Dublin, April 27, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a global Medical Devices market research firm has published competitive intelligence and market research report on the “Home Medical Equipment Market”. The Home Medical Equipment Market size was valued at USD 2.32 Bn in 2022. The total Home Medical Equipment Market revenue is expected to grow at a CAGR of 10.5 percent from 2022 to 2029, reaching USD 5.16 Bn during the forecast period.
| Market Size in 2022 | USD 2.32 Bn |
| Market Size in 2029 | USD 5.16 Bn |
| CAGR | 10.5 percent (2022-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 268 |
| No. of Tables | 125 |
| No. of Charts and Figures | 115 |
| Segment Covered | By Equipment Type and Distribution Channel |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Home Medical Equipment Market Scope and Research Methodology
The report is a detailed analysis of the Home Medical Equipment Market covering all the major aspects such as segments, country-wise, and region-wise. For a better understanding of Home Medical Equipment Industry penetration, competitive structure, pricing analysis, and demand analysis of the market are undertaken at the local, regional and global levels.
Major companies are mentioned by region, along with their revenue, portfolio, developments, mergers & acquisitions, and strategic alliances, for competitive analysis of the Home Medical Equipment Market. Growth potential and business forecast for new market entrants are provided in the Home Medical Equipment Market report.
Home Medical Equipment Market is segmented based on Equipment Type, and Distribution Channel to understand the variables and impact on the market growth. Bottom-up approach was used to estimate the Home Medical Equipment market size. The primary and secondary methods were used to collect data from the Home Medical Equipment market. SWOT analysis was conducted to provide the strengths and weaknesses of the Home Medical Equipment market.
Home Medical Equipment Market Overview
The devices used by the patients in their home to manage medical conditions are known as Home Medical equipment. This includes a wide range of products such as digital blood glucose meters, pulse oximeters, and peak flow meters. Respiratory devices, insulin pumps, and many more come under medical equipment. It is also referred to as durable medical equipment to withstand non-professionals and is for appropriate use in the home.
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Growth in the elderly population and rising incidence of chronic diseases to boost Home Medical Equipment market growth
Shift of healthcare services from traditional clinical settings is expected to witness significant growth in the Home Medical Equipment Market over the forecast period. Focus on patient-centered care with increased chronic diseases is expected to boost market growth. The investment has increased in the development of technology to advanced medical equipment to meet the demand for healthcare solutions. Growth in aging population with increased demand for medical devices to manage health conditions is expected to boost the market growth. Home medical equipment provides more care and monitoring more conveniently. The development of innovation and new products to meet patients need is expected to boost market growth.
Telehealth services are popular in the medical equipment market, which use technology to deliver healthcare services remotely. Telehealth services reduce healthcare costs and increase efficiency, which significantly contributes for the growth of the Home Medical Equipment Market.
North America region to dominate the Home Medical Equipment Market over the forecast period
Growing aging population, increasing prevalence of chronic diseases, rise in healthcare cost, and shifting trend towards home-based healthcare services is expected to boost North America Home Medical Equipment Market growth. There are many technological advancements and government initiatives to promote the healthcare industry and also insurance coverage for home medical equipment. There are many medical equipment companies providing medical equipment services at home and is expected to fuel the market growth in the region.
Asia Pacific is the second largest market of Home Medical Equipment. Patient monitoring equipment is largest segment due to rising prevalence of chronic diseases and the need for continuous monitoring is expected to boost the market growth.
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Home Medical Equipment Market Segmentation
By Equipment Type:
- Therapeutic Equipment
- Respiratory Therapy Equipment
- Dialysis Equipment
- Intravenous Equipment
- Other Therapeutic Equipment
- Respiratory Therapy Equipment
- Patient Monitoring Equipment
- Conventional Monitors
- Telemedicine Patient Monitoring Equipment
- Mobility Assist and Patient Support Equipment
- Mobility Assist Equipment
- Medical Furniture
- Bathroom Safety Equipment
Based on Equipment type, the therapeutic home medical equipment segment held largest share in terms of revenue accounting 26.2 percent in 2022. Increased demand for home-based healthcare solutions is expected to boost the regional Home Medical Equipment Market growth. Telemedicine Patient Monitoring Equipment segment is expected to dominate the market with 11.2 percent of the total market share over the forecast period.
By Distribution Channel:
- Retail Medical Stores
- Online Retailers
- Hospital Pharmacies
Based on Distribution Channel, the Retail medical stores segment is growing at a growth rate of 12.3 percent over the forecast period. The store offers a range of medical supplies and equipment with mobility aids. The medical stores have knowledgeable staff to provide guidance and support to customers, which is expected to boost the market growth.
Home Medical Equipment Market Key Players include
- B. Braun Melsungen AG
- Cesco Bio Products
- Fresenius Medical Care AG & Co. Kgaa
- Gf Health Products, Inc.
- Hill-Rom Holdings, Inc.
- Koninklijke Philips N.V.
- Mckesson Corp.
- Medtronic plc
- Omron Healthcare, Inc.
- Rotech Healthcare Inc.
- Siemens Healthcare GmbH
- Stryker Corp.
- Sunrise Medical (US) LLC
- 3M Co.
- Abbott Laboratories
- ARKRAY Inc.
- Baxter International Inc.
- Becton Dickinson and Co.
- Boston Scientific Corp.
- Cardinal Health Inc.
- General Electric Co.
- Home Medical Products Inc.
- Invacare Corp.
- Johnson and Johnson
- Medline Industries Inc.
- Medtronic Plc
- ResMed Inc.
- Smiths Group Plc
- Thermo Fisher Scientific Inc.
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Key questions answered in the Home Medical Equipment Market are:
- What are Home Medical Equipment?
- What was the Home Medical Equipment market size in 2022?
- What is the expected Home Medical Equipment market size by 2029?
- What is the growth rate of the Home Medical Equipment Market?
- Which are the factors expected to drive the Home Medical Equipment market growth?
- Which segment dominated the Home Medical Equipment market growth?
- What is the demand pattern for the Home Medical Equipment market?
- Which region held the largest share in the Home Medical Equipment market?
- Who are the key players in the Home Medical Equipment market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Equipment Type, and Distribution Channel
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Medical Devices research firm, has also published the following reports:
Medical Equipment Cooling Market: The total market size is expected to reach USD 303.45 Mn by year 2029 at a CAGR of 4.2 percent during the forecast period. The increasing geriatric population and rising cases of cancer is expected to boost the market growth.
Medical Equipment Maintenance Market: The total market size is expected to grow at a CAGR of 10.60 percent throughout the forecast period, reaching USD 101.2 Bn by 2029. Rising specialize in preventive medical instrumentation maintenance, and adoption of innovative funding mechanisms is expected to influence the market growth.
ICU Equipment Carrier Market: The total market size was valued at USD 347 Mn in 2021 market size is expected to grow at a CAGR of 5.12 percent through the forecast period reaching USD 517.38 Mn. Increase in incidences of chronic diseases and increases the treatment in the ICU department is expected to boost the market growth.
Veterinary Monitoring Equipment Market: The total market size was valued at USD 8207.7 Mn in 2022 and is expected to reach USD 13179.9 Mn by 2029 at a CAGR of 7.0 percent during the forecast period. The increasing focus on animal health and concern amongst the pet owner is expected to boost the market growth.
Medical Thermometer Market: The total market size was valued at USD 1.98 Bn in 2021 and the total revenue is expected to grow at 6.60 percent from 2022 to 2029, reaching USD 3.3 Bn. Increasing frequency of target disease, rising operation, and technological investment is expected to fuel the market growth.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
