The new report by Expert Market Research titled, ‘Global Home Medical Equipment Market Growth, Report and Forecast 2023-2031’, gives an in-depth analysis of the global home medical equipment market, assessing the market based on its segments like functionality, distribution channel, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2016-2031)
- Historical Market Size (2022): USD 34.44 Billion
- Forecast CAGR (2023-2031): 6.20%
- Forecast Market Size (2031): USD 49.42 Billion
Increase in prevalence of various chronic diseases globally is driving the market growth. Rising numbers of baby boomers and increase in the population of elderly population also assist the market growth. There are various benefits provided by these equipments. Some of them are cost effectiveness, ease of use, safety and convenience, among others. Adoption of expensive technologically medical equipment for home use involves a one-time investment that counterbalances cost incurred by repeated hospital visits.
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Developing countries are providing lucrative growth opportunities for expansion of home medical equipment market. Factors like high healthcare expenditure, high disposable income, and superior healthcare infrastructure, also boosts the market growth. The COVID-19 pandemic has also positively impacted the market growth. Demand for these devices increased due to restrictions and threat of getting contaminated with coronavirus.
Industry Definition and Major Segments
Home medical equipment are medical devices that are safe to use at home or private place and do not require professional supervision. These devices are often referred to as durable medical equipment as they are intended to be used repeatedly by non-professionals caretakers or patients and are suitable for home use. The home medical equipment market has transformed within recent years. These devices are also covered in insurance.
By functionality, the market is divided into:
- Therapeutic Equipment
- CPAP Machines
- CPAP Accessories
- Oxygen Concentrators
- Home Liquid Oxygen Containers
- Oxygen Cannula
- Patient Monitoring Equipment
- Mobility Assist and Patient Support Equipment
On the basis of distribution channel, the industry is divided into:
- Hospital Pharmacies
- Retail Medical Stores
- Online Retailer
The global markets of logistics automation can be divided into:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Home health technologies are undergoing major changes driven by the latest health innovations. Technological innovation is providing new and advanced devices. Technologies like needle-free diabetic care, medication administration equipment, and durable medical equipment, augment the growth. The advancements led to additional technologies and increased not only the capabilities of home health caretakers but also improved the quality of home-centred care.
The Internet of Things (IoT) has made it possible for healthcare to be controlled remotely through smart phones. Medical care can be handled to extend direct patient care outside of a brick-and-mortar hospital, doctor’s office, or nursing facility. Increasing practices of use of technology for self-health management have led to growth in demand for home medical equipment.
Key Market Players
The major players in the market are Abbott Laboratories, Baxter International Inc., Becton, Dickinson and Company, Hill-Rom Holdings, Inc., and Invacare Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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