The global home medical equipment market was valued at $30,545.34 million in 2019 and is estimated to reach $56,457.87 million by 2027, registering a CAGR of 6.1% from 2020 to 2027. Home medical equipment is medical devices that offer safe, convenient, cost-effective, and suitable treatment to patients. Home medical equipment comprises various devices that can be easily accessed by the patients or caregivers at home. These include blood glucose monitors, blood pressure monitors, Holter monitors, automated external defibrillators, and several others. The homecare equipment makes it easier for the patients to carry their day to day activities smoothly without the need of visiting hospitals and clinics regularly. This again saves their time and is proven to be cost effective. Further, medical equipment used for mobility assistance is widely being used by the elderly population as well as patients with a certain difficulty in mobility. In addition, due to an increase in the incidence of asthma and chronic obstructive pulmonary disease (COPD), oxygen-related products in home medical equipment are gaining considerable traction.
The growth of the global home medical equipment market is driven by the increase in the incidence of chronic diseases and the rise in the geriatric population. Furthermore, cost-effectiveness of home medical devices and technological advancements are expected to fuel the market growth. However, the surge in concerns related to patient safety and difficulty in adapting to medical devices restrain the growth. The growth potential in the emerging economies of Asia-Pacific is expected to provide numerous opportunities for market expansion during the forecast period.
The global home medical equipment market is segmented into functionality and region. Based on functionality, it is divided 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 market by home respiratory equipment is sub-divided into continuous positive airway pressure equipment, oxygen delivery equipment, ventilators, nebulizers, and humidifiers. The continuous positive airway pressure equipment is categorized into CPAP machines, CPAP masks & related interfaces, CPAP accessories, and oxygen delivery equipment. The market based on oxygen delivery equipment is classified into oxygen concentrators, home liquid oxygen containers, oxygen cannula, and other home oxygen delivery equipment. Based on home IV equipment, the market is divided into IV pumps, IV administration, and IV accessories. The market on the basis of home dialysis equipment is categorized into home peritoneal dialysis products and home hemolysis products. The other home therapeutic equipment is sub-segmented into home physical therapy equipment, home negative pressure wound therapy devices, home braces & related products, home enteral feeding products, home automated external defibrillators, and home muscle &nerve stimulators. By patient monitoring equipment, the market is segmented into blood glucose monitors, blood pressure monitors, Holter monitors, peak flow meters, apnea monitors, heart rate monitors, baby monitors, electronic thermometers, and coagulation monitors. The mobility assists & patient support equipment divides the market into mobility assist equipment, which includes wheelchairs, mobility scooters, walking assist devices, medical furniture, and bathroom safety equipment. Based on wheelchairs, the market is bifurcated into manual wheelchairs and powered wheelchairs. The walking assist devices is categorized into walkers & rollators, canes & walking sticks, and crutches. Based on medical furniture, the market is classified into lift chairs, medical beds, stair lifts, and medical furniture accessories. By bathroom safety equipment, it is fragmented into bars, grips & rails, shower chairs, elevated toilet seats, and commodes. Based of the region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Abbott Laboratories, B Braun Melsungen Ag, Baxter International Incorporated, Becton, Dickinson and Company, General Electric Company, Hill-Rom Holdings Incorporated, Johnson & Johnson, Medtronic plc, and Smith & Nephew plc. The other companies that provide home medical equipment are Arkray Incorporated, Carefusion Corporation, Invacare Corporation, Medline Industries Incorporated, Omron Corporation, Resmed Corporation, and Smiths Group plc.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the market with current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis from 2019 to 2027, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- Extensive analysis by product elucidates the various types of home medical equipment used for the treatment of diverse chronic diseases.
- Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
- Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the global market.
Key Market Segments
By FUNCTIONALITY
- Therapeutic Equipment
- Home Respiratory Therapy Equipment
- Continuous Positive Airway Pressure Equipment
- CPAP Machines
- CPAP Masks & Related Interfaces
- CPAP Accessories
- Oxygen Delivery Equipment
- Oxygen Concentrators
- Home Liquid Oxygen Containers
- Oxygen Cannula
- Other Home Oxygen Delivery Equipment
- Ventilators
- Nebulizers
- Humidifiers
- Home IV Equipment
- IV Pumps
- IV Administration
- IV Accessories
- Home Dialysis Equipment
- Home Peritoneal Dialysis Product
- 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 Monitors
- Baby Monitors
- Electronic Thermometers
- Coagulation Monitors
- Others
- Mobility Assist & Patient Support Equipment
- Wheelchairs
- Manual Wheelchairs
- Powered Wheelchairs
- Mobility Scooters
- Walking Assist Devices
- Walkers & Rollators
- Canes & Walking Sticks
- Crutches
- Medical Furniture
- Lift Chairs
- Medical Beds
- Stair Lifts
- Medical Furniture Accessories
- Bathroom Safety Equipment
- Bars, Grips & Rails
- Shower Chairs
- Elevated Toilet Seats
- Commodes
By DISTRIBUTION CHANNEL
- Hospital Pharmacies
- Retail Pharmacies
- Online Retailers
By REGION
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- UK
- Italy
- Spain
- Netherlands
- Norway
- Russia
- Sweden
- Switzerland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- New Zealand
- Taiwan
- Thailand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Arabia
- South Africa
- Chile
- Columbia
- Egypt
- Iran
- Israel
- Turkey
- Venezuela
- Rest of LAMEA
LIST OF KEY PLAYERS PROFILED IN THE REPORT
- Abbott Laboratories
- Baxter International Inc.
- Braun Melsungen AG
- Beckton Dickson And Company
- General Electric Company
- Hill-Rom Holdings, Inc.
- Invacare Corporation
- Johnson & Johnson
- Medtronic Plc
- Smith & Nephew Plc
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
Executive Summary
According to this report titled, 'Home Medical Equipment Report Market by Functionality and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global home medical equipment market accounted for $26,629 million in 2018 and is estimated to reach $ 41,259 million by 2026, registering a CAGR of 5.6%from 2019 to 2026. Therapeutic equipment was the highest contributor in the home medical equipment market with three-fifths share in 2018.
Home care medical equipment is intended for use in any environment outside a professional healthcare setup such as hospitals and clinics. This equipment can be used for both the prevention and treatment of various chronic diseases such as asthma, respiratory disorders, diabetes, heart failure, and arthritis. A significant rise in the prevalence of chronic diseases such as asthma, COPD, and others has enhanced the demand for these devices. A variety of home medical equipment is being used by the patients such as therapeutic equipment, patient monitoring equipment and mobility assist & patient support equipment. Manufacturers are continuously focusing on increasing their homecare medical equipment product portfolio. For instance, Smith & Nephew launched a new PICO 7 negative pressure wound therapy system in Europe.
Recently, new technologies that provide proper compliance to the patient are being developed. The market for home medical equipment is expected to witness significant growth during the forecast period due to advancements in technology and an increase in The prevalence of chronic diseases such as chronic obstructive pulmonary disease, diabetes, arthritis, dementia, asthma, and neurodegenerative ailments. With the rise in aging population, the cases of chronic diseases are expected to increase the demand for mobility assisted devices, which is expected to drive the market growth. However, the high cost of home medical equipment is anticipated to hamper the market growth. The therapeutic equipment segments dominated the global homecare medical equipment market and are expected to continue their dominance throughout the forecast period. Among the therapeutic equipment segment, the home dialysis equipment segment is the largest contributor toward the market growth and home respiratory therapy equipment segment is anticipated to be a lucrative market due to the positive results for these homecare equipment preferences over other medical equipment.
Among the functionality segment, mobility assist & patient support equipment segment is expected to be the fastest growing segment to contribute toward the market growth in 2018 and is expected to be a lucrative market due to the high prevalence rate of chronic diseases and technological advancements in the area of home medical equipment.
According to Onkar Sumant, Assistant Manager, Healthcare, “Rise in geriatric population, increase in the incidence of various chronic diseases, and advancement in technology in the area of home equipment may play a crucial role in the growth of the market. Further, the adoption of medical equipment at home also reduces the cost factor which further assists growth.”
KEY FINDINGS OF THE STUDY
- The mobility assist & patient support equipment segment is projected to grow at the highest rate during the analysis period.
- Japan generated the highest revenue and is expected to continue its dominance in the future in the Asia-Pacific region.
- North America dominated the global home medical equipment market and is projected to continue its dominance in the future.
- Among the mobility assist & patient support equipment segment, wheelchairs are expected to grow at the highest CAGR.
- Asia-Pacific is expected to be the fastest growing segment.
In 2018, North America accounted for the maximum contribution to the total revenue and is expected to lead during the forecast period, owing to the high prevalence of chronic diseases and an increase in investment for R&D activities in the field of home medical equipment. However, Asia Pacific is expected to witness the highest CAGR during the analysis period, attributable to a rise in the prevalence rate of chronic diseases, an increase in government initiatives to improve healthcare infrastructure, and a rise in healthcare expenditure to improve the medical health of the masses in the region.
The major companies profiled in the report include Abbott Laboratories, B Braun Melsungen Ag, Baxter International Incorporated, Becton, Dickinson and Company, General Electric Company, Hill-Rom Holdings Incorporated, Johnson & Johnson, Medtronic plc, and Smith & Nephew plc. The other companies that provide home medical equipment are Arkray Incorporated, Carefusion Corporation, Invacare Corporation, Medline Industries Incorporated, Omron Corporation, Resmed Corporation, and Smiths Group plc.
Companies Mentioned
- Abbott Laboratories
- B Braun Melsungen Ag
- Baxter International Incorporated
- Becton
- Dickinson, Company
- General Electric Company
- Hill-Rom Holdings Incorporated, Johnson & Johnson
- Medtronic plc
- Smith & Nephew plc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...