The European durable medical equipment (DME) market is expected to reach $55.4 billion by 2024, according to P&S Intelligence.
The European durable medical equipment (DME) market is estimated to generate a revenue of $37.9 billion in 2018 and is further expected to progress at a 6.6% CAGR during the forecast period (2019–2024). Due to the growing prevalence of lifestyle disorders and chronic diseases, and increasing geriatric population, the market is witnessing growth across the region.
The elderly are more susceptible to illnesses and need surgical interventions and long-term care, leading to a growing demand for DME.
DME is designed to provide patients with certain medical conditions or illnesses with therapeutic benefits. These are reusable or non-disposable items that are mainly used to serve a medical purpose, hence unsuitable for the fit and healthy.
The European durable medical equipment market is segmented by type, end-user, and geography. On the basis of type, the market is further divided into medical furniture, monitoring and therapeutic equipment, bathroom safety equipment, and personal mobility equipment.
The sector for bathroom safety equipment is projected to grow the fastest, witnessing a CAGR of 8.5% during the forecast period.
The aging population and incidents of fall cases have been increasing, thereby driving the growth of the category, as aged people have a necessity for toilet rails and frames to get a secure grip and avoid falling over. Similarly, the monitoring and therapeutic equipment category is classified into vital sign monitors, infusions pumps, blood glucose monitors, oxygen equipment, and others.
Vital sign monitors are expected to generate a revenue of over $5.0 billion in the European durable medical equipment market by 2024.
The end-users of DME are hospitals, ambulatory surgical centers, home care settings, and others. Due to the growing preference for home care among the elderly, the demand for DME in home care settings is expected to increase, making it the fastest growing category in the European durable medical equipment market.
The home care settings category is predicted to advance at a CAGR of 8.1% during the forecast period. The aged people are more likely to fall ill due to their low immunity and high susceptibility to chronic diseases, leading to a requirement for extensive care.
The geriatric population in the region is growing at a rapid rate, largely on account of falling birth rates and increasing life expectancy. According to a United Nations Department of Economic and Social Affairs (UNDESA) report, titled ‘World Population Ageing’, the population of people aged 60 years or above is growing swiftly.
In Europe, it is expected that this age group will account for 35.0% of the total population by 2050.
So, with an increase in the geriatric population, the growth of the durable equipment market in Europe will continue.
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