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Durable Medical Equipment Market: Segmentation Application, Technology & Market Analysis Report 2018-2026

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The patient’s medical practitioner must prescribe the specific durable medical equipment and it will need to be approved by Medicare before purchasing. Medicare is taking initiative to promote competitive bidding to bring its reimbursement in line w
Durable Medical Equipment Market: Latest
Advancements & Market Outlook 2018 to 2026
Durable Medical Equipment Market, by Equipment Type (Personal Mobility
Devices, Bathroom Safety Devices and Medical Furniture, and Monitoring and
Therapeutic Devices), By End User (Hospitals, Clinics, Long Term Care Centers,
Ambulatory Surgical Centers, Home Care Settings, and Others) and By
Geography - Global Industry Insights, Trends, Outlook and Opportunity Analysis
2018-2026
Durable medical equipment (DME) are non-disposable equipment used in hospitals, clinics, and home
care settings. Examples of DME are wheelchairs, walkers or hospital beds. DME used at home care
settings are paid under Medicare part A and part B plans. Coverage for DME may include, wheelchairs,
oxygen equipment, blood testing strips, crutches, and power mobility devices. This market has a strong
reimbursement background which may expected to have some impact on the overall market. The
patient’s medical practitioner must prescribe the specific durable medical equipment and it will need to
be approved by Medicare before purchasing. Medicare is taking initiative to promote competitive
bidding to bring its reimbursement in line with other payers, thus can negatively impacted some DME
distributors and manufacturers. Click To Read More On Durable Medical Equipment Market.
For instance, In December 2015, Centers for Medicare and Medicaid Services (CMS) issued a new rule
establishing a prior authorization process for certain durable medical equipment, prosthetics, orthotics,
and supplies (DMEPOS). In this rule, DMEPOS items that were flagged for unnecessary utilization
comprise a master list of 135 items that will potentially be subject to prior authorization and relevant
documentation must be submitted for prior authorization before beneficiaries can receive an item and
submit a claim.
Durable Medical Equipment Market – Driver
Increasing number of hospitals, surgical and outpatient procedures, home healthcare services is
expected to result in increasing adoption of DME during the forecast period. For instance, according to
the U.S. Bureau of Labor Statistics, the home health aides and personal care aides are expected to
increase by 13 million in 2020 (a 70% increase from 2010). In addition to this, the organization
predicted that home healthcare employment is expected to grow at a rate of 55.0% from 2006 to 2016,
thus accelerating growth of this market.
Rising number of patients that require long-term therapy, drug delivery, and related products is
expected to propel growth of the durable medical equipment market. Increasing prevalence of chronic
conditions such as cancer, cardiovascular disorders, neurological disorders, and gynecological disorders
is leading to high demand for long-term care at home care settings and hospitals and this is expected to
facilitate demand for durable medical equipment. For instance, according to the CDC, 2015, around
800,000 people in the U.S. died due to stroke and other cardiovascular diseases.
Furthermore, driven by the ageing demographic, there is a huge drive to develop equipment that can
help to treat age-related conditions such as diabetes, cardiovascular disorders, and other lifestyle
disorders as early as possible. Therefore rising geriatric population is important factor supporting
growth of the DME market. For instance, according to United Nations Organization, there were an
estimated 962 million people aged 60 years or over in the world in 2017, comprising 13% of the global
population and this population is continuously growing at a rate of about 3% per year. Currently,
Europe has the highest percentage of population aged 60 years or over (25%).
Durable Medical Equipment Market - Regional Analysis
The global durable medical equipment market is segmented into North America, Latin America,
Europe, Asia Pacific, Middle East, and Africa. North America holds the largest market share in durable
medical equipment market followed by Europe owing to large patient pool with various diseases and
increase in surgeries which require more number of durable medical equipment. Asia Pacific is
expected to exhibit high growth, owing to increasing investments by governments of emerging
economies in the healthcare sector. Moreover, rise in preference for invasive as well as non-invasive
monitoring devices is also expected to propel growth of the market.
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Durable Medical Equipment Market – Competitive Landscape
The DME market is fragmented with presence of large to small scale players, and thus, the competition
is high among players. Industry players with a comprehensive portfolio are most likely to successfully
capture market share.
Key players in durable medical equipment market are Stryker Corporation, Baxter International, Inc.
Medtronic plc. Becton, Dickinson and Company, Medline Industries, Inc., Invacare Corporation,
Sunrise Medical (US) LLC, ResMed, Inc., Drive DeVilbiss Healthcare, Inc. (Medical Depot Inc.) HillRom Holdings, Inc., and others. Key players are adopting inorganic growth strategies such as mergers
and acquisitions to retain their position in the market. For instance, in 2017, Becton Dickinson
completed the acquisition of C.R. Bard, Inc. and both companies are focusing on improving treatment
of diseases for patients. Furthermore, in February 2017, Hill-Rom acquired Mortara Instrument, Inc., a
Wisconsin-based medical device manufacturer, to increase their medical device product portfolio and
revenue growth.
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ravikiran
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