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Medical Equipment Rental in the US - Market Research Report (2014-2029)

Jared Ristoff Jared Ristoff New York, United States Last Updated: August 2024 NAICS OD4804

Revenue

$5.0bn

2024

$5.0bn

Past 5-Year Growth

Profit

$XX.Xbn

Employees

23,316

Businesses

745

Wages

$X.Xbn

Medical Equipment Rental in the US industry analysis

Over the five years to 2023, Medical Equipment Rental industry companies have exhibited growth due to the rapid advent of high-cost equipment. As many healthcare providers have struggled with cuts to Medicare and Medicaid reimbursements, they have implemented cost-saving strategies. Some providers have chosen to rent rather than purchase medical equipment to access up-to-date technologies at a lower cost. In addition, rising total health expenditure from the expanding medical needs of an aging US population has increased demand for industry services from both hospitals and home healthcare providers. In all, over the five years to 2023, industry revenue is projected to increase at a CAGR of 1.7% to $4.9 billion, including growth of 0.3% in 2023. Industry profit, measured as earnings before interest and taxes, is expected to account for 16.3% of revenue in 2023.The onset of the COVID-19 pandemic created significant disruptions across the healthcare sector (IBISWorld report 62). As the number of patients admitted to hospitals grew exponentially, hospitals simultaneously experienced a limited supply of critical equipment while shifting resources toward a pandemic response, increasing demand for medical equipment rentals. While widespread vaccine availability reduced patient admissions in 2021, supply chain disruptions continue to restrict access to essential medical equipment, elevating industry demand above pre-pandemic levels. Recovery in total health expenditure, fueled largely by pent-up demand for health services, including elective surgeries, is expected to drive revenue growth between 2022 and 2023 as well.Over the five years to 2028, industry revenue is forecast to continue to grow. During the next five-year period, the industry will be characterized by rising demand from healthcare institutions and homecare providers to meet the medical needs of an aging population. As the ongoing shift from volume-based models to value-based care occurs, demand for medical equipment rentals is expected to rise as healthcare providers seek the latest in evolving medical technologies for patient care to improve outcomes. Overall, industry revenue is expected to rise at a CAGR of 1.7% to $5.4 billion over the five years to 2028.

Trends and Insights

  • The Medical Equipment Rental industry has benefited from many healthcare providers implementing cost-cutting strategies. In particular, many healthcare providers have rented rather than purchased medical equipment that is prone to rapid technological change.
  • Many industry companies have increasingly provided downstream markets, such as hospitals, with high-tech equipment. For example, many medical equipment rental companies have purchased medical devices that integrate with electronic health record (EHR) systems.
  • The industry is dispersed throughout the United States. The largest markets tend to be in areas with large consumer markets, such as the Southeast and the West regions of the United States.
  • The Medical Equipment Rental industry is characterized by a low level of market share concentration. In 2020, the top three companies are expected to make up just over 40.0% of industry revenue.

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Industry Statistics and Trends

Market size and recent performance (2014-2029)

Industry revenue has grown at a CAGR of 1.1 % over the past five years, to reach an estimated $5.0bn in 2024.

Trends and Insights

The spread of COVID-19 has impacted downstream demand

  • Many healthcare providers rent equipment to meet fluctuations in patient volumes, such as short-term spikes in the number of patients admitted into the emergency room.
  • Additional trends and insights available with purchase
Medical Equipment Rental in the US
Revenue (2014-2029)
IBISWorld Logo Source: IBISWorld

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

Healthcare reform provides opportunities for cost saving measures

  • Over the next five years, healthcare reform will provide opportunities for healthcare providers to lease, rather than purchase, medical equipment.

Biggest companies in the Medical Equipment Rental in the US

Company
Market Share (%)
2024
Revenue ($m)
2024
Profit ($m)
2024
Profit Margin (%)
2024
Agiliti Health, Inc.
1,235.2
55.6
4.5

To view the market share and analysis for all 1 top companies in this industry, view purchase options.

Products & Services Segmentation

Medical Equipment Rental in the US
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Medical equipment rentals, excluding surgical equipment , Support services and Surgical equipment rentals. Medical equipment rentals, excluding surgical equipment is the largest segment of the Medical Equipment Rental in the US.

Trends and Insights

Medical equipment rentals, excluding surgical equipment, help healthcare providers manage short- and long-term costs

  • Medical equipment is constantly evolving and requires frequent maintenance, so healthcare providers benefit from renting equipment. This enables them to keep up with trends and requirements and avoid depreciation or maintenance related to equipment purchases.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

Companies in this industry rent and lease medical equipment to institutional customers. This industry specifically excludes companies that primarily rent and lease medical equipment to home care customers.

What's included in this industry?

Renting medical equipmentLeasing medical equipmentProviding customer support services

Companies

Agiliti Health, Inc.

Purchase this report to view all 1 major companies in this industry.

Related Terms

ACUTELEASERENT

Industry Code

NAICS 2017

NAICS 53249 - Medical Equipment Rental in the US

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

The Medical Equipment Rental industry has benefited from many healthcare providers implementing cost-cutting strategies. In particular, many healthcare providers have rented ...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2014-2023) and forecast (2024-2029)
  • Employees, including historical (2014-2023) and forecast (2024-2029)
  • Businesses, including historical (2014-2023) and forecast (2024-2029)
  • Profit, including historical (2014-2024)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Many industry companies have increasingly provided downstream markets, such as hospitals, with high-tech equipment. For example, many medical equipment rental companies have ...

In this chapter

  • Products & Services
  • Major Markets

Key metrics

  • Largest market segment and value in 2024
  • Product innovation level

Charts

  • Products & services segmentation in 2024
  • Major market segmentation in 2024

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

The industry is dispersed throughout the United States. The largest markets tend to be in areas with large consumer markets, such as the Southeast and the West regions of the...

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each state
  • Share of population compared to establishments in each region in 2024

Tables

  • Number and share of establishments in each state in 2024
  • Number and share of revenue each state accounts for in 2024
  • Number and share of wages each state accounts for in 2024
  • Number and share of employees in each state in 2024

Detailed analysis

  • Geographic spread of the industry across North America, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

The Medical Equipment Rental industry is characterized by a low level of market share concentration. In 2020, the top three companies are expected to make up just over 40.0% ...

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2019-2024
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

Agiliti Health is a public company with a notable market share in at least three industries: Industrial Equipment Rental & Leasing (IBISWorld report 53249), Electronic & Compu...

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2020 through 2024
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2024
  • Overview of Agiliti Health, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024

Detailed analysis

  • Description and key data for Agiliti Health, Inc., and factors influencing its performance in the industry

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

The Medical Equipment Rental industry experiences a moderate degree of regulation. Medical equipment needs to be deemed safe for use and can be recalled if not.

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2014-2029) 
  • Assistance historical data and forecast (2014-2029) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

The Medical Equipment Rental industry's cost structure is mainly determined by the cost of the equipment. For this reason, depreciation is one of the highest expenses.

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Investment vs. share of economy

Data tables

  • Industry Multiples (2017-2022)
  • Industry Tax Structure (2017-2022)
  • Income Statement (2017-2022)
  • Balance Sheet (2017-2022)
  • Liquidity Ratios (2017-2022)
  • Coverage Ratios (2017-2022)
  • Leverage Ratios  (2017-2022)
  • Operating Ratios (2017-2022)
  • Cash Flow & Debt Service Ratios (2014-2029)
  • Revenue per Employee (2014-2029)
  • Revenue per Enterprise (2014-2029)
  • Employees per Establishment (2014-2029)
  • Employees per Enterprise (2014-2029)
  • Average Wage (2014-2029)
  • Wages/Revenue (2014-2029)
  • Establishments per Enterprise (2014-2029)
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Top Questions Answered

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Medical Equipment Rental in the US industry in United States in 2024?

The market size of the Medical Equipment Rental in the US industry in United States is $5.0bn in 2024.

How many businesses are there in the Medical Equipment Rental in the US industry in 2024?

There are 745 businesses in the Medical Equipment Rental in the US industry in United States, which has declined at a CAGR of 0.5 % between 2019 and 2024.

Has the Medical Equipment Rental in the US industry in United States grown or declined over the past 5 years?

The market size of the Medical Equipment Rental in the US industry in United States has been growing at a CAGR of 1.1 % between 2019 and 2024.

What is the forecast growth of the Medical Equipment Rental in the US industry in United States over the next 5 years?

Over the next five years, the Medical Equipment Rental in the US industry in United States is expected to grow.

What are the biggest companies in the Medical Equipment Rental in the US market in United States?

The biggest company operating in the Medical Equipment Rental market in United States is Agiliti Health, Inc.

What does the Medical Equipment Rental in the US in United States include?

Renting medical equipment and Leasing medical equipment are part of the Medical Equipment Rental in the US industry.

Which companies have the highest market share in the Medical Equipment Rental in the US in United States?

The company holding the most market share in United States is Agiliti Health, Inc..

How competitive is the Medical Equipment Rental in the US industry in United States?

The level of competition is moderate and steady in the Medical Equipment Rental in the US industry in United States.

Related Industries

Widen your competitive advantage with related industries

Competitors

  • Medical Device Manufacturing in the US

Complementors

  • Medical Instrument & Supply Manufacturing in the US
  • Glasses & Contact Lens Manufacturing in the US
  • Industrial Equipment Rental & Leasing in the US

International industries

  • Global Pharmaceuticals & Medicine Manufacturing

View all industries in United States

Methodology

How are IBISWorld reports created?

IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in the US include: 

  • US Census Bureau
  • US Bureau of Labor Statistics
  • US International Trade Commission

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

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