The medical equipment rental market allows patients to access costly medical devices and equipment for temporary use at an affordable cost. Medical equipment rental offers several advantages such as lower upfront costs, budget certainty, easy access to state-of-the-art equipment, and maintenance and support. Some key medical equipment available on rental include wheelchairs, crutches, patient transfer equipment, sleep apnea machines, hospital beds, infusion pumps, anesthesia machines, defibrillators, and others. The rising need for temporary access to specialty medical devices along with the escalating healthcare costs has increased the demand for medical equipment on rentals.

The Global Medical Equipment Rental Market is estimated to be valued at US$ 56.68 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the medical equipment rental market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company.

The growing geriatric population, rising incidence of chronic diseases, and surge in demand for long-term home healthcare are some of the major factors driving the demand for medical equipment rentals.

Technological advancements are expanding the applications of medical equipment rentals. More medical devices are now available on rental with improved features and remote monitoring capabilities. This allows patients to benefit from the latest medical innovations without significant upfront costs.

Market Trends
Rise in Ambulatory Care - Ambulatory care centers are emerging as an attractive alternative to hospitals for numerous diagnostic procedures and minor surgeries. This is increasing the demand for rented medical equipment in ambulatory surgical centers and physician offices.

Increased Adoption of Telehealth - Telehealth services allow remote patient monitoring using specialized connected medical devices available on rent. The pandemic has accelerated the adoption of telehealth and remote patient monitoring is driving demand for equipment rentals.

Market Opportunities
Untapped Potential in Developing Nations - Lack of access to specialized healthcare infrastructure and financing options in developing countries represent major opportunities for medical equipment rental companies. Pay-per-use and low rental costs can improve access to care.

Rental of Large Medical Systems - Renting large and expensive medical systems like MRI, CT scan, C-arm devices etc. installed in hospitals offers potential for equipment manufacturers to expand their rental businesses.

Impact of COVID-19 on Medical Equipment Rental Market

The COVID-19 pandemic has significantly impacted the Medical Equipment Rental Market Demand. The demand for medical equipment suddenly surged across various healthcare facilities to effectively deal with increasing number of COVID cases. Hospitals and other care centers preferred renting medical equipment rather than investing hugely in capital expenditure at a time of global economic crisis. Ventilators, patient monitors, respiratory devices were some of the key equipment demanded on rental basis during peak of pandemic. Post COVID too, the trend of renting equipments is expected to continue as healthcare facilities aim to improve flexibility and optimize costs.

North America currently holds the largest share of medical equipment rental market, primarily due to well-developed healthcare infrastructure and presence of major players. However, the Asia Pacific region is emerging as the fastest growing regional market. Countries like China and India witnessed exponential surge in COVID cases which necessitated rapid scale up of medical resources. Lack of resources prompted these regions to rely heavily on rental of medical devices. Moreover, rising medical tourism and improvements in access to healthcare is contributing to rental market growth. Countries in Southeast Asia and Latin America are also anticipated to provide lucrative opportunities for market players over the coming years.

Europe has traditionally been an important market for medical equipment rental due to focus on quality patient care and presence of major rental companies. However, the pandemic impacted the region severely during its initial phases. This led to shortage of critical care devices across several European countries. As a result, governments and private hospitals gave preference to renting medical devices to ramp up capacities on short notice. The focus on cost-optimization is further expected to support rental market even in the post COVID scenario in Europe.
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