Outlook
- Hospitals
- Nursing Homes
- Clinics
- Ambulatory Surgical Centers
- Home Healthcare
- Other Applications
Medical Equipment Rental Market End User Outlook
- Patients
- Healthcare Providers
- Medical Device Distributors
- Insurance Companies
- Other End Users
Medical Equipment Rental Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2023 |
56.4 (USD Billion) |
| Market Size 2024 |
59.52 (USD Billion) |
| Market Size 2032 |
94.07 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.89% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Baxter International, Philips Healthcare, Medline Industries, Getinge, GE Healthcare, 3M, Johnson Johnson, Wright Medical, Boston Scientific, Stryker, Cardinal Health, Smith Medical, Hillrom Holdings, Zimmer Biomet, STERIS |
| Segments Covered |
Equipment Type, Application, End User, Regional |
| Key Market Opportunities |
Home healthcare expansion Technological advancements Increasing demand for specialized equipment Growing geriatric population Rise of value-based healthcare |
| Key Market Dynamics |
1 Growing demand for home healthcare 2 Technological advancements in medical equipment 3 Government initiatives and support 4 Increasing prevalence of chronic diseases 5 Rising healthcare costs |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Medical Equipment Rental Market is projected to reach an overall valuation of 56.4 billion USD in 2023.
The Medical Equipment Rental Market is anticipated to register a CAGR of 5.89% from 2024 to 2032.
North America is expected to account for the largest share of the Medical Equipment Rental Market in 2023 due to the region's well-developed healthcare infrastructure and high prevalence of chronic diseases.
Medical equipment rental finds applications in various settings, including hospitals, clinics, long-term care facilities, and home healthcare. It enables healthcare providers to access specialized equipment without the need for large upfront investments.
Key competitors in the Medical Equipment Rental Market include Getinge, STERIS, Stryker, Medtronic, and GE Healthcare.
Factors driving the growth of the Medical Equipment Rental Market include the rising prevalence of chronic diseases, technological advancements in medical equipment, and increasing demand for cost-effective healthcare solutions.
Challenges faced by the Medical Equipment Rental Market include stringent regulatory requirements, concerns over equipment maintenance and safety, and competition from traditional equipment sales models.
The Medical Equipment Rental Market is projected to reach an overall valuation of 94.07 billion USD by 2032, exhibiting significant growth potential over the coming years.
Emerging trends in the Medical Equipment Rental Market include the adoption of telemedicine and remote patient monitoring, the rise of subscription-based rental models, and the increasing focus on sustainability and green initiatives.
The COVID-19 pandemic has had a positive impact on the Medical Equipment Rental Market, as healthcare providers sought to acquire additional equipment to manage the surge in patient demand.
