Westford, USA, May 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Home Medical Equipment Market will attain a value of USD 59.18 billion by 2031, with a CAGR of 6.2% during the forecast period (2024-2031). Increasing prevalence of chronic diseases and growing aging population are driving the growth of the global home medical equipment market. The demand for patient monitoring devices for routine care is increasing significantly due to increasing incidence of diseases such as heart disease, diabetes and sleep disorders. Technological advances are driving the development of compact, portable, easy-to-use and highly accessible home medical devices, providing further market growth.
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Browse in-depth TOC on "Global Home Medical Equipment Market"
- Pages - 242
- Tables - 66
- Figures – 65
Global Home Medical Equipment Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 36.58 billion |
| Estimated Value by 2031 | USD 59.18 billion |
| Growth Rate | Poised to grow at a CAGR of 6.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Functionality, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increase in Healthcare Issues |
| Key Market Drivers | Increasing Prevalence of Chronic Disorders |
Therapeutic Equipment Segment to Dominate Due to Ensuring the Provision of Quality Care
Therapeutic equipment segment is the fastest growing segment in the market. This section covers a wide range of medical equipment and tools designed to manage and reduce health conditions in the home. These devices include respiratory therapy devices such as oxygen concentrators, nebulizers and continuous positive airway pressure (CPAP) devices for patients with breathing problems. These devices allow patients to self-regulate their abilities, improve their quality of life, and reduce the need for frequent hospital visits.
Hospitals and Clinics Segment to Drive Market Due to the Increasing Patient Awareness
Hospitals and clinics play an important role in the global home medical equipment market by acting as the primary care where patients receive diagnoses, treatment plans and prescriptions. Health care professionals, including physicians, nurses, and pharmacists, assess patient medical needs, determine appropriate equipment, and provide education and training in its use. Hospitals and clinics also serve as distribution channels for home medical equipment, through direct sales or partnerships with durable medical equipment (DME) suppliers. Provides follow-up care, monitoring and support services to patient users to ensure their safety, comfort and compliance with treatment regimens.
North America is Dominating Due to Rise in Chronic Diseases
North America represents the largest portion of the home medical equipment industry. This can be attributed to the rise in chronic diseases such as asthma, diabetes and high blood pressure. Growing home healthcare in the region due to rising healthcare costs and increasing disposable income is also fueling the demand for home medical equipment. The region is seeing a significant increase in demand for patient care equipment due to a growing senior population with a variety of health issues. Also, various insurance companies offer better insurance policies for home healthcare on a larger scale, which is boosting the home medical equipment industry.
Asia-Pacific is expected to grow during the forecast period owing to increasing disposable income, increasing awareness of the benefits of home monitoring devices which is increasing on the popularity of home healthcare in the region. Asia-Pacific is estimated to grow due to high population, improving healthcare services, and rising healthcare profiles in the region.
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Global Home Medical Equipment Market Insights:
Drivers
- Increasing Prevalence of Chronic Disorders
- Growing Geriatric Population
- Rising Adoption of Self-Health Management
Restraints
- High Cost Associated with Home Medical Equipment
- Stringent Regulations
Prominent Players in Global Home Medical Equipment Market
- B. Braun Melsungen AG
- Abbott
- Sunrise Medical
- 3M Healthcare
- Baxter International Inc.
- Medtronic PLC
- Cardinal Health Inc.
- F. Hoffmann-La Roche AG
- Air Liquide
- Amedisys, Inc.
- NxStage Medical, Inc. (Fresenius Medical Care)
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Key Questions Answered in Global Home Medical Equipment Market Report
- What is the current market size of Global Home Medical Equipment Market size?
- Which is the fastest growing region in Global Home Medical Equipment Market?
- Which region has the biggest share in Global Home Medical Equipment Market?
This report provides the following insights:
- Analysis of key drivers (increasing prevalence of chronic disorders, growing geriatric population, rising adoption of self-health management), restraints (high cost associated with home medical equipment, stringent regulations), opportunities (Increase in healthcare issues), influencing the growth of Global Home Medical Equipment Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Global Home Medical Equipment Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Global Home Medical Equipment Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
Related Reports:
Global Portable Medical Devices Market
Global Refurbished Medical Equipment Market
Global Durable Medical Equipment Market
Latin American Home Healthcare Market
Global Medical Equipment Rental Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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