Home Medical Equipment Market Overview
The global home medical equipment market is expected to cross USD 35,540 Million by 2030 It can reach this benchmark at a CAGR of 6.80% over the forecast period. Technological advances in home medical equipment and awareness among the populace are major factors driving market demand. The transition from conventional healthcare models to home healthcare can bode favorably for the market. Lack of hospital beds due to the outbreak of the COVID-19 pandemic has led to procurement of hospital equipment for home healthcare and will be beneficial to hospital equipment manufacturers.
Home medical equipment consists of a broad range of devices intended for use at home or other non-clinical settings. The delivery of healthcare services will see an evident shift from clinical to homecare settings is positively influencing the home medical equipment market. The rising prevalence of chronic diseases such as cancer, stroke, kidney failure, and diabetes. The key players operating in the global Home Medical Equipment Market are focusing on strategic initiatives, mergers acquisitions, partnerships, agreements, product launches, government approvals, and expansion of manufacturing facilities.
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,
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Home Medical Equipment Market Segmentation
- The global home medical equipment market has been segmented by functionality and end user.
- Based on functionality, the market has been segmented into mobility assist patient support equipment, patient monitoring equipment, and therapeutic equipment.
- On the basis of end user, the market has been segmented into home care settings, emergency clinics, hospitals, and others. Hospitals are estimated to be the biggest end user of the global home medical equipment market due to increased budget for healthcare in these units, establishment of hospitals, and government initiatives for encouraging home healthcare for reducing burden on nations.
Home Medical Equipment Market Regional Analysis
Based on the regions, the global home medical equipment market is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East Africa (MEA).
Europe is expected to register a massive share of the global market due to the increasing public awareness of home medical equipment. Rise in the prevalence of chronic disorders, a sizeable patient pool, and disposable income levels are factors expected to drive the regional demand.
The Americas is the largest regional market driven by technological advancements, increasing prevalence of chronic diseases such as diabetes, cancer, etc., and preference of home care is projected to boost the market growth in this region. Moreover, presence of mobile applications for consulting with physicians from the comfort of the homes of patients can bode well for the global home medical equipment market.
APAC is the fastest-growing regional market due to a surge in the number of the elderly. Susceptibility of the elderly and the lack of beds in private and public hospitals combined with the burden on the healthcare sector can drive market demand. An increasing need for affordable healthcare delivery systems is also expected to boost the adoption of home medical equipment. The growth potential in emerging economies of China, India, Malaysia, Indonesia, and Australia are expected to provide numerous opportunities for market expansion during the forecast period.
On the other hand, the MEA held the smallest market share owing to limited healthcare infrastructure and lack of awareness about home medical equipment.
Home Medical Equipment Market Players
- Arkray Incorporated (Japan)
- Carefusion Corporation (US)
- Invacare Corporation (US)
- Medline Industries Incorporated (US)
- Omron Corporation (Japan)
- Resmed Corporation (US)
- Smiths Group PLC (UK)
- GE Healthcare (US)
- Hoffmann-La Roche Ltd (Switzerland)
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