The durable medical equipment (DME) industry continues to witness significant upward growth in recent years and there’s no sign of it stopping. In fact, according to a report from ReportLinker, the global DME market is expected to reach $242.1 billion by the year 2024.
For those who have catastrophic injuries and are in need of medical equipment that can support and sustain their new lifestyle, this is positive news. As this market expands, new opportunities and technologies continue to develop—which in turn improves patients’ ability to perform daily tasks and makes their lives easier, healthier and happier.
What has attributed to the growth we see in the DME market? Research conducted by Harris Williams & Company accounts for three primary reasons as to why this industry is doing so well. We have outlined the reasons below that demonstrate why it is a paramount time for the durable medical equipment market.
1. We have an aging population.
It is hard to believe that the children once known as the “baby boomers” are now reaching retirement age and older. With their aging bodies not as active and much weaker than they once were, this large segment of the U.S. population has created a high demand for durable medical equipment, more than ever before. And as medical technology continues to advance, the longevity of life has been extended for a mass population of people who will continue to rely on DME products to sustain their quality of life.
2. There is a growing preference for home-based care.
Over the past ten years, there has been a steady increase in patients seeking in-home health care options. This changing preference is understandable, as patients with catastrophic injuries want to feel comfortable in their new life situation. Additionally, the boomer population doesn’t envision retirement being spent in a long-term care facility. Home modifications are becoming the preferred choice. With access to a variety of DME products, home-based care is now achievable and preferable.
3. The Affordable Care Act has allowed for more individuals to become insured.
The U.S. has seen an increase in the amount of insured Americans after the Affordable Care Act was instated. Those who once could not afford the high-tech medical equipment needed to support their catastrophic injuries are now gaining access to it. Because of this, more and more durable medical equipment must be produced to satisfy its high demand.
It’s clear that the durable medical equipment industry is poised for growth. An aging population that is witnessing increases in chronic illness require the equipment to help its patients continue living as they desire into their retirement. For these boomers, they will choose to receive care in their homes—saving money from long-term hospital stays—and even pay for medical equipment out of pocket. The market is shifting to address these new customer purchasing decisions and needs. Choosing a partner to help you navigate the growing changes is prudent. Contact Designed Living for assistance in coordinating your DME requirements at (949)353-5400.