The European durable medical equipment market generated a revenue of $37.9 billion in 2018, and it is predicted to reach a value of $55.4 billion by 2024. According to the forecast of the market research firm, P&S Intelligence, the market will progress at a CAGR of 6.6% between 2019 and 2024. The factors driving the market expansion are the growing incidence of lifestyle disorders and chronic diseases and the mushrooming population of geriatric people across the region.
According to many reports, two-thirds of all premature deaths in Europe are caused due to four major non-communicable diseases (NCDs) namely diabetes, chronic respiratory diseases, cancer, and cardiovascular diseases. The population in this region is also affected by growing occurrence rate of various lifestyle associated disorders such as obesity and diabetes, on account of the changing lifestyle patterns of people. The growing prevalence of these diseases is fueling the expansion of the European durable medical equipment market.
Depending on type, the European durable medical equipment market is divided into medical furniture, bathroom safety equipment, personal mobility equipment, and monitoring and therapeutic equipment categories. Out of these, the bathroom safety equipment category is predicted to exhibit the fastest growth in the market in the forthcoming years. This is credited to the surging incidence of bathroom accidents and fall cases and the ballooning population of ageing people in the region.
The European durable medical equipment market will register the fastest growth in the U.K. in the coming years. This is ascribed to the surging life expectancy of people and the increasing availability of various technologically advanced products in the country. As per the Institute for Health Metrics and Evaluation (IHME) data, the life expectancy of men and women grew from 72.9 years to 79.2 years and 78.5 years to 82.7 years, respectively, from 1990 to 2017, in the U.K.
Thus, the market is certain to exhibit huge expansion in the coming years, primarily because of the increasing life expectancy of people, surging geriatric population, and the rising incidence of various lifestyle associated disorders and chronic diseases in the region.