The demand dynamic of the durable medical equipment rental market is shaped by favorable reimbursement framework. The trend is evident in developed regions where national health insurance programs are willing to reimburse a large proportion of the overall cost of renting durable medical equipment. Worldwide, most individual and institutional buyers show initial preference toward renting than buying. A key aspect in the durable medical equipment rental market products is the fact that after certain not-so-long period, ownership passes on the individual who had rented it.
Over the past few months, oxygen cylinders were one of the key pieces of equipment that have been provisioned through renting. In the U.S., the landscape is shaped by medicare-approved supplier. Growing demand in the durable medical equipment rental market in the region has been spurred by State Health Insurance Assistance Programs (SHIPs).
Cost-effective Option for Managing Chronic Diseases Bolster Uptake
Rise in numbers of chronic patients who are dependent on durable medical equipment to support daily life functions or improve the quality of life, thereby boosting the durable medical equipment rental market. Buyers have been offered with range of rental options to fit their budget and meet their requirements. A sizable demand has come from patients who are suffering from some sort of disabilities. In this regard, the rise in incidence of traumatic sports’ and road accident’s injuries is a key driver for sales in the durable medical equipment rental market. Rise in demand for equipment for managing acute conditions most notably from orthopedics is a key accelerant for generation of new revenue streams.
Several players have been keenly expanding their product offering and also incorporating new technologies. In the same vein, top players are setting their sights on cost-sensitive markets. Some of the key players in the durable medical equipment rental market are C.N.Y. Medical Supply Corp., Nunn’s Home Medical Equipment, Getinge Ab, Universal Hospital Services Inc., and GE Healthcare.
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