Durable medical equipment (DME) is any medical equipment used in clinics, hospitals, and homecare settings, in order to support in better quality of living. Various equipment are included DME such as wheelchairs, crutches, oxygen equipment, blood testing strips, power mobility devices, and hospital beds.
Durable medical equipment have strong background of reimbursement background, which is expected to drive the market growth. The medical practitioner must prescribe the patient the specific durable medical equipment, which needs to be approved by Medicare before purchasing. Medicare is taking initiative to promote competitive bidding to bring its reimbursement in line with other payers, thus can negatively impacted some DME distributors and manufacturers. For instance, In December 2015, Centers for Medicare and Medicaid Services (CMS) issued a new rule establishing a prior authorization process for certain durable medical equipment, prosthetics, orthotics, and supplies (DMEPOS). In this rule, DMEPOS items that were flagged for unnecessary utilization comprise a master list of 135 items that will potentially be subject to prior authorization and relevant documentation must be submitted for prior authorization before beneficiaries can receive an item and submit a claim.
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Global Durable Medical Equipment Market – Driver
Increasing number of hospitals, surgical and outpatient procedures, home healthcare services is expected to drive growth of the global durable medical equipment market during the forecast period. For instance, according to the U.S. Bureau of Labor Statistics, the home health aides and personal care aides are expected to increase by 13 million in 2020 (a 70% increase from 2010). Moreover, the organization expected that home healthcare employment is expected to exhibit the rate of 55.0% from 2006 to 2016, thus accelerating growth of this market.
Furthermore, increasing number of patients that require long-term therapy, drug delivery, and related products is expected to fuel growth of the global durable medical equipment market over the forecast period. Growing prevalence of chronic conditions such as cancer, cardiovascular disorders, neurological disorders, and gynecological disorders is boosting the demand for long-term care at home care settings and hospitals and is expected to increase demand for durable medical equipment. For instance, according to the Centers for Disease Control and Prevention (CDC), 2015, around 800,000 people in the U.S. died due to stroke and other cardiovascular diseases.
Furthermore, growing geriatric population suffering from age-related conditions such as cardiovascular disease, diabetes, and other lifestyle disorder are expected to increase the demand for durable medical equipment. Therefore rising geriatric population is important factor supporting growth of the DME market. For instance, according to United Nations Organization, there were an estimated 962 million people aged 60 years or over in the world in 2017, comprising 13% of the global population and this population is continuously growing at a rate of about 3% per year. Currently, Europe has the highest percentage of population aged 60 years or over (25%).
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Global Durable Medical Equipment Market – Regional Analysis
The global durable medical equipment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among regions, North America accounts for the largest market share in global durable medical equipment market followed by Europe. This is owing to large patient pool with various diseases and increase in surgeries, which require more number of durable medical equipment. Furthermore, Asia Pacific is expected to exhibit high growth, owing to rising investments by governments of emerging economies in the healthcare sector. Moreover, growing inclination towards invasive as well as non-invasive monitoring devices is expected to propel growth of the market in the near future.
Global Durable Medical Equipment Market – Competitive Landscape
Key players in global durable medical equipment market are Stryker Corporation, Baxter International, Inc. Medtronic plc. Becton, Dickinson and Company, Medline Industries, Inc., Invacare Corporation, Sunrise Medical (US) LLC, ResMed, Inc., Drive DeVilbiss Healthcare, Inc. (Medical Depot Inc.) Hill-Rom Holdings, Inc., and others.
Major companies operating in the market are involved in various growth strategies such as mergers and acquisition, in order to enhance their market presence. For instance, in 2017, Becton, Dickinson and Company acquired C.R. Bard, Inc. and both companies are focusing on improving treatment of diseases for patients. Furthermore, in February 2017, Hill-Rom acquired Mortara Instrument, Inc., a Wisconsin-based medical device manufacturer, to increase their medical device product portfolio and revenue growth.
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