Home Medical Equipment Market Overview
The global home medical equipment market is expected to cross to reach USD 36,189.9 Million.It can reach this benchmark at a CAGR of 5.9% 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.
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.
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.
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
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. In 2019, 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.
In 2018, Europe had the second-largest share of the market. This is due to increased patient knowledge of home medical devices and strengthened medical facilities.
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.
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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