Home Medical Equipment Market is projected to reach USD 35,540 Millionat a CAGR of 6.80% during the forecast period 2022-2030.
Home Medical Equipment Market is anticipated to reach USD 35,540 Million by 2030 at 6.80% CAGR during the forecast period 2022-2030. Home medical equipment is a term that refers to medical gadgets that provide patients with a safe, convenient, cost-effective, and acceptable environment in the comfort of their own homes. The home medical equipment market has shifted dramatically in recent years, owing to the global rise in the frequency of numerous chronic conditions. Additionally, oxygen-related goods in home medical equipment are gaining substantial traction, owing to the global epidemic of chronic obstructive pulmonary disease (COPD). Numerous gadgets are used to provide care for patients at home, including infusion pumps, wheelchairs, apnea monitors, glucose meters, and cannulas. For example, blood glucose meters, or glucometers, are frequently used at home to monitor diabetics' blood glucose levels. Additionally, innovative technologies such as needle-free diabetic care, drug administration devices, and durable medical equipment such as medical beds and lift chairs are accelerating the growth of the market. However, the high cost of these devices is expected to restrain the growth of the market.
Home Medical Equipment Market Influencer
Rising coverage and favorable reimbursement policies of home medical equipment in developing and developed countries is impacting the growth of the home medical equipment market.
Home Medical Equipment Market Restraints
Home Medical Equipment Market Key Players
February 2022: American design firm Michael Graves Design has produced a range of home healthcare goods for a large US drugstore that is intended to be both aesthetically pleasing and extremely useful — a rare combination in the field of home medical equipment. CVS Health by Michael Graves Design is a set of six objects divided into two categories: mobility and bath safety.
Aspirus Home Medical Equipment, a nonprofit organization based in the United States, has observed a dramatic increase in the number of people requiring home oxygen therapy as a result of the COVID-19 epidemic. According to the firm, the number of new oxygen patients increased to 172 in January, up from approximately 40 per month earlier in the COVID-19 pandemic and approximately 20 per month prior to the pandemic. During the pandemic, Aspirus Health's daily census for home care services increased from approximately 500 to 800 on average.
|Market Size||USD 35,540 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Functionality and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Rising coverage and favorable reimbursement policies of home medical equipment in developing and developed countries|
|Key Market Drivers||
Home medical equipment consists of a broad range of devices intended for use at home or other non-clinical settings. he use of technology in self-health management is rising to reduce the burden on healthcare systems. Moreover, the technological advances in-home medical equipment, along with awareness for technology among individuals for the use of medical equipment is rising the adoption of home medical equipment.
Carefusion Corporation (US), Arkray Incorporated (Japan), Invacare Corporation (US), Omron Corporation (Japan), Medline Industries Incorporated (US), Resmed Corporation (US), GE Healthcare (US), Smiths Group PLC (UK), Hoffmann-La Roche Ltd (Switzerland), Philips Healthcare (US), Abbott (US), and Stryker (US), are some of the major players operating in the home medical equipment market.
The valuation of the home medical equipment market is estimated to reach USD 35,540 Million by 2030.
The home medical equipment market is projected to grow at approximately 6.80% CAGR during the forecast period (2022-2030).
Augmenting demand for home medical equipment for monitoring & therapeutics.
North America holds the largest share in the home medical equipment market, followed by Europe and the Asia Pacific, respectively.
The shift in the delivery of many healthcare services from traditional clinical settings to the home will increase the demand for home medical equipment.