Redding, California, July 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Home Medical Equipment Market by Product (Therapeutic [CPAP, Nebulizer, Ventilator, Dialysis, IV Equipment], Monitoring [Cardiac, Glucose, Temperature, Apnea], Mobility Assist [Walker, Wheelchair, Scooter]), and Distribution Channel – Global Forecast to 2030,’ published by Meticulous Research®, the home medical equipment market is projected to reach $62.89 billion by 2030, at a CAGR of 6.8% from 2023 to 2030.
Home medical equipment is used to fulfill patients’ healthcare needs at home. It is mostly used when a patient or individual requires prolonged care or stays in healthcare facilities. Home medical equipment includes therapeutics equipment, mobility assistive and patient support equipment used by individuals or patients to control numerous conditions such as respiratory diseases, mobility disorders, and cancer.
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The key players profiled in the home medical equipment market report are Abbott Laboratories (U.S.), Amedisys, Inc (U.S.), Baxter Healthcare (U.S.), Convatec (U.K.), Fisher & Paykel Healthcare (New Zealand), Fresenius Medical Care AG & Co. KGaA (Germany), Becton, Dickinson and Company (U.S.), GE HealthCare (U.S.), Invacare Corporation (U.S.), Medtronic (Ireland), Hill-Rom Holdings, Inc. (U.S.), Smith & Nephew plc (U.K.), and Inogen, Inc. (U.S.). The report also includes an extensive assessment of the key growth strategies adopted by leading market players in the last three to four years. The global home medical equipment market has witnessed several strategic developments in the past few years.
Technological advancements in home medical equipment, the increasing prevalence of chronic diseases coupled with the rising geriatric population globally, the growing adoption of self-health management practices, and rising healthcare expenditure are driving the growth of this market.
Furthermore, emerging economies are expected to offer significant opportunities for the growth of this market. However, the high costs of medical equipment and the absence of reimbursement for home medical equipment are expected to restrain the market's growth.
Rising Healthcare Expenditure to Drive the Demand for Home Medical Equipment
Healthcare expenditure encompasses all the financial resources allocated to ensure the optimal functioning of healthcare systems and the delivery of high-quality patient care. The increasing healthcare expenditures in various countries indicate a growing emphasis on promoting overall population health and disease prevention. This trend is expected to drive the adoption of advanced medical technologies, increase funding and initiatives for disease diagnosis and treatment, and the establishment of healthcare facilities with advanced infrastructure. This rise in healthcare expenditure is observed in both developed and developing countries. The U.S. has significantly higher healthcare spending than other economies.
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In 2021, healthcare spending in the U.S. reached USD 4.3 trillion, with the average healthcare cost per person being nearly USD 12,900. Furthermore, according to The Federal Statistical Office, Germany's healthcare expenditure reached USD 560.95 billion (Eur 474.1 billion) in 2021, representing an increase compared to the previous year. Additionally, healthcare spending in Brazil is projected to rise to approximately 12.6% of GDP by 2040, an increase from 9.6% in 2019 (Source: OECD).
The global geriatric population is experiencing rapid growth. According to data from the World Health Organization, the proportion of individuals aged 60 years and above is expected to nearly double from 12% to 22% globally between 2015 and 2050. In Asia-Pacific, countries including Japan, South Korea, and Hong Kong are expected to have the largest share of people over 65 years and older by 2050. The prevalence of common conditions in older age, including diabetes, chronic obstructive pulmonary disease, cardiovascular diseases, and cancer, contributes to higher utilization of home medical equipment. The elderly population, often unable to visit hospitals for regular checkups, relies on medical products that can be conveniently used at home. Therefore, the rising elderly population drives the adoption of home medical equipment.
Home Medical Equipment Market: Future Outlook
The home medical equipment market is segmented by Product [Therapeutic Equipment {Home Respiratory Therapeutics Equipment (CPAP machines, CPAP accessories), Oxygen Delivery Equipment (Oxygen Concentrator, Nasal Cannula, Nebulizers, Ventilators (Invasive Ventilators, Non-invasive Ventilators), Humidifiers), Home IV Equipment (IV Pumps, IV Administration, IV Accessories), Home Dialysis Equipment (Home Peritoneal Dialysis Products (Consumables (Dialyzers, Concentrates/Dialysates, Bloodlines, Other Peritoneal Dialysis Consumables)), Devices (Center-Use, Home-Use), Home Hemodialysis Products (Consumables (Concentrates/Dialysates, Catheters, Other Hemodialysis Consumables)) Devices), Patient Monitoring Equipment (Cardiac Monitoring Equipment, Blood Glucose Monitoring Equipment, Temperature Monitoring Equipment, Apnea Monitoring Equipment, Other Patient Monitoring Equipment), Mobility Assist & Patient Support Equipment (Wheelchairs (Manual Wheelchairs, Powered Wheelchairs)), Walking Assist Device (Walker & Roller, Canes & Walking Sticks, Crutches), Bathroom Safety Equipment, Mobility Scooters, Medical Furniture & Accessories)}, Distribution Channel {Retail Medical Stores, Hospital Pharmacies, E-commerce Channels}, and Geography {North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa}.
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Based on product, the home medical equipment market is segmented into therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment. In 2023, the therapeutic segment is expected to account for the largest share of the home medical equipment market. Therapeutics equipment helps individuals or patients to manage their respiratory conditions & treatment at home. The growing prevalence of diseases that require frequent usage of home medical equipment, such as home dialysis equipment and intravenous pumps, the aging population, advancements in home medical equipment, and higher costs of hospitalizations contribute to the large market share of this segment.
Among the distribution channels covered in this study, in 2023, the retail medical stores segment is expected to account for the largest share of the home medical equipment market. The large market share of this segment is attributed to the easy availability and accessibility of home medical equipment and lower operating costs. Retail medical stores offer a wide range of products and other medical supplies. Retail medical stores offer a wide range of products and medical supplies, providing convenient access for patients needing home medical equipment and supplies. The convenience offered by these stores contributes to the significant market share of this segment.
However, the e-commerce channels segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the rising penetration of e-commerce retailers in the home medical equipment market. Furthermore, E-commerce platforms offer numerous advantages, such as swift home delivery, convenient payment options, flexible return and refund policies, robust system security, and privacy measures.
Based on geography, the home medical equipment market is segmented into North America, Europe, Asia-pacific, Latin America, and the Middle East & Africa. North America is expected to account for the largest share of the home medical equipment market. North America’s major market share is attributed to the growing aging population, the increasing prevalence of chronic diseases that necessitate the use of home medical equipment, the ongoing development of healthcare infrastructure, and the rising healthcare expenditures in the region.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to growing investments in home healthcare in emerging countries like China, Japan, and India, the rising preference for home-based treatments due to higher costs of hospitalizations, government initiatives promoting home care, and the growing prevalence of chronic diseases due to the aging population.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/home-medical-equipment-market-1284
Scope of the Report:
Home Medical Equipment Market Assessment—by Product
- Therapeutic Equipment
- Home Respiratory Therapeutics Equipment
-
- CPAP Machines
- CPAP Accessories
- Oxygen Delivery Equipment
- Oxygen Concentrators
- Nasal Cannula
- Nebulizers
- Ventilators
- Invasive Ventilators
- Non-invasive Ventilators
- Humidifiers
-
- Home Respiratory Therapeutics Equipment
- Home IV Equipment
- IV Pumps
- IV Administration
- IV Accessories
- Home Dialysis Equipment
- Home Peritoneal Dialysis Products
- Consumables
- Dialyzers
- Concentrates/Dialysates
- Bloodlines
- Other Peritoneal Dialysis Consumables
- Consumables
- Devices
- Center-Use
- Home-Use
- Home Hemodialysis Products
- Consumables
- Concentrates/Dialysates
- Catheters
- Other Hemodialysis Consumables
- Devices
- Consumables
- Patient Monitoring Equipment
- Cardiac Monitoring Equipment
- Blood Glucose Monitoring Equipment
- Temperature Monitoring Equipment
- Apnea Monitoring Equipment
- Other Patient Monitoring Equipment
- Mobility Assist & Patient Support Equipment
- Wheelchairs
- Manual Wheelchairs
- Powered Wheelchairs
- Walking Assist Devices
- Walkers & Rollers
- Canes & Walking Sticks
- Crutches
- Bathroom Safety Equipment
- Mobility Scooters
- Medical Furniture & Accessories
- Wheelchairs
Home Medical Equipment Market Assessment—by Distribution Channel
- Retail Medical Stores
- Hospital Pharmacies
- E-commerce Channels
Home Medical Equipment Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
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