Portland, OR, Feb. 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Home Medical Equipment Market was estimated at $30.54 billion in 2019 and is expected to hit $56.45 billion by 2027, registering a CAGR of 6.1% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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Rise in the prevalence of chronic diseases, surge in geriatric population, and advancements in technology drive the growth of the global home medical equipment market. However, complications associated with use of medical equipment and limited expertise for home-based users hamper the growth of the market. On the contrary, untapped potential in the emerging economies is expected to open lucrative opportunities for the market growth.
Covid-19 scenario-
- The outbreak of the pandemic led to increase in use of home medical equipment such as oximeter, infusion pumps etc., thereby boosting the global market to a significant extent.
- And, this trend of using numerous devices for patient care at home is likely to continue even post pandemic.
The global home medical equipment market report is analyzed across functionality, distribution channel, and region. Based on functionality, the therapeutic equipment segment contributed to more than two-fifths of the total market share in 2019, and is expected to lead the trail by 2027. Simultaneously, the mobility assist & patient support equipment segment is anticipated to grow at the fastest CAGR of 7.1% throughout the forecast period.
By distribution channel, the retail pharmacy segment accounted for more than two-fifths of the global home medical equipment market revenue in 2019, and is projected to rule the roost by the end of 2027. The online retailers segment, on the other hand, would grow at the fastest CAGR of 7.0% from 2020 to 2027.
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By region, North America held the major share in 2019, generating more than two-fifths of the global home medical equipment market. At the same time, the market across Asia-Pacific is projected to exhibit the fastest CAGR of 7.4% from 2020 to 2027. The other two provinces covered in the report include Europe and LAMEA.
The key market players analyzed in the global home medical equipment market report include Abbott Laboratories, Smith & Nephew plc, Johnson & Johnson, B Braun Melsungen Ag, General Electric Company, Baxter International Incorporated, Becton, Dickinson and Company, Hill-Rom Holdings Incorporated, and Medtronic plc. These players have adhered to a number of strategies including partnership, expansion, collaboration, joint ventures, and others to showcase their flair in the industry.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.