Home Medical Equipment Market worth USD 43850t
Home Medical Equipment Market worth USD 43850.0 million by 2027
The Market Statsville Group (MSG) publishes the new report on the "Home Medical Equipment Market by Distribution Channel (Pharmacy, Retail stores, and Online retailers), by Functionality (Therapeutic equipment (Home Respiratory Therapy Equipment (Continuous positive airways pressure equipment, Oxygen delivery equipment, Ventilators, Nebulizers, and Humidifiers), Home IV equipment (IV pumps, IV administration, and IV accessories), Home Dialysis Equipment (Home peritoneal dialysis and Home hemolysis product), Other Home Therapeutic Equipment (Home physical therapy equipment, Home negative pressure wound therapy devices, Home braces & related products, Home enteral feeding products, Home automated external defibrillators, Home muscle & nerve stimulators)), Patient monitoring equipment (Blood Glucose Monitors, Blood Pressure Monitors, Holter Monitors, Peak Flow Monitors, Apnea Monitors, Heart Rate Monitor, Baby Monitors, Electronic Thermometer, Coagulation monitors), Mobility assist & patient support equipment (Wheelchairs, Mobility Scooters, Walking Assist Device, Medical Furniture, and Bathroom Safety Equipment)), and by Region – Global Share and Forecast to 2027".
By 2027, the global home medical equipment market size is expected to grow USD 43850.0 million from USD 29,944.8 million in 2020, at a CAGR of 5.6% during the forecast period. An aging population is on the increase throughout the world at an alarming rate. Aging is associated with progressive decline in body function and an increase in the prevalence of chronic diseases such as chronic obstructive pulmonary disease, diabetes, arthritis, dementia, asthma, and neurodegenerative ailments. Body functions undergo various anatomical, physiological, and immunological changes with age. Structural changes such as vital organ impairment lead to body dysfunction. With the rise in the aging population, the cases of chronic diseases are expected to increase the demand for mobility-assisted devices, which will drive market growth.
Browse 211 market data Tables and 63 Figures spread through 234 Pages and in-depth TOC on "Home Medical Equipment Market Research Report 2021-2027."
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Global Home Medical Equipment Market Segmentation
The overall home medical equipment market has been segmented into the distribution channel, functionality, and regions.
By Distribution Channel Outlook (Revenue, USD Million, 2017-2027)
- Retail stores
- Online retailers
By Functionality Outlook (Revenue, USD Million, 2017-2027)
- Therapeutic equipment
- Home Respiratory Therapy Equipment
- Continuous positive airways pressure equipment
- Oxygen delivery equipment
- Home IV equipment
- IV pumps
- IV administration
- IV accessories
- Home Dialysis Equipment
- Home peritoneal dialysis
- Home hemolysis product
- Other Home Therapeutic Equipment
- Home physical therapy equipment
- Home negative pressure wound therapy devices
- Home braces & related products
- Home enteral feeding products
- Home automated external defibrillators
- Home muscle & nerve stimulators
- Home Respiratory Therapy Equipment
- Patient monitoring equipment
- Blood Glucose Monitors
- Blood Pressure Monitors
- Holter Monitors
- Peak Flow Monitors
- Apnea Monitors
- Heart Rate Monitor
- Baby Monitors
- Electronic Thermometer
- Coagulation monitors
- Mobility assist & patient support equipment
- Mobility Scooters
- Walking Assist Device
- Medical Furniture
- Bathroom Safety Equipment
By Region Outlook (Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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Therapeutic Equipment, by functionality, is estimated to hold the largest market share during the forecast period
The home medical equipment market is studied based on functionality across therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment. In 2020, therapeutic equipment functionality accounted for the largest market revenue share of 80.1%. Therapeutic equipment is mainly used to either assist a patient in their daily activities or assist a medical personal in delivering therapeutic services. Patient assistive devices enable patients to perform tasks they otherwise would not perform due to a physical limitation or disability. Some of the examples of this equipment include hearing aids, visual aids, canes, walkers, or any other device.
Currently, the adoption rate for rechargeable and portable battery-operated therapeutic respiratory devices (TRDs) is high, owing to the unique features provided by these devices, such as mobile nature, along with their usage at home and other non-hospital settings. The demand for therapeutic equipment has increased the number of product approvals and launches, which majorly contributes to market growth. For instance, Ventec Life Systems was granted FDA clearance for its portable respiratory systems VOCSN in April 2017. This system combines five separate medical devices—a cough assist system, a ventilator, suction, nebulizer, and oxygen concentrator. These devices can be used across the full range of care settings, from home care to hospitals, and for all ages, from pediatric to the aging population.
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North America accounts for the largest market share in-home medical equipment market 2020
The home medical equipment market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa based on region. The North American market occupies the largest share in the home medical equipment market, and it is projected to retain its leading position during the forecast period. High purchasing power coupled with a rise in the adoption rate of portable home medical equipment and an increase in the aged population is anticipated to drive the market growth of this segment. According to the administration of community living, 14.5% of the American population were 65 years or older in 2014 and expected to reach 21.7% by 2040. The chances of most acute diseases increase with the rise in age. Thus, the demand for home medical equipment is predicted to increase due to the geriatric population, also susceptible to these diseases. In addition, an increase in product development and innovation are the factors expected to fuel the demand for home medical equipment devices. The high demand for home medical equipment in North America has led to an increase in the number of acquisitions by major players to expand their geographic presence in this region.
This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategy of the leading companies operating in the home medical equipment market. The top players contributing toward the growth of the home medical equipment market are B Braun, Baxter, Abbott, Medtronic, Invacare, Becton Dickinson & Company, GE Healthcare, Hill Rom, Johnson & Johnson, and Smith & Nephew. These market players have focused on acquisitions and expansion to gain a larger market share in the home medical equipment market.
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