The global home medical equipment market size US$ 29.1 billion in 2021. The global home medical equipment market is forecast to grow to US$ 43.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
Home medical equipment is regarded as an outstanding solution to offer convenient, safe, suitable, and cost-effective treatment to patients. Home medical equipment includes various devices that are easily accessible at home, such as blood pressure monitors, Holter monitors, blood glucose monitors, automated external defibrillators, etc.
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Factors Influencing the Market
The growing rate of chronic diseases and increasing demand for home care treatment will fuel the growth of the global home medical equipment market.
The benefits of home medical equipment devices are likely to propel the market forward. For instance, patients can easily carry out their day-to-day activities without paying regular visits to the hospitals. In addition, it saves the time of the patients and the doctors. Furthermore, home medical equipment is cost-effective. Thus, all of these advantages will escalate the growth of the global home medical equipment market.
The demand for continuous monitoring in the cases of Asthma and other respiratory diseases will escalate the growth of the market. Furthermore, the growing geriatric population and rising awareness about the convenience of home medical equipment will surge the market growth.
Limited expertise for home-based users may limit the growth of the global home medical equipment market.
The high procedural costs in hospitals and clinics may increase the demand for home medical equipment.
Growing advancements in-home medical equipment will gain significant traction in the coming years. For instance, Medtronic unveiled its Guardian Connect, the world’s first Smart Continuous Glucose Monitoring System, in January 2019. Moreover, Smith & Nephew introduced New PICO 7 in August 2018 to offer a negative pressure wound therapy system in Europe.
COVID-19 Impact Analysis
The recent global health emergency, i.e., the COVID-19 pandemic, surged the demand for home medical equipment. Due to the pandemic, people became more terrified of healthcare centers. It became essential to maintain significant distance from public places in order to save themselves from the virus. Many healthcare professionals started providing online consultations. Thus, it surged the demand for home medical equipment for patients suffering from asthma, diabetes, or other chronic diseases.
Regional Analysis
The Asia-Pacific home medical equipment market is forecast to grow at the fastest growth rate. It is because of the presence of the majority of online retailers that deliver desired devices via mail or shipping. In addition, the rising prevalence of chronic diseases like cancer and diabetes will surge the growth of the regional market. Furthermore, increasing healthcare expenditure and the growing geriatric population in the region will benefit the Asia-Pacific home medical equipment market.
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Competitors in the Market
B Braun
Abbott
Baxter
Becton Dickinson & Company
Medtronic
Invacare
GE Healthcare
Johnson & Johnson
Hill Rom
Smith & Nephew
Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Home Medical Equipment industry experienced notable growth in its workforce. Starting in January, employment within the Home Medical Equipment sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Home Medical Equipment output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Home Medical Equipment output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Home Medical Equipment market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Home Medical Equipment market.
Market Segmentation
The global home medical equipment market segmentation focuses on Distribution Channel, Functionality, and Region.
By Distribution Channel Outlook
Pharmacy
Retail stores
Online retailers
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By Functionality Outlook
Therapeutic equipment
Home Respiratory Therapy Equipment
Continuous positive airways pressure equipment
Oxygen delivery equipment
Ventilators
Nebulizers
Humidifiers
Home IV equipment
IV pumps
IV administration
IV accessories
Home Dialysis Equipment
Home peritoneal dialysis
Home hemolysis product
Other Home Therapeutic Equipment
Home physical therapy equipment
Home negative pressure wound therapy devices
Home braces & related products
Home enteral feeding products
Home automated external defibrillators
Home muscle & nerve stimulators
Patient monitoring equipment
Blood Glucose Monitors
Blood Pressure Monitors
Holter Monitors
Peak Flow Monitors
Apnea Monitors
Heart Rate Monitor
Baby Monitors
Electronic Thermometer
Coagulation monitors
Mobility assist & patient support equipment
Wheelchairs
Mobility Scooters
Walking Assist Device
Medical Furniture
Bathroom Safety Equipment
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Home Medical Equipment Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Home Medical Equipment Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Home Medical Equipment Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Home Medical Equipment Market Size
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Home Medical Equipment market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Home Medical Equipment market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Home Medical Equipment business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
* Facilitating business enterprises in the identification and cultivation of novel market segments.
* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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