Home Medical Equipment Market Overview
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.
Medical instruments that give patients a safe, practical, affordable, and acceptable environment within their homes is referred to as home medical equipment. The home healthcare sector has undergone tremendous transformation in recent years due to the global increase in the prevalence of several chronic diseases. The study's market growth can be partly related to rising elderly populations, rising self-health management adoption, and rising chronic illness prevalence. These elements are causing the need for home medical devices to rise. The market for home medical devices is growing as chronic illnesses are becoming more commonplace worldwide. Due to the enormous growth in the incidence of chronic lung disease, often known as COPD, in-home medical equipment connected to oxygen is also being adopted rapidly.
The tools used to give patient care at home include wheelchairs, apnea monitors, infusion pumps, glucose meters, and cannulas, to name just a few. Chronic disease patients, such as those with diabetes and asthma, may not necessarily need to go to the hospital if follow-up appointments and regular checkups can be handled at home. Such patients need treatment and monitoring equipment to manage their ailments and symptoms at home. For example, glucometers are frequently used at home by diabetics to measure their blood glucose levels. Today, it is quite common to provide diabetic care without using needles. As a result, consumers' desire for home medical equipment will increase as diabetes and asthma rates are anticipated to climb over the coming years.
The rise in chronic illnesses like cancer, kidney disorders, and pulmonary and respiratory diseases, as well as the rise in efforts to provide patients with better healthcare facilities, are the primary factors driving the steady expansion of the home medical equipment industry. Due to their increased adoption and convenience, the marketplace for home medical equipment is expanding more quickly. In an emergency medical situation at home, many pacemakers are also in high demand today to assist patients with arrhythmias. As a result, as heart rate irregularities grow more prevalent, customer demand for home medical devices will rise.
Beginning with a $39.95 bedside urinal resembling a lovely vase, Boom Home Medical hopes to change the home medical equipment industry, which is frequently intimidating, unpleasant, and unsightly. The Loona urinal has a soft silicone mouth that fits ergonomically against the female body and muffles the sound of urine striking plastic. It is easier to grip because of the central empty area, and the pastel colors that it is available in render it more appealing than most of its dull plastic rivals. Early in the spring, a male version with a screw-top lid and a somewhat larger size is released; it is called Johnny.
Home Medical Equipment Market Trends
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.
- 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.
Home Medical Equipment Market Segmentation
Home Medical Equipment Functionality Outlook
- 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.
Home Medical Equipment End-User Outlook
- 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.
NEWS:A legally binding contract for the USD 31.75 million purchase of Home Medical Products (HMP) by Viemed Healthcare has been signed. HMP is a Tennessee-based provider of home medical solutions with an emphasis on respiratory care. The organization collaborates with doctors, hospitals, and other healthcare providers to provide patients with high-quality home-based care plans. Numerous states, particularly Northern Alabama, Tennessee, and Northern Mississippi are home to HMP's medical equipment offices. The business provides its clients with sophisticated rehabilitation solutions through its wholly-owned subsidiary DocSupply Rehab. The transaction is projected to close in June this year, subject to functioning capital and other standard closing adjustments.
Home Medical Equipment Region Outlook
- 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)
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.
| USD 35,540 Million
| Base Year
| Historical Data
| Value (USD Million)
| Report Coverage
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
| Segments Covered
|Functionality and End-User
|North America, Europe, Asia-Pacific, and Rest of the World (RoW)
|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
Home Medical Equipment Market Highlights:
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.
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.
Key Questions Answered
Request Free Sample
- ✅Global Market Outlook
- ✅In-depth analysis of global and regional trends
- ✅Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅To understand the capability of the major players based on products offered, financials, and strategies.
- ✅Identify disrupting products, companies, and trends.
- ✅To identify opportunities in the market.
- ✅Analyze the key challenges in the market.
- ✅Analyze the regional penetration of players, products, and services in the market.
- ✅Comparison of major players’ financial performance.
- ✅Evaluate strategies adopted by major players.
Why Choose Market Research Future?
Speak to Analyst
- ✅Vigorous research methodologies for specific market.
- ✅Knowledge partners across the globe
- ✅Large network of partner consultants.
- ✅Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- ✅Trusted by fortune 500 companies/startups/universities/organizations
- ✅Large database of 5000+ markets reports.
- ✅Effective and prompt pre- and post-sales support.