Market Trends of Global Durable Medical Equipment Industry
The Vital Sign Monitor Segment is Expected to Grow Significantly During the Forecast Period
The vital signs monitor is a tool that helps to provide information to the medical and nursing staff about the patient鈥檚 physiologic condition. Nurses usually monitor these critical signs, including blood pressure (BP), heart rate (HR), respiratory rate (RR), oxygen saturation (SpO2), and core temperature. Consistent vital sign monitoring is critically important for early disease detection in patients in hospital settings.
The rising prevalence of cardiovascular diseases such as hypertension, atrial fibrillation, and stroke, among others, are contributing to the market growth. For instance, as per the data updated by the WHO in March 2023, approximately 1.28 billion adults aged 30鈥�79 years worldwide have hypertension, most (two-thirds) living in low- and middle-income countries. Thus, the high prevalence of hypertension worldwide is likely to create a huge demand for various vital sign monitors for regular blood pressure monitoring.
In addition, with the rise in IoT-enabled consumer health wearables, the market is projected to grow significantly during the forecast period. It is now possible for a single wearable device to monitor a range of medical risk factors. These devices can give patients direct access to personal analytics that can contribute to their health, facilitate preventive care, and aid in managing an ongoing illness. For instance, in May 2023, Essence SmartCare launched VitalOn, a comprehensive remote patient monitoring (RPM) platform for active seniors and older adults living with chronic conditions. The system is always on, providing continuous monitoring and chronic conditions management for various healthcare needs at home and on the go. It continually gathers and analyzes patient data from multiple health and monitoring devices to facilitate proactive, predictive, and preventative care. Thus, launching such devices is expected to drive the studied segment. Moreover, several market players focus on developing and launching portable and affordable vital sign monitoring devices, making the segment competitive. For instance, in January 2022, Mindray launched its new VS 9 and VS 8 Vital Signs Monitors in Europe, Australia, and other selected regions.
Hence, the vital sign monitor segment will likely grow during the forecast period due to the high prevalence of hypertension and surging number of product launches by prominent players.
North America Holds a Significant Share and Expected to do Same Over the Forecast Period
The geographical analysis of the Durable Medical Equipment market shows that North America holds a significant market share in the global market. This is due to the rising prevalence of various chronic diseases in the region, the presence of prominent players, and the increasing number of product launches.
For instance, as per the data updated by the CDC in January 2023, approximately one in four adults (26%) adults in the United States are currently having some disability. According to the same source, around 11.1% of adults in the United States have difficulty climbing stairs or walking. Hence, the large proportion of people in the country suffering from various physical disabilities is likely to create a huge demand for personal mobility and bathroom safety devices. In addition, as per the data updated by the CDC in January 2023, nearly half of the adults in the United States (47%, or 116 million) have hypertension. Thus, the large population in the country suffering from hypertension is likely to augment the demand for vital sign monitoring devices, thereby increasing the market growth.
Furthermore, the prominent players are doing various strategic collaborations or partnerships to bring advanced, durable medical equipment to the United States to uphold their position in the market. For instance, in August 2022, United Kingdom-based wheelchair manufacturer RGK and Sunrise Medical North America collaborated to launch RGK鈥檚 new window Octane Sub4, a rigid titanium wheelchair custom-fit to every user guaranteed to weigh less than 8.8 pounds. Hence, such collaborations are projected to create lucrative opportunities for market players to enter the North American region, thereby driving market growth.
Thus, the market is expected to grow significantly during the forecast period due to the rising prevalence of various chronic diseases in the region, the presence of prominent players, and the increasing number of product launches.
