Portland, OR, March 13, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the U.S. home medical equipment market generated $12.07 billion in 2021, and is estimated to reach $19.89 billion by 2031, witnessing a CAGR of 5.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $12.07 Billion |
| Market Size in 2031 | $19.89 Billion |
| CAGR | 5.1% |
| No. of Pages in Report | 251 |
| Segments Covered | Functionality and Distribution Channel |
| Drivers | The rise in prevalence of chronic diseases such as diabetes and heart disease |
| The increase in demand for these devices for monitoring patient’s condition as they are more cost-effective than inpatient care and reduce the need for hospitalization | |
| Technological advancements in the medical equipment industry | |
| Opportunities | Government initiatives aiming to promote home healthcare and expanding insurance coverage for home medical equipment along with rise in regulatory approvals |
| Restraints | Complexities and difficulties involved in using home medical equipment |
| High cost of home medical equipment and supplies |
Impact of Covid-19 on U.S. Home Medical Equipment Market:
- The outbreak of the COVID-19 pandemic had a positive impact on the U.S. home medical equipment market. This is because the pandemic reduced accessibility of patients to hospitals and patient attendance at outpatient medical visits, including preventive services such as screening of patients for various diseases such as diabetes and hypertension. Thus, there was a surge in demand for home medical equipment such as oxygen concentrators, blood glucose monitors, and blood pressure monitors.
- Moreover, findings suggest an increase in the prevalence of heart-related conditions and chronic diseases during the pandemic boosted the demand for home medical equipment in the U.S.
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The report offers a detailed segmentation of the U.S. home medical equipment market based on functionality and distribution channels. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on functionality, the therapeutic equipment segment held the largest share in 2021, accounting for nearly two-fifths of the U.S. home medical equipment market and would maintain its dominance through 2031. Moreover, the same segment is estimated to witness the fastest CAGR of 5.6% during the forecast period. The other segments analyzed in the study include patient monitoring equipment and mobility assist & patient support equipment.
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In terms of distribution channel, the offline segment captured the largest market share of more than four-fifths of the U.S. home medical equipment market in 2021 and is expected to maintain a prominent revenue growth in 2031. However, the online segment is expected to achieve the fastest CAGR of 7.4% in 2031.
Leading players of the U.S. home medical equipment market analyzed in the research include Abbott Laboratories, Baxter International Inc., B. Braun Melsungen AG, Beckton Dickson and Company, General Electric (GE Healthcare), Invacare Corporation, Johnson & Johnson, Medtronic Plc., ResMed, Inc., and Smith & Nephew Plc.
The report analyzes these key players of the U.S. home medical equipment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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