MEDICAL EQUIPMENT RENTAL MARKET ANALYSIS

Market Challenges And Opportunities

However, factors such as non-adherence to the standards and lack of coverage provided in insurance are expected to hamper the market growth.

• Non-adherence to the standards
• Lack of coverage provided in insurance

Global Medical Equipment Rental Market Drivers:

Rise in patient pool to augment market growth

One of the key factors expected to people the growth of the global medical equipment rental market over the forecast period is the rise in patient pool (due to rise in burden of chronic diseases across the world). According to the American Hospital Association, more than 133 Billion people in the U.S., nearly half the population, suffer from at least one chronic disease. This number is about 15 Billion higher than just a decade ago, and this number is expected to reach around 170 Billion by 2030. With the increase in number of patients, the burden on the hospitals is also increasing, which in turn increases the demand for rental medical equipment.

High demand for healthcare equipment to drive market growth

Another factor which is driving the growth of the medical equipment rental market is the increasing demand for advanced healthcare equipment. For instance, with the rise in patient pool and increase in number of hospitals and clinics across the globe, the demand for advanced healthcare equipment is also increasing with the rapid pace. In April 2022, Getinge, a manufacturer of medical and life sciences equipment, collaborated with the International Finance Corporation (IFC) to help increase access to medical equipment across Africa. Getinge joined the IFC’s initiative to help healthcare providers in East and West Africa get better access to life-saving equipment.

Global Medical Equipment Rental Market Opportunities:

Rising number of hospitals or medical facilities around the world is expected to provide significant growth opportunities for players in the medical equipment rental market. For instance, according to the American Hospital Association, 2022 report, in total, there were about 6,093 hospitals in the United States in 2022, and the total number of hospital admissions were 33,356,853. Such a high number of hospitals and hospital admissions in the United States lead to the increasing demand for advanced healthcare equipment in mid and small size hospitals. This in turn drives the demand for rental medical equipment, leading to the market growth.

Rising adoption of leasing healthcare equipment is expected to offer lucrative growth opportunities for players in the global medical equipment rental market. For instance, in May 2023, The Nigeria Sovereign Investment Authority (NSIA) announced the launch two flagship companies namely the NSIA Advanced Medical Service Ltd. (MedServe) and the Equilease Systems Limited (Equilease). EquiLease is a specialized equipment leasing service provider. It will provide medical equipment leasing services, leveraging its strategic advantage to catalyze investments in healthcare institution and facilitating the acquisition of equipment to improve the quality of healthcare in Nigeria.