The North America durable medical equipment market is expected to reach US$ 131,013.4 Mn in 2027 from US$ 75,507.9 Mn in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019-2027.
The growth of the durable medical equipment market is primarily attributed to rising prevalence of chronic diseases, increasing elderly population and growing incidents of road accidents. However the market is likely to experience restraining factor due to high Cost associated with therapeutic products and procedures.
The North American region is likely to witness growth in the durable medical equipment due to rising geriatric population. The significantly growing geriatric population is major leading factor of the durable medical equipment market. The elderly population are more susceptible to suffer from chronic disorders such as heart diseases, diabetes and other respiratory disorders. As per data published by National Institute on Ageing, around 85 percent of older adults suffer from least one chronic health condition, and approximately 60 % have at least two chronic disorders, as per the Centers for Disease Control and Prevention.
Various challenges have been witnessed in the nations owing to the demographic shift in the population of developed as well as developing nations. The U.S. Census Bureau's national population projection reports that the older population in the United States currently consists of around 15% of the total population in the nation, and the percentage is anticipated to increase unto 23.5% by the end of the year 2060.
In 2018, the monitoring & therapeutic devices segment held a largest market share of 96.6% of the durable medical equipment market, by device type. The endodontic consumables segment is expected to dominate its market share in 2027. However, the personal mobility devices segment is also expected to grow at the fastest rate during the coming years owing to growing number of geriatric population as well as rise in the number of accidents leading to disability and hence increased demand for walking aids.
Similarly, in 2018 hospitals & clinics held the largest share by end user. It held approximately 58.0% of the durable medical equipment market. The segment is also expected to hold the largest share in the forecast period owing to the reimbursement policies provided for the patients along with the availability of better healthcare facilities and infrastructure in the hospital premises.
Some of the major primary and secondary sources for durable medical equipment included in the report are, Centers for Disease Control and Prevention, The International Diabetes Federation, Center for Medicare & Medicaid Services, and World Health Organization among others.