Home Medical Equipment Market Worldwide Demand and Growth Analysis Report 2022-2028
Market Highlights
According to MRFR analysis, Home Medical Equipment Market is expected to register a CAGR of 5.9% during the forecast period of 2019 to 2015 and was valued at USD 24,504.33 Million in 2018.
Home medical equipment consists of a broad range of devices intended for use at home or other non-clinical settings. The delivery of healthcare services will see an evident shift from clinical to homecare settings is positively influencing the Home Medical Equipment Market.
The rising geriatric population, improving healthcare expenditure, and the need for cost-effective treatment is rising the demand for home medical equipment.
The rising prevalence of chronic diseases such as cancer, stroke, kidney failure, and diabetes. The key players operating in the global home medical equipment market are focusing on strategic initiatives, mergers & acquisitions, partnerships, agreements, product launches, government approvals, and expansion of manufacturing facilities.
Key Players
- Carefusion Corporation (US)
- GE Healthcare (US)
- Medline Industries Incorporated (US)
- Omron Corporation (Japan)
- Resmed Corporation (US)
- Stryker (US)
- Arkray Incorporated (Japan)
- Smiths Group PLC (UK)
- Hoffmann-La Roche Ltd (Switzerland)
- Abbott (US)
- Philips Healthcare (US)
- Invacare Corporation (US)
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Segmentation
The global home medical equipment market has been segmented into functionality and end-user.
By functionality, the market has been segmented into therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment. The therapeutic equipment is further classified into home respiratory therapy equipment, home IV equipment, home dialysis equipment, and other home therapeutic equipment. The patient monitoring equipment is subsequently segmented into blood glucose monitors, blood pressure monitors, Holter monitors, apnea monitors, heart rate monitors, baby monitors, electronic thermometers, and coagulation monitors. The mobility assist & patient support equipment is further segmented into wheelchairs, mobility scooters, medical furniture, bathroom safety equipment.
The global home medical equipment market, by end-user, has been segmented into hospitals, emergency clinics, home care settings, and others.
Regional Analysis
On a regional basis, the Americas is anticipated to dominate the global home medical equipment market owing to the rising demand for invasive and non-invasive monitoring devices and the increasing prevalence of chronic diseases in the region. For instance, in 2018, an estimated 1,735,350 cases of cancer were diagnosed in the US. Moreover, the presence of advanced healthcare technologies in the Americas is projected to boost the market growth. Europe accounted for the second-largest share in the market in 2018. This is attributed to improved medical infrastructure and growing patient awareness about home medical equipment.
Asia-Pacific is anticipated to be the fastest-growing region is due to the growing geriatric population, rising interest of major key players in emerging markets, and quality healthcare infrastructure in this region. The Middle East & Africa is expected to account for the least share of the global home medical equipment market. This is attributable to the limited healthcare infrastructure and lack of awareness about home medical equipment in this region.
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