The European durable medical equipment (DME) market is expected to reach $55.4 billion by 2024, according to P&S Intelligence.
The market growth is primarily driven by the rising prevalence of chronic diseases and lifestyle associated disorders, surging geriatric population, and increase in number of surgeries and recipients for long-term care. Furthermore, the rising incidence of disabilities is also supporting the growth of the market.
Insights into the market segments
Based on type, the European durable medical equipment market is categorized into monitoring and therapeutic equipment, medical furniture, personal mobility equipment, and bathroom safety equipment. The market for bathroom safety equipment is expected to grow at the fastest pace, advancing at a CAGR of 8.5% during the forecast period. Increasing number of fall cases and rise in geriatric population are the supporting elements for the growth of the market. Elderly patients have a high requirement for toilet rails and frames, to provide secure grip and avoid falls.
The monitoring and therapeutic equipment category in the European durable medical equipment market is further classified into blood glucose monitors, infusion pumps, vital sign monitors, oxygen equipment, and others. The market for vital sign monitors is expected to attain a value of more than $5.0 billion by 2024, attributed to the increasing number of diabetic patients and growing geriatric population in the region. As per the projections made by the WHO, deaths caused by diabetes are expected to double between 2005 and 2030 in the region.
On the basis of end user, the European durable medical equipment market is fragmented into hospitals, ambulatory surgical centers, home care settings, and others. The increasing preference toward home care facilities is anticipated to drive the demand for DME in Europe, thereby making it the fastest growing category in this market, at a CAGR of 8.1% during the forecast period.
Browse report overview with 177 tables and 65 figures spread through 222 pages and detailed TOC on "Europe Durable Medical Equipment (DME) Market by Type (Monitoring & Therapeutic Equipment [Blood Glucose Monitors, Infusion Pumps, Vital Sign Monitors, Oxygen Equipment], Medical Furniture [Medical Beds, Patient Lifts & Lift Chairs, Stretchers], Personal Mobility Equipment [Wheelchairs, Scooters, Walking Aids], Bathroom Safety Equipment [Commode Chairs, Toilet Rails/Frames]), by End User (Hospitals, ASCs, Home Care Settings), by Geography (Germany, France, U.K., Italy, Russia, Spain, Netherlands, Poland, Switzerland, Belgium, Sweden) – Market Size, Share, Development, Growth, and Demand Forecast, 2014–2024" at:https://www.psmarketresearch.com/market-analysis/europe-durable-medical-equipment-market
In Europe, durable medical equipment market to witness the fastest growth in the U.K.
The U.K. durable medical equipment market is expected to be valued at $7,083.0 million by 2024, registering a CAGR of 8.4% during the forecast period. This growth will be mainly driven by the increasing life expectancy of the country’s population, and growing accessibility to technologically advanced products. According to the Institute for Health Metrics and Evaluation (IHME) data, in the U.K., the life expectancy of females increased from 78.5 years in 1990 to 82.7 years in 2017, and for males it increased from 72.9 years in 1990 to 79.2 years in 2017. These factors will drive the demand for DME in the country during the forecast period.
Increasing product launches continue to support the market growth
Increasing product launches are paving the way for various market players to expand their product portfolio in the European durable medical equipment market. For instance, in December 2018, DeVilbiss Healthcare LLC introduced low‐height, semi‐electric, and manual crank beds. These beds are durable and polyethylene molded, embossed with “Head” and “Foot” to help ensure proper assembly.
Furthermore, in June 2018, DeVilbiss Healthcare LLC introduced Competitor II Hi/Lo height adjustable beds and Competitor II manual height adjustable beds. These beds include a pendant lockout feature that helps prevent accidental actuation of head or foot deck adjustment when in the locked position.
Some of the other key players operating in the European durable medical equipment market are Invacare Corporation; Hill-Rom Holdings Inc.; Stryker Corporation; Medtronic plc; Becton, Dickinson and Company; Medline Industries Inc.; Johnson & Johnson; Abbott Laboratories; Koninklijke Philips N.V.; Siemens AG; General Electric Company; Arjo AB; DeVilbiss Healthcare LLC; Handicare Group AB; Permobil AB; and Sunrise Medical.
EUROPE DURABLE MEDICAL EQUIPMENT MARKET SEGMENTATION
By End User