Durable Medical Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The vital signs monitor segment by monitoring and therapeutic devices type is expected to garner a major share of the market. The vital signs monitor is a tool that helps to provide information to the medical and nursing staff about the physiologic condition of the patient. Monitoring of these critical signs is usually done by nurses and includes blood pressure (BP), heart rate (HR), respiratory rate (RR), oxygen saturation (SpO 2), and core temperature. Consistent vital sign monitoring is critically important for the early detection of clinical deterioration in patients in hospital settings. It is mainly monitored by the nurses, who routinely measure and document the primary vital signs of all patients 2–3 times daily to assess their condition.

Moreover, the COVID-19 pandemic created a massive demand for vital sign monitors due to the vast pool of patients getting admitted to hospitals due to infections, and it became mandatory to check the patients' critical parameters during their treatment. Product launches and product approvals related to durable medical equipment during the pandemic boosted the segment’s growth. For instance, in May 2020, Phillips received 510k clearance from the United States Food and Drug Administration for its wearable biosensor "Philips Biosensor BX100," a new approach to vital signs measurements to help manage confirmed and suspected COVID-19 patients in the hospital. Such factors are all together contributing to the segment’s growth. 

The Durable Medical Equipment (DME) Market is expected to register a CAGR of 6.2% over the forecast period (2022-2027).

The COVID-19 pandemic had a significant effect on the durable medical equipment market. Many individuals with chronic conditions or physical disabilities were not able to follow the guidelines and procedures to reduce the spread of COVID-19. 

Furthermore, the rising focus on home care settings for managing medical conditions and illnesses in patient populations and the increasing awareness about elevating patients’ comfort are the key factors driving the market for durable medical equipment (DME) globally. DME is mainly associated with therapeutic benefits and convenience for patients, and the devices are not intended for non-medical uses. The World Health Organization estimated that in 2021 more than 1 billion individuals had a disability. This corresponds to over 15% of the world's population, with up to 190 million (3.8%) adults aged 15 and older experiencing major functional challenges and frequently requiring medical attention. These increased disability statistics are likely to cause the utilization of durable medical equipment to increase and boost the market growth.

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