North America Durable Medical Equipment Market is Predicted to Witness 5.8% CAGR till 2030

The North America durable medical equipment market size was valued at USD 68.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030

The North America Durable Medical Equipment Market size is expected to reach USD 114.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 5.8% from 2022 to 2030. The market for durable medical equipment (DME) is mainly driven by the rise in chronic diseases, such as cancer and diabetes. Factors such as the technological advancements and the remote patient monitoring services along with a strong reimbursement scenario are likely to boost the growth of the market over the forecast period.

The rapid aging population across the region is likely to contribute to the industry expansion. The geriatric population aged 60 years and above which comprise around 16.5% of the total population is more prone to chronic diseases and health issues, such as mobility issues, cancer, diabetes, mobility issues, cardiovascular disorders, and other age-related diseases. These factors are likely to boost the growth of the DME products market. However, lack of awareness, stringent regulatory guidelines in developed economies, and lack of skilled professionals may limit the durable medical equipment market growth.

The COVID-19 pandemic has initially affected the market due to the shortage of supply of the product. There is a decline in the operations, sales, and revenue of the market players during the pandemic. The pandemic has resulted in rising costs of the product and post-sale services for the recovery of financial loss incurred by the market players.

The availability of advanced DME products has also played an important role in positively impacting the growth of the market. Countries such as the U.S. and Canada are innovators and early adopters of advanced technologies, thus these are the most important customers for medical device markets with rapid technological innovations. Technological breakthroughs concentrating on increasing efficiency are expected to occur during the forecast period, thereby driving the market growth.

Related Press Release@ North America Durable Medical Equipment Market Report

North America Durable Medical Equipment Market Report Highlights

• Monitoring and therapeutic devices emerged as the largest segment owing to the introduction of technologically advanced products with more comfort and portability
• Home healthcare is anticipated to be the fastest-growing segment over the forecast period as it is less expensive and preferred by aged people
• The bathroom safety devices and medical furniture is expected to witness the highest growth rate over the forecast period

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