Home Medical Equipment Market Size Growth Highlighting Major Drivers & Trends
Home Medical Equipment Market Overview
Home Medical Equipment Market size report anticipates the industry to reach USD 35,540 Million by 2030 at 6.80% CAGR during the forecast period 2022-2030.
Market Dynamics
The home medical equipment market has changed in recent years as the prevalence of multiple chronic diseases has increased across the world. Technology is increasingly being used in self-health management to relieve the strain on healthcare systems. Furthermore, technological developments in home medical equipment, as well as increased technological knowledge among individuals for the use of medical equipment, are increasing the adoption of home medical equipment. The change in how many healthcare services is delivered from conventional hospital settings to the home would increase demand for home medical equipment. The home medical equipment market is influenced by the rise in demand for this equipment, particularly among patients with long-term illnesses such as arthritis and high blood pressure who need reliable medical treatment, as well as the cost effectiveness of this equipment.
The increase in efforts to provide better healthcare services to patients is one of the major factors propelling the home medical equipment market forward. The growth of the home medical equipment market is accelerated by improvements in the ease of handling this medical equipment and an increase in their adoption as a result of this ease. The demand for home medical equipment is increasing due to the growing geriatric population, rising healthcare costs, and the need for cost-effective treatment. Chronic diseases such as cancer, stroke, kidney failure, and diabetes are becoming more common. Strategic strategies, mergers and acquisitions, alliances, deals, product releases, regulatory approvals, and expansion of manufacturing facilities are all priorities for key players in the global home medical equipment industry. New innovations like needle-free diabetic treatment, drug administration devices, and sturdy medical equipment like medical beds and lift chairs are also propelling the home medical equipment market forward.
Concerns about the safety and dependability of these medical devices, as well as issues with their adoption, are expected to stymie the home medical equipment market's growth. The risk of equipment misuse and hazards due to poor environmental conditions, as well as the high cost of these products, are expected to stifle the growth of the home medical equipment industry.
Market Segmentation
The global home medical equipment market has been segmented into functionality and end-user.
By functionality, the market has been segmented into therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment. In 2019, the therapeutic segment accounted for the majority of home medical equipment market share, and this trend is expected to continue over the forecast period. This is due to a rise in the use of therapeutic home care products such as home respiratory therapy and ventilators.
The global home medical equipment market, by end-user, has been segmented into hospitals, emergency clinics, home care settings, and others.
Regional Overview
Owing to the increasing demand for invasive and non-invasive monitoring products, as well as the rising prevalence of chronic diseases in the region, the Americas are expected to dominate the global home medical equipment market. North America retained the largest share of the home medical equipment industry, and this dominance is projected to continue during the forecast era. This is due to an increase in chronic diseases in this area, such as asthma, diabetes, high blood pressure, and others. Furthermore, new healthcare innovations are expected to fuel business growth in the Americas.
Due to the region's increasing geriatric population, developing interest from major key players in emerging markets, and high-quality healthcare infrastructure, Asia-Pacific is expected to be the fastest-growing region. The Middle East and Africa are projected to have the smallest share of the global demand for home medical equipment. This is due to the region's limited healthcare facilities and lack of knowledge about home medical equipment. However, due to an increase in disposable income and increased knowledge of the benefits of homecare medical devices, Asia-Pacific is expected to expand at the fastest pace during the forecast period.
Competitive Dashboard
The notable key players listed in the Home Medical Equipment Market overview report are Carefusion Corporation (US), GE Healthcare (US), Medline Industries Incorporated (US), Omron Corporation (Japan), Resmed Corporation (US), Stryker (US), Arkray Incorporated (Japan), Smiths Group PLC (UK), Hoffmann-La Roche Ltd (Switzerland), Abbott (US), Philips Healthcare (US), Invacare Corporation (US) and others.
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