COVID-19 was a really challenging phase for everyone. People lost their loved ones, and their jobs, and even their businesses, the whole economy collapsed completely. Because it was all so sudden that people didn’t have another choice but to stay locked up in their own houses. However during this tough time, a positive shift towards rental businesses began. One such notable sector in the rental industry that saw a sudden surge was medical equipment rentals. With many people preferring to get treated from their homes out of fear of stepping outside, buying such expensive equipments for a short period of time made no sense, but to rather rent it. Because renting was an affordable and accessible alternative.
How COVID19 changed the landscape of medical equipment rentals:
Right in the middle of COVID19, affected people started getting admitted in hospitals for treatment. But since no one was prepared for this level of damage COVID19 had made, these hospital beds soon started getting filled. People who wanted to get treated were then scared of even going to hospitals, that is how the pandemic created a surge in demand for home-use medical equipment, while the rich were able to easily afford these equipments, others faced difficulties in sourcing funds to buy these kinds of equipments.
“Medical equipment rentals enable flexible, accessible solutions for healthcare providers, meeting the evolving demands of modern healthcare”
That is when medical equipment rental companies emerged as a saviour for people, offering affordability and flexibility with these equipments. Soon we were able to see a shift within this sector where people began to rent medical equipments and started taking their treatment in their home. This was when we could see a shift of consumer preferences towards renting - as people were offered an affordable yet a sustainable and flexible option.
Essential Medical Equipment that Became Popular during the Pandemic:
- Oxygen Concentrators
- CPAP machines (Continuous Positive Airway Pressure)
- Hospital Beds
- Pulse Oximeters
These were in high demand amongst renters especially during the pandemic, as most of these machines helped in determining oxygen levels in blood and also in pumping oxygen into the bloodstream as people were commonly faced by lower oxygen levels in their blood when affected by COVID. These equipments were rented to hospitals, clinics and to homes which helped in saving thousands of lives during the pandemic.
Why renting medical equipment was a smarter choice during COVID-19 Pandemic:
For the lack of better words, renting medical equipment seemed like the most affordable & sensible option for hospitals, clinics and people who were getting treated at their houses. Lets take an example of Oxygen Concentrators, If people wanted to buy it - it could cost you anywhere between 20000INR - 50000INR, which was a lot of money for people who had no income and had to depend on their savings in-order to meet living standards during the pandemic. On the other hand, renting an Oxygen concentrator - was a very affordable option, where it would cost anywhere between 2000INR to 4000INR per month.
Another concern for people who were planning to buy it was, ‘what will I do with this machine once I no longer need it?’. Since selling the machines after using, was just not a good idea because, you would only get back 15-20% of what you had paid for the equipment when new. This meant only renting or subscribing for these equipments was the sensible choice for people rather than buying it outright and being stuck with it.
The Future of Medical Equipment Rentals: Post COVID19
**“Medical Equipment Rental market to reach $94.5 Billion, Globally, by 2032 at 5.4% CAGR:
The growth of the global medical equipment rental market is driven by the cost efficiency and flexibility of medical rental equipment, increasing focus on home healthcare, and increase in number of disabled patient population”** According to a research, MediRent Solutions expanded from patient mobility aids to advanced respiratory equipment, which in returned achieved 300% growth in three years by adapting to home healthcare needs.
The medical equipment rental market is growing significantly, globally. Looking at rising patient populations, and expanded healthcare infrastructure which are driving demand where North America leads due to high healthcare demand, followed closely by Asia-Pacific. Temporary and emergency healthcare needs further amplifies this trend, with Asia-Pacific already prepared for major expansion in rental services, supporting field clinics and pop-up medical care facilities for rapid care development.
Looking at these insights, we are clearly able to understand that the future of medical equipment rentals, especially from the post-COVID era, is said to encounter consistent yet accelerated growth on a global scale. As long as people want to prioritize flexibility, affordability and convenience, the demand for renting over buying is becoming a long-tern trend. The addition of technology and increased growth of awareness about the advantages of rental businesses are contribution towards the growth of this industry. This recent post-COVID era shift does not only reflect upon changing consumer preferences but ensuring the vital role rentals plan in making healthcare easily accessible and affordable for all.