Home Medical Equipment Market Research Report - Forecast till 2027

Home Medical Equipment Market Research Report: By Functionality (Therapeutic Equipment, Patient Monitoring Equipment, Mobility Assist & Patient Support Equipment) and By End-User (Hospitals, Emergency Clinics, Homecare Settings) – Forecast to 2027

ID: MRFR/HC/7014-HCR | February 2021 | Region: Global | 100 pages

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Home Medical Equipment Market Overview


Home Medical Equipment Market is projected to reach USD 36,189.9 Million at a CAGR of 5.9% during the forecast period. 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, 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 home medical equipment market. However, the high cost of these devices is expected to restrain the growth of the home medical equipment 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.


Market Drivers



  • Rising incidences of chronic diseases such as diabetes, cancer, kidney failure, stroke, and respiratory disorders. For instance, more than 100 million adults in the US are living with diabetes or prediabetes. The demand for home medical equipment for monitoring and therapeutics is driven by the rising need for managing chronic diseases.

  • Technological advancements in healthcare and diagnosis equipment

  • Rising healthcare costs and growing need for affordable treatment options

  • Increasing geriatric population and change in lifestyle. Currently, 14.5% of the US population is age 65 and above. The rising adoption of home medical equipment among the geriatric population is driving the growth of this home medical equipment market.

  • Government initiatives encouraging home healthcare


Home Medical Equipment Market Restraints



  • The surge in concerns related to patient safety.


Segmentation


By Functionality 



  • Therapeutic Equipment: The therapeutic equipment has been further segmented into home respiratory therapy equipment, home IV equipment, home dialysis equipment, and other home therapeutic equipment. The home respiratory therapy equipment has been segmented into continuous positive airway pressure equipment, ventilators, nebulizers, and humidifiers. The home IV equipment has been classified as IV pumps, IV administration, and IV accessories. Home dialysis equipment has been further sub-segmented into home peritoneal dialysis product and home hemolysis product. The other home therapeutic equipment has been categorized as home physical therapy equipment, home harmful pressure wound therapy devices, home automated external defibrillators, home braces & related products, home enteral feeding products, and home muscle & nerve stimulators.



  • Patient Monitoring Equipment: The patient monitoring equipment has been further classified as blood glucose monitors, blood pressure monitors, Holter monitors, apnea monitors, heart rate monitors, baby monitors, electronic thermometers, and coagulation monitors.



  • Mobility Assist & Patient Support Equipment: The mobility assist & patient support equipment has been further segmented into wheelchairs, mobility scooters, medical furniture, and bathroom safety equipment. The wheelchairs have been segregated into manual wheelchairs and powered wheelchairs. The mobility scooters have been further classified as walking assist devices, walkers & rollators, canes & walking sticks, and crutches. The medical furniture has been further divided into lift chairs, medical beds, stairlifts, and medical furniture accessories. The bathroom safety equipment includes bars, grips & rails, shower chairs, and others.


By End-User



  • Hospitals: The largest segment, an increasing number of patients, and rising financing capabilities of healthcare settings are responsible for the growth of the segment. The growing number of hospitals in different regions of world and government initiatives to improve the healthcare sector is anticipated to propel the growth of this segment.



  • Emergency Clinics: Emergency clinics offer the most excellent care along with the primary line of treatment.



  • Homecare Settings: The fastest-growing segment. This can be attributed to the rising demand for personal independence and ease-of-use, and the cost-effectiveness of home medical equipment is positively influencing the growth of this segment.



  • Others


By Region



  • Americas: The largest regional market, the technological advancements, and the increasing prevalence of chronic diseases such as diabetes, cancer, etc., are projected to boost the home medical equipment market growth in this region.



  • Europe: The increasing public awareness about the benefits of home medical equipment is leading to a rise in the adoption of home medical equipment.



  • Asia-Pacific: The fastest-growing regional market, Asia-Pacific, has been witnessing a surge in the number of geriatric populations. Additionally, an increasing need for affordable healthcare delivery systems is also expected to boost the adoption of home medical equipment. The growth potential in the emerging economies of Asia-Pacific is expected to provide numerous opportunities for home medical equipment market expansion during the forecast period.



  • Middle East & Africa: The smallest home medical equipment market due to limited healthcare infrastructure and lack of awareness about home medical equipment in this region.


Home Medical Equipment Market Key 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)

  • Abbott (US)

  • Philips Healthcare (US)

  • Stryker (US)


Industry Updates


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.



Report Scope:
Report Attribute/Metric Details
  Market Size   2025: USD 36,189.9 Million
  CAGR   5.9% (2019-2025)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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

  • Technological advancements in healthcare and diagnosis equipment
  • Rising incidences of chronic diseases


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    Frequently Asked Questions (FAQ) :

    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.

    The shift in the delivery of many healthcare services from traditional clinical settings to the home will increase the demand for home medical equipment.

    The valuation of the home medical equipment market is estimated to reach USD 36,189.9 MN by 2025.

    The home medical equipment market is projected to grow at approximately 5.9% CAGR during the forecast period (2019-2025).

    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.

    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.