The North America durable medical equipment market is expected to reach US$ 131,013.4 Mn in 2027 from US$ 75,507.9 Mn in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019-2027.
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The growth of the market is driven by the factors such as, rising prevalence of chronic diseases, increasing elderly population and growing incidents of road accidents. However, high cost of therapeutic products and procedures is likely to act as a restraining factor for the growth of market.
The North American region is likely to witness growth in the durable medical equipment market owing to growing prevalence of cardiovascular disorders, increasing incidence of sleep apnea and respiratory disorders as well as cases of diabetes. The heart disease is the second major cause of the death after cancer in Canada. As per the data revealed by the Canadian Chronic Disease Surveillance System, during 2012 to 2013 around 2.4 million Canadian adults of aged 20 years and above lived with ischemic heart disease which included almost 578,000 people having history of an acute myocardial infraction. Also the data was provided for the patients living with heart failure it states that approximately 3.6% Canadians of age group 40 years and above are living with the heart failure.
Canada also has witnessed a rise in the cases of respiratory disorders such as asthma and chronic obstructive pulmonary disease (COPD). Also, about 2.4 million Canadians are reported to be living with asthma. In 2016, 8.4% of Canadians aged 12 and above (i.e. almost 2.6 million people) reported to have been diagnosed with asthma by a health professional.
In addition, during the year 2016 to 2019, various companies have made organic and inorganic growth strategies in the market there are operating. Some of the activities undertaken by the company, which have promoted its growth are, product launches, acquisition and partnership. The organic developments undertaken by the companies have led to the growth of the market as well as helped in the company’s development. For instance, in April, 2019, Royal Philips launched the DreamWisp that allows patients with sleep apnea to sleep in normal position. DreamWisp delivers a new level of comfort and freedom of movement, providing patients with the therapy option.
US is expected to be the fastest growing market for the durable medical equipment during the forecast owing to factors such as rise in the prevalence of cardiovascular and lung disorders, increasing geriatric population along with rise in the number of sleep apnea cases.
Company Profiles
- Invacare Corporation
- Medtronic
- BD
- Hillrom Services Inc
- Medical Depot, Inc
- GF HEALTH PRODUCTS, INC.
- Sunrise Medical (US) LLC
- Medline Industries, Inc.
- Koninklijke Philips N.V
- ResMed
North America Durable Medical Equipment Strategic Insights
Strategic insights for the North America Durable Medical Equipment provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
North America Durable Medical Equipment Regional Insights
The geographic scope of the North America Durable Medical Equipment refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights