Home Medical Equipment Market: by Distribution Channel (Pharmacies, Retail Medical Stores and Online Retailers), by Functionality (Therapeutic Equipment [Home Respiratory Therapy Equipment, Home IV Equipment, Home Dialysis Equipment, and Other Home Therapeutic Equipment), Patient Monitoring Equipment [Blood Glucose Monitors, Blood Pressure Monitors, Holter Monitors, Peak Flow Meters, Apnea Monitors, Heart Rate Monitors, Baby Monitors, Electronic Thermometers, and Coagulation Monitors], and Mobility Assist & Patient Support Equipment (Wheelchairs, Mobility Scooters, Walking Assist Devices, Medical Furniture, and Bathroom Safety Equipment) - Forecast 2027
|ID: VPR/HC/1254||Publishing Year: November 2021||Pages: 145||Format:|
Home Medical Equipment Market Overview:
Home Medical Equipment Market was valued at $ 3300 billion in 2020, and is expected to reach $ 5000 billion by 2027, registering a CAGR of 6.12 % from 2021 to 2027.
A surge in demand for home medical equipment has resulted from an increase in the use of technology for self-health management in order to lessen the load on formal healthcare systems. Individuals with chronic illnesses use home medical devices to manage their own health, get health management support, or help others manage their health. Chronic illnesses such as high blood pressure and arthritis, which need lifetime medical care, are best served by cost-effective healthcare solutions in the home. These medical care solutions, on the other hand, must be both safe and practical.
The Worldwide Home Medical Equipment Market is growing due to an increase in the prevalence of chronic illnesses and a significant increase in the worldwide geriatric population. In addition, technical improvements in home care medical equipment, such as reduced size, mobility, and ease of access, help to drive market development. However, the rise in patient safety concerns and the difficulties in adjusting to medical gadgets are limiting the market's development. During the projected period, the developing economies of Asia-Pacific are anticipated to offer many possibilities for market development.
Key Player Snapshot:
- 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)
- Abbott (US)
- Philips Healthcare (US)
- Stryker (US)
Functionality, End User, and Geography are the three segments that make up the Worldwide Home Medical Equipment Market. Therapeutic equipment, patient monitoring equipment, and mobility aid & patient support equipment are the three functional categories in which the market is split. Home respiratory treatment equipment, home IV equipment, home dialysis equipment, and other home therapeutic equipment are all types of therapeutic equipment. Continuous positive airway pressure (CPAP) devices, oxygen delivery equipment, ventilators, nebulizers, and humidifiers make up the home respiratory equipment industry. CPAP machines, CPAP masks & associated interfaces, CPAP accessories, and oxygen delivery devices are the several types of continuous positive airway pressure equipment.
The Home Medical Equipment Market is divided into mobility assist equipment and patient support equipment by the mobility assist & patient support equipment category. Wheelchairs, mobility scooters, walking assist devices, medical furniture, and bathroom safety equipment are all types of mobility assist equipment. The Home Medical Equipment Market is divided into two types of wheelchairs: manual and powered wheelchairs. Walkers and rollators, canes and walking sticks, and crutches are the three types of walking aids. The Home Medical Equipment Market is divided into lift chairs, medical beds, stair lifts, and medical furniture accessories based on medical furniture. It is divided into bars, grips & rails, shower chairs, raised toilet seats, and commodes by bathroom safety equipment.
Oxygen concentrators, home liquid oxygen containers, oxygen cannula, and other home oxygen delivery equipment make up the market for oxygen delivery equipment. The market for home IV equipment is split into three categories: IV pumps, IV administration, and IV accessories. The market is divided into three categories based on home dialysis equipment: home peritoneal dialysis, home hemolysis, and other home therapeutic equipment. Home physical therapy equipment, home negative pressure wound treatment devices, home braces & associated goods, home enteral feeding products, home automated external defibrillators, and home muscle & nerve stimulators are among the various types of home therapeutic equipment. The Home Medical Equipment Market is divided into blood glucose monitors, blood pressure monitors, Holter monitors, peak flow metres, apnea monitors, heart rate monitors, baby monitors, electronic thermometers, and coagulation monitors based on patient monitoring equipment.
By End User:
Hospitals: The biggest category, which is growing due to an increase in the number of patients and expanding financial capacities of healthcare facilities. The increasing number of hospitals in various parts of the globe, as well as government efforts to enhance the healthcare sector, are expected to drive this segment's development
The fastest-growing sector is homecare settings. This is due to the growing desire for personal freedom and simplicity of use, as well as the cost-effectiveness of home medical equipment, which is favourably impacting the segment's development.
Emergency Clinics: In addition to the main line of therapy, emergency clinics provide the best care.
Home Medical Equipment Market: North America, Europe, Asia-Pacific, and LAMEA. In 2019, North America had the biggest share of the Home Medical Equipment Market, and this dominance is projected to continue throughout the forecast period. This is due to an increase in chronic illnesses in this area, such as asthma, diabetes, high blood pressure, and others. However, due to an increase in disposable income and increased awareness of the advantages of homecare medical devices, Asia-Pacific is expected to expand at the highest pace over the projection period.
Frequently Asked Questions
Type Here for table of content.