US Medical Equipment Rental Market - Focused Insights 2023-2028

US MEDICAL EQUIPMENT RENTAL MARKET INSIGHTS

The U.S. medical equipment rental market was valued at USD 7.84 billion in 2022 and is expected to reach USD 8.92 billion by 2028, growing at a CAGR of 2.17%. Medical equipment rental is an agreement by the licensee with the licensor wherein the licensor allows the licensee to utilize the equipment for a particular period in exchange for rental. The equipment can be rented monthly, daily, or weekly. 

The proliferating technological progress in armamentarium and therapeutic devices is set to drive the US medical equipment rental market owing to the surge in preference for medical equipment renting by hospitals and medical professionals rather than purchasing emerging instruments. This report offers market size & forecast data for the medical equipment rental market in the US. The revenue generated from providing rental services for medical equipment and revenue generated from providing rental services for new and used medical equipment is included in the report. Revenue generated by refurbished medical equipment is excluded from the report’s scope. This report provides a comprehensive and current U.S. medical equipment rental market scenario, including the US medical equipment market size, anticipated market forecast, relevant market segmentations, and industry trends. 

The new equipment rental dominates and has the highest U.S. medical equipment rental market share in 2022. This dominance can be attributed to the healthcare sector's continuous scientific and technological progress. There is continuous scientific and technological progress in the healthcare sector. It is necessary to invest in new equipment to maintain a competitive level. Rental service is a great solution to overcome the financial challenges of acquiring new healthcare equipment. 

US MEDICAL EQUIPMENT RENTAL MARKET HIGHLIGHTS:

• The U.S. medical equipment rental market growth is majorly driven by the rise of chronic diseases, a growing patient population, an increase in the number of diagnostic and surgical procedures, the high cost of healthcare equipment, rapid advances in healthcare, an increasing number of hospitals and diagnostic centers, and others. 
• The medical imaging equipment product segment accounted for the highest share of over 30% in 2022 of the U.S. medical equipment rental market. The increasing demand for medical imaging equipment is due to raising the imaging & diagnostic procedures, increasing the disease burden, increasing the prevalence of chronic diseases, and rising the geriatric population. However, patient monitoring equipment will likely witness the highest CAGR during the forecast period. 
• The hospital end-user segment accounted for the highest U.S. medical equipment rental market share. The high share can be attributed to hospitals as they provide end-to-end services ranging from diagnosis and treatment to patient health management, increasing the demand for various healthcare equipment. 
• Many organizations are engaged in providing medical equipment of the innovative type on a rental basis. Advanced supervision for patients with the help of healthcare professionals through these innovative products will provide lucrative opportunities for the growth of this market in the long run. 
• Apria Healthcare Inc (Owens & Minor), CareRx, Hill-Rom Holdings Inc, US-Med Equipment Inc, and Walgreen Co. are some of the leading players currently dominating the U.S. medical equipment rental market. The major players focus on strategic acquisitions and collaborations with emerging players to enter the medical equipment rental market and access commercially launched products.