The Global Home Medical Equipment Market accounted for US$ 33,254 Mn in 2021 and is expected to reach US$ 55,912 Mn by 2030 with a considerable CAGR of 6% during the forecast timeframe of 2022 to 2030.
Home medical equipment refers to medical gadgets that are designed for use outside of a professional healthcare facility. People are now welcoming medical devices into their homes as a result of increased stress in healthcare systems. Stress can be exacerbated by massive fees, inadequate guidance, or dealing with emergency situations outside of the hospital. One of the best ways to avoid these conditions is to keep disease-related medical equipment on hand, whether at home or work. Diabetes, asthma, cancer, arthritis, and other chronic diseases necessitate routine examinations and treatment. However, home medical equipment will be extremely useful in monitoring medical conditions on a daily basis. As a result, patients are no longer required to spend their entire stay in hospitals or clinics.
· The rise in chronic diseases such as respiratory issues
· Increase in the number of elderly people
· Growing adoption of self-health management
· High prices and stringent guidelines
· Changing reimbursement policies and limited insurance coverage
· Technological advancements such as wearable devices, mobile health applications, etc
· Various government initiatives to promote home healthcare
|Market||Home Medical Equipment Market|
|Market Size 2021||US$ 33,254 Mn|
|Market Forecast 2030||US$ 55,912 Mn|
|CAGR||6% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Equipment Type, By Distribution Channel, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott Laboratories, B. Braun Melsungen AG, Baxter International Inc, General Electric Company (GE Healthcare), Invacare Corporation, Medtronic PLC, Johnson & Johnson (Depuy Synthes), Drive Devilbiss Healthcare, Becton, Dickinson And Company, Hill-Rom Holdings, Inc, Smith & Nephew PLC, and Caire Inc.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
10 hrs of free customization and expert consultation
Home Medical Equipment Market Dynamics
The increasing cases of several chronic conditions such as cancer, diabetes, and heart attacks, as well as the growing burden on medical facilities worldwide, are driving the growth of the global home medical equipment market share. Furthermore, healthcare spending has increased, and home medical equipment provides a range of benefits, including the ability to measure chronic conditions, cut the price of expensive treatments, and avoid unnecessary circumstances in an emergency. These are some of the key factors driving the market's demand for home medical equipment. Furthermore, growth in R&D activities and different technological developments for the creation of products with enhanced features are going to accelerate the growth of the home medical equipment market during the forecast period. Besides this, the contributing factors impeding the growth of the global home medical equipment market include limited coverage of medical equipment under insurance and growing concerns about patient safety due to a scarcity of home care staff.
Home Medical Equipment Market Segmentation
Market by Equipment Type
· Therapeutic Equipment
o Dialysis Equipment
o Respiratory Therapy Equipment
o Intravenous Equipment
o Other Therapeutic Equipment
· Patient Monitoring Equipment
o Telemedicine Patient Monitoring Equipment
o Conventional Monitors
· Mobility Assist and Patient Support Equipment
o Mobility Assist Equipment
o Bathroom Safety Equipment
o Medical Furniture
In terms of equipment type, therapeutic equipment held the largest market share in 2021. Therapeutic equipment can be designed for both adults and children. Pediatric therapeutic devices were created with small hands in mind, or to fit a child's small physical frame. Current developments in therapeutic equipment include aquatic devices designed to be used in water and respiratory therapy equipment designed to assist patients with respiratory issues. Ultrasound therapy helps to stimulate tissue to help in the recovery of tendon or ligament injuries. Furthermore, the increasing adoptions of insulin delivery devices due to the increasing number of diabetic patients, as well as the rapid adoption of dialysis devices and chronic wound products by patients around the world, are key factors driving the growth of the market in this segment. Furthermore, an increase in the development of technologically advanced therapeutic products is a major factor driving the market's growth during the forecast period.
Market by Distribution Channel
· Retail Medical Stores
· Hospital Pharmacies
· Online Retailers
Based on the distribution channel, retail medical stores are expected to hold the largest market shares in 2021. The growing prevalence of chronic diseases such as diabetes, hypertension, cardiovascular disease, and cancer, which require long-term medication, is expected to drive growth in the retail medical store segment during the forecast period. Pharmaceuticals are becoming more affordable as public healthcare expenditures rise, fueling the retail medical store segment, particularly in rural and tier-II cities. Additionally, The retail medical store segment is expected to expand in the near future as a result of an aging and rising population, rising living standards, emerging health conditions, and the introduction of various chronic diseases, all of which contribute to the increased demand for various medicinal products.
Furthermore, the COVID-19 pandemic has accelerated growth in both traditional pharmacy retail outlets and online pharmacy retail channels. Medical retail outlets were classified as essential services around the world, but due to the virus's fear, online retail pharmacies have emerged as the most dynamic channel for obtaining drugs and devices. As a result, the online retail store is expected to expand significantly over the next few years.
Home Medical Equipment Market Regional Overview
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa
The North America region is expected to grow at a faster CAGR during the forecast period, owing to an increase in chronic diseases such as diabetes, asthma, high blood pressure, and plenty of others. The growing adoption of home medical equipment among people in this region as a result of the growing popularity of home care patient settings, as well as increased medical investments by various people in countries such as the United States, are key factors supporting market growth in this region. In North America, the United States has dominated the home medical equipment market. The presence of several market players engaged in the production and expansion of the range of home medical equipment is one of the primary factors driving the market growth. Furthermore, the country's higher prevalence of chronic diseases is increasing the demand for home patient monitoring.
Some of the prominent players in global home medical equipment market are Abbott Laboratories, B. Braun Melsungen AG, Baxter International Inc, General Electric Company (GE Healthcare), Invacare Corporation, Medtronic PLC, Johnson & Johnson (Depuy Synthes), Drive Devilbiss Healthcare, Becton, Dickinson And Company, Hill-Rom Holdings, Inc, Smith & Nephew PLC, and Caire Inc.
The estimated value of global home medical equipment market in 2021 was accounted to be US$33,254 Mn.
The projected CAGR of home medical equipment during the analysis period of 2022 to 2030 is 6%.
The prominent players of the global home medical equipment market involve Abbott Laboratories, B. Braun Melsungen AG, Baxter International Inc, General Electric Company (GE Healthcare), Invacare Corporation, Medtronic PLC, Johnson & Johnson (Depuy Synthes), Drive Devilbiss Healthcare, Becton, Dickinson And Company, Hill-Rom Holdings, Inc, Smith & Nephew PLC, and Caire Inc.
North America held the dominating share for home medical equipment during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for home medical equipment during the analysis period of 2022 to 2030.
The rise in Chronic Diseases such as Respiratory Issues, an increase in the number of elderly people are the prominent factors that fuel the growth of global home medical equipment market.
Based on distribution channel, retail medical stores segment held the maximum share for home medical equipment market in 2021.