Albany, NY -- (SBWIRE) -- 03/27/2015 -- According to a new market report published by Transparency Market Research "Medical Equipment Rental Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", the global medical equipment rental market was valued at USD 33,417.4 million in 2013 and is expected to grow at a CAGR of 5.8% during the forecast period from 2014 to 2020 to reach USD 49,112.8 million in 2020.

Medical expenditure is one of the largest expenses borne over the lifetime of any individual. The rising pharmaceutical and medical equipment costs have induced patients to consider other options that can provide relief without the financial burden of new equipment purchase. Increasing geriatric, diabetic and disabled populations have led to growth in demand for rental durable medical equipment, and surgical and medical electronic equipment. Rental service providers have employed online market portals to commercialize medical equipment, thus making them more approachable for patients and health care facilities.

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The global medical equipment rental market has been divided based on device category, end-users and geography. Based on device category, the market has been further segmented into personal/home care equipment, electronic/digital equipment, surgical equipment, durable medical equipment, and storage and transport. Durable medical equipment (e.g. patient mobility devices, patients positioning, etc.) emerged as the segment leader in terms of revenue in 2013. The segment is expected to grow at the highest CAGR of over 6% during the forecast period from 2014 to 2020. This has been attributed to the high adoption rate, patient preference and easy availability of rental durable medical equipment. The trend is expected to continue due to the growing demand in acute care and high durability of these devices.

The personal/home care medical equipment rental segment dominated the global medical equipment rental market in terms of revenue in 2013. The segment is likely to record the highest growth rate (CAGR) of over 5% within the end-user segment compared to the institutional medical equipment rental segment, aligning it with the CAGR of the overall medical equipment rental market. Online presence of a majority of medical equipment rental companies and the increasing number of outpatient care has led to the high growth of the personal/home care market. In addition, easy availability and affordability of rental equipment, the rising burden of chronic illness, increasing geriatric population and growing pressure to reduce supply costs has led to the growth of the segment.

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In terms of geography, Europe dominated the global medical equipment rental market in 2013. The region accounted for a share of over 30% of the global medical equipment rental market in the same year. Factors such as high demand for patient monitoring devices in home care settings and the support from government and private medical institutions and hospitals that encourage the use of rented and leased medical equipment were attributed to the high growth in the region. North America, on the other hand, witnessed the second fastest growth rate in the medical equipment rental market. The region is expected to lead the market during the forecast period. The increased shift toward rental medical equipment is due to the rising health care expenditure in the U.S arising from new equipment purchases. Moreover, medical institutions in the U.S. are gradually shifting toward renting/leasing medical equipment to suit their budgets, as they shift from fixed to variable costs. Asia Pacific was the fastest growing market expanding at a CAGR of over 6%. The ever-growing, price-sensitive population in the developing countries of Asia is expected to boost the medical equipment rental market in the region during the forecast period.

The medical equipment rental market is highly fragmented due to the large presence of device manufacturers that are generally small and medium enterprises (SME). The global medical equipment rental market, therefore, is characterized by the presence of only a few large global companies. These include Centric Health Corporation, Hill-Rom Holdings, Inc., Nunn's Home Medical Equipment, Port Huron Hospital Medical Equipment, US Med-Equip, Inc., Universal Hospital Services, Inc., Woodley Equipment Company Ltd., Walgreen Co., and Westside Medical Supply, Inc. Among these, Apria Healthcare Group, Inc, Hill-Rom Holdings, Inc., and Siemens Financial Services, Inc. are the market leaders in their respective regions globally. Apria Healthcare Group, Inc. and Hill-Rom Holdings are leading medical equipment rental services and solutions providers in North America. These provide rental services across all segments including electrical, surgical and durable equipment, and across the end-user segments such as personal/home care and medical institutions. These companies have a stronghold in the market in North America due to the all-around presence in the region. Siemens Financial Services, Inc., on the other hand, has a greater presence in Europe. In addition to rental services, Siemens Financial Services, Inc. provides financial assistance to medical institutions to purchase equipment.

The global medical equipment rental market is segmented as follows:

Global Medical Equipment Rental Market, by Device Category
- Personal/ Home care Equipment
- Electronic/Digital Equipment
- Surgical Equipment
- Durable Medical Equipment
- Long term care
- Acute Care
- Emergency and Trauma
- Storage and Transport
Global Medical Equipment Rental Market, by End User Category
- Personal/Home Care Medical Equipment Rental
- Chronic and Geriatric patients
- Preventive care/Monitoring
- Short Term and Outpatient Care
- Institutional Medical Equipment Rental
- Hospitals
- Healthcare Centers
- Medical Nursing Homes
- Medical Research Laboratories/Institutions
Global Medical Equipment Rental Market, by Geography
- North America Market by End User
- Personal/Home Care Equipment Rental
- Institutional Medical Equipment Rental
Europe Market by End User
- Personal/Home Care Equipment Rental
- Institutional Medical Equipment Rental
- Asia-Pacific Market by End User
- Personal/Home Care Equipment Rental
- Institutional Medical Equipment Rental
Rest of the World (RoW) Market by End User
- Personal/Home Care Equipment Rental
- Institutional Medical Equipment Rental

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