Medical Equipment Rental Market Overview
“The Medical Equipment Rental Market is estimated to increase at a CAGR of 4.56% from $ 58.67 billion in 2023 to $ 76.25 billion by 2030.”
Medical equipment, essential in clinics, is becoming increasingly popular due to technological advancements and ongoing industry research. Renting medical equipment is becoming more popular as fewer countries have financial resources for healthcare facilities. This cost-effective alternative to buying equipment outright is becoming increasingly popular, as many businesses rent out these essential tools to provide patients with a better environment.
Respiratory equipment rental involves renting specialized medical instruments and equipment for individuals with respiratory diseases like COPD, asthma, sleep apnea, and acute respiratory infections. Orthopaedic leasing involves renting specialized medical tools and equipment for individuals with orthopaedic conditions or accidents. "Hip replacement chair rental" allows customers to rent chairs designed for individuals recovering from hip replacement surgery or experiencing mobility issues related to their hips. These furniture pieces provide ease and assistance to those recovering from such procedures.
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Medical Equipment Rental Market Segment Analysis
Digital technologies are utilized in the healthcare industry to create cyber-physical, digital, or phygital applications, enabling healthcare service providers to achieve specific goals through specific solutions, including the following.
SaaS
Healthcare practitioners must efficiently provide high-quality care by streamlining various systems, workflows, and procedures involved in administration, management, compliance, and treatment processes. SaaS solutions, which use cloud technology and artificial intelligence, can help streamline these processes. Healthcare providers are granted licenses to use hospital management software as part of their subscription-based business model. These plug-and-play technologies make hospital operations easier, faster, and more intelligent, making them affordable, secure, and scalable. They are also simple to install and use, making them an attractive option for hospitals.
Telemedicine and Telehealth technologies
Healthcare practitioners must efficiently provide high-quality care by streamlining various systems, workflows, and procedures involved in administration, management, compliance, and treatment processes. SaaS solutions, which use cloud technology and artificial intelligence, can help streamline these processes and make running a hospital easier, faster, and more intelligent. These plug-and-play technologies are affordable, secure, and scalable. Telemedicine, a form of telehealth, uses communication and electronic information technology to offer therapeutic treatments to patients in remote areas. Doctors can access health information and reports of patients through audio-visual channels, allowing them to receive their prescriptions immediately. Telehealth also covers non-clinical services, using digital technology to deliver clinical services, educate patients and professionals about health, and support public health management. Overall, telehealth is a crucial aspect of healthcare services.
Mobile health (m-Health) and wearable technologies
M-Health programs use wearables and mobile technology to disseminate health data, measuring and monitoring various health factors like heart rate, blood pressure, blood sugar, and sleep quality through applications and wearable devices.
Electronic medical and health records
Our medical history is crucial for accurate diagnosis and therapy recommendations, but often unavailable due to limited access. Digital technology can centralize a patient's EMR/EHR, allowing doctors to access it anytime, anywhere in India. This enhances knowledge for medical facilities and clinicians, and provides the government with a national and regional overview of illness prevalence and incidence, aiding in the development of stronger public health policies.
Market Dynamics
Drivers
- increasing use of mobile platforms like smartphones, tablets, and other
- Healthcare IT infrastructure in industrialised countries is evolving quickly.
- positive governmental efforts in the U.S. and Europe
- Remote patient monitoring services are in greater demand.
- increasing investments in venture capital
Restraints
- worries about patient data security- The Medical Equipment Rental market may be weakened by concerns over patient data security, as the introduction of Medical Equipment Rental solutions like electronic health records and e-prescriptions necessitates strict data protection, which could lead to significant losses in medical records.
- High maintenance and capital cost requirements
Competitive Landscape of the Medical Equipment Rental Market Analysis
New Developments in Medical Equipment Rental Market
For instance, in January 2023, AVIA, a leading healthcare digital transformation partner, launched AVIA Marketplace, the most extensive platform for hospital and health system innovators to research, verify, research, and choose Medical Equipment Rental solutions.
May 30, 2023 Adopting intelligence and Medical Equipment Rental innovation in tertiary care
The hospital has also established several collaborations with national and international entities with a similar vision, such as the Massachusetts Institute of Technology and Oracle Cerner, for building applied healthcare AI models. The hospital’s strategic partnership with Oracle Cerner achieved significant recognition, including the HIMSS Davies Award of Excellence, "Medical Equipment Rental Most Wired” recognition from the College of Healthcare Information Management Executives (CHIME), HIMSS Stage 7 in EHR adoption and analytics, and the Oracle Health award for Achievement and Innovation in Patient Experience. But the most important metric is patient satisfaction; KFSH&RC is ranked in the 99th percentile for patient satisfaction among the hospitals in the region, as measured by the survey.
Regional Analysis of Global Medical Equipment Rental Industry
The North America Medical Equipment Rental business is growing due to the increasing prevalence of chronic diseases in the US and Canada, with over 37.23 million Americans suffering from diabetes. This growth is attributed to early technology acceptance, access to advanced healthcare infrastructure, improved internet connectivity, and attractive financing options.
The growing geriatric population, increased public awareness of Medical Equipment Rental technologies, and governmental policies enhancing healthcare delivery systems are driving North America Medical Equipment Rental industry growth. The HITECH Act and HIPAA Act, which promote e-health data use in the USA, are also gaining support, positively impacting the local Medical Equipment Rental market dynamics.
The Medical Equipment Rental industry in Europe has seen significant growth due to the push to reduce healthcare costs and technological advancements. The market for Medical Equipment Rentalcare is expected to benefit from players' efforts to enhance their current solutions and services.
Canada's Medical Equipment Rental industry has grown significantly due to the increased use of electronic health records (EHR) in healthcare facilities. Provinces and territories have developed their own EHR systems, leading to the promotion of Medical Equipment Rental solutions by Canada Health Infoway, a nonprofit organization providing significant support to provincial governments.
Segments Covered in the Medical Equipment Rental Market Report
- Technology Outlook (Revenue, USD Million, 2016 - 2030)
- Tele-healthcare
- Tele-care
- Activity Monitoring
- Remote Medication Management
- Telehealth
- LTC Monitoring
- Video Consultation
- mHealth
- Wearables
- BP Monitors
- Glucose Meters
- Pulse Oximeters
- Sleep Apnea Monitors
- Neurological Monitors
- Activity Trackers/ Actigraphs
- mHealth Apps
- Medical Apps
- Fitness Apps
- Services
- mHealth Service, By Type
- Monitoring Services
- Independent Aging Solutions
- Chronic Disease Management & Post-Acute Care Services
- Diagnosis Services
- Healthcare Systems Strengthening Services
- Others
- mHealth Services, By Participants
- Mobile Operators
- Device Vendors
- Content Players
- Healthcare Providers
- Healthcare Analytics
- Medical Equipment Rental Systems
- EHR
- E-Prescribing Systems
- Component Outlook (Revenue, USD Million, 2016 - 2030)
- Software
- Hardware
- Services
Frequently Asked Questions
What is the expected growth rate of the Medical Equipment Rental market over the next 7 years?
Medical Equipment Rental Market is estimated to increase at a CAGR of 18.56% from $ 234.41 billion in 2023 to $ 2187.76 billion by 2030.
Who are the major players in the Medical Equipment Rental market and what is their market share?
Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco systems, eCLINICALWORKS, General Electric company, Koninklijke Philips N.V, Honeywell International Inc., Mckesson Corporation, Siemans Healthcare AG, Qualcomm technologies, Inc., are prominent players operating and dominating in the market.
Who are the top 3 dental adhesive producers?
Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco systems, are key players in the Medical Equipment Rental market.
Which geographical areas dominate the worldwide market for Medical Equipment Rental?
North America are emerging as the top regional markets for Medical Equipment Rental solutions.
1.SUMMARY
1.1. Medical Equipment Rental Market Overview
1.2. Key Insights
1.3. Report Scope
1.4. Research Methodology
1.5. Frequently Asked Questions
1.6. Chapter Outlines
- DECISION-MAKING SUMMARY
- INTRODUCTION
3.1. Overview of Medical Equipment Rental
3.2. Key Historical Events
3.3. Structure
3.4. Biochemical Interaction
3.5. Target Indications
3.6. Advantages of Medical Equipment Rental
3.7 Challenges associated with Medical Equipment Rental
3.8. Future Perspectives.
- MARKET LANDSCAPE
4.1. Methodology
4.2 Medical Equipment Rental: Developer Landscape
4.2.1. Analysis by Year of Establishment
4.2.2. Analysis by Company Size
4.2.3. Analysis by Location of Headquarters (Region-wise)
4.2.4. Analysis by Location of Headquarters (Country-wise)
4.2.5. Analysis by Year of Establishment, Company Size and Location of Headquarters (Region-wise)
4.2.6. Most Active Players
- COMPANY
5.1. Company Overview
5.1.2 Management Team
5.1.3. Product Portfolio
5.1.4. Recent Developments and Future Outlook
- PARTNERSHIPS AND COLLABORATIONS
6.1. Partnership Models
6.2. Medical Equipment Rental: Partnerships and Collaborations
6.2.1. Analysis by Year of Partnership
6.2.2. Analysis by Type of Partnership
6.2.3. Analysis by Year and Type of Partnership
6.2.4. Analysis by Type of Partner
6.2.5. Analysis by Year of Partnership and Type of Partner
6.2.6. Analysis by Type of Partnership and Type of Partner
6.2.7. Analysis by Type of Partner and Parent Company Size
- ACADEMIC GRANTS ANALYSIS
7.1. Methodology and Key Parameters
7.2. Medical Equipment Rental: Academic Grants Analysis
7.2.1. Analysis by Year of Grant Award
7.2.2. Analysis by Amount Awarded
7.2.3. Analysis by Funding Institute Center
7.2.4. Analysis by Support Period
7.2.5. Analysis by Funding Institute Center and Support Period
7.2.6. Analysis by Type of Grant Application
7.2.7. Analysis by Purpose of Grant
- PUBLICATION ANALYSIS
8.1. Analysis Methodology and Key Parameters
8.2. Medical Equipment Rental: Publication Analysis
8.2.1. Analysis by Year of Publication
8.2.2. Analysis by Type of Publication
8.2.3. Analysis by Type of Conjugate
8.2.4. Analysis by Target Indication
8.2.5. Analysis by Copyright Holder
8.2.6. Word Cloud: Emerging Focus Area
8.2.7. Most Active Publishers: Analysis by Number of Publications
- SUCCESS PROTOCOL ANALYSIS
9.1. Methodology and Key Parameters
9.2. Key Assumptions and Scoring Criteria
9.3. Success Protocol Analysis
9.4. Assessment of Approved Medical Equipment Rental
- Appendix 1: Tabulated Data
- Appendix 2: List of Companies
- Allscripts Healthcare Solution, Inc.
- Cerner Corporation
- Cisco systems
- eCLINICALWORKS
- General Electric company
- Koninklijke Philips N.V
- Honeywell International Inc.
- Mckesson Corporation
- Siemans Healthcare AG
- Qualcomm technologies, Inc.
