Need to Reduce Healthcare Costs Drives Medical Equipment Rental Businesses

The WHO estimates that the world spent nearly US$6.5 trillion towards healthcare expenditures in the year 2012. This trillion dollar industry is not only a highly dynamic marketplace, in terms of research, innovation, and technological developments, but is also the one that affects every human across the globe. The developments registered by this industry have a major impact on the global and national economies.
The huge costs incurred in healthcare expenses impose massive economic burden on many under-developed and developing economies and their population. To improve the situation and make healthcare affordable, government bodies and medical institutions across the globe are continuously looking for ways to cut down healthcare costs. This need is the major driving force for the global market for medical equipment market.
Browse Market Research Report of Medical Equipment Rental Market:
Medical Equipment Renting: A Highly Dynamic Market
The medical equipment rental market is one of the most dynamically evolving markets of the healthcare industry and is aided by several technological innovations, allowing the entry of the most precisely accurate medical equipments in the line of treatment. New medical equipment, however, also have high costs, resulting in their limited access in under-developed and developing nations.
Renting of medical equipment makes for a viable option that makes latest, cutting-edge medical devices available to the masses. Renting/leasing medical equipment allows the use of these devices without having to incur huge costs on buying a device, especially for cases where the duration of requirement of the product is too small to be of any benefit in the long run.
According to a report published by Transparency Market Research, the global market for medical equipment renting had a net worth of US$33,417.4 million in 2013. The report states that the market will develop at a 5.8% CAGR between 2014 and 2020 owing to which the market will grow to a valuation of US$49,112.8 million by 2020.
Browse Market Research Press Release of Medical Equipment Rental Market:
Medical equipments are rented widely across medical institutions and personal/home healthcare setups. A majority of medical equipment used for acute care patients are very expensive and they are required only for a short period of time. Hence, renting these devices has emerged as a highly popular trend in recent days. Medical devices used for chronic pain and for a variety of geriatric healthcare conditions currently observes the highest demand from across the globe. The rising global geriatric population and rising prevalence of a variety of chronic diseases will keep demand for medical equipment rental services high in the near future.
Medical Equipment Rental Industry – a Highly Fragmented Market
The market is highly fragmented and features a few large businesses dominating it. Companies such as Stryker Corporation, Apria Healthcare Group, Inc., Siemens Financial Services, Inc., Hill-Rom Holdings, Inc. are the companies with the most expansive geographical reach and have presence in multiple categories of highly advanced medical equipment. The presence of these companies in emerging economies has allowed these companies in catering to a vast set of unmet demands, along with making treatment options much affordable for the cost-constrictive markets.

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