Home Medical Equipment Market
Global home medical equipment market is growing rapidly, witnessing the rising adoption of a range of equipment in the home and well as clinical set-ups. The use of technology in self-health management is rising pervasively. Simultaneously, advances in home medical based market technology and the growing awareness among individuals are increasing the adoption of the home based medical devices. Favorable reimbursement policies are impacting the growth of the market in developing and developed countries.
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Moreover, the shift in healthcare services from traditional clinical settings to home care will increase the demand for home medical equipment. According to Market Research Future (MRFR), the global home medical equipment market is expected to garner a valuation of USD 36,189.9 MN by the end of 2025. In its recent report, MRFR also asserts that the market would register a CAGR of over 5.9% over the assessment period (2019-2025).
Additionally, rising incidences of chronic diseases such as diabetes, cancer, and respiratory disorders, alongside the increasing healthcare costs and growing need for affordable treatment options are providing impetus to the growth of the market. Increasing geriatric population and change in lifestyle are boosting the market demand. The demand for home medical equipment in monitoring & therapeutics is driven by the rising need for managing chronic diseases, are pushing the home medical equipment market size.
On the other hand, rising concerns related to patient safety are impeding the growth of the market. Nevertheless, technological advancements in healthcare & diagnosis equipment and government initiatives would support the home medical equipment market throughout the review period. Also, the real-time healthcare data analysis of the patient and the ability to share healthcare information with physicians is another driver of the market.
Global Home Medical Equipment Market – Segments
The report is segmented into three main dynamics to widen the scope of understanding,
By Functionality : Therapeutic Equipment, Patient Monitoring Equipment, Mobility Assist & Patient Support Equipment, and others.
By End-User : Hospitals, Emergency Clinics, Homecare Settings, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Home Medical Equipment Market – Regional Analysis
North America dominates the global Home Medical Equipment Market due to the technological advancements and high healthcare expenses. Besides, the increasing prevalence of chronic diseases such as diabetes, cancer, etc., rising preferences for home healthcare set-ups, and large uptake of home medical equipment drive a large share of the market.
Moreover, the presence of large healthcare infrastructures and excellent reimbursement procedures boost market growth. Furthermore, factors such as the increase in purchasing power due to the efficiency gained by the economies of scale influence market growth. The North American home medical equipment market is estimated to continue its dominance, creating a large revenue pocket throughout the assessment period.
Europe stands second in the global home medical equipment market due to the greater hospitalization rates and rising per capita healthcare expenditures. Increasing awareness about the availability & benefits of home medical equipment is leading to the increased adoption of home medical equipment. Germany, with its advanced technology and the presence of a flourishing medical device market, boost the growth of the regional market. The European home medical equipment market is estimated to grow at a phenomenal CAGR during the review period.
The Asia Pacific home medical equipment market has emerged as the fastest-growing market owing to the economic development and developing healthcare infrastructure. Additionally, factors such as the surge in the number of geriatric populations, increasing need for affordable healthcare delivery systems, and growing per capita income, are boosting the growth of the market.
Rising adoption of home medical equipment in home healthcare, as well as hospital setups, is fostering the market demand in the region. Furthermore, the growth potential in the emerging economies is expected to provide numerous opportunities for the APAC home medical equipment market expansion during the forecast period.
Global Home Medical Equipment Market – Competitive Landscape
The home medical equipment market appears highly competitive with a large number of players forming a competitive landscape. The market also looks highly consolidated due to the greater availability of advanced technology and the intellectual property intensity of the market. Product development and close collaboration with large hospitals is an attractive strategy being pursued.
Manufacturers are also forming collaboration and partnerships with other players to expand their footprints & expertise and to reduce development times and costs. Manufacturers of Home Medical Equipment are also acquiring proprietary technology or partnering with players from the information technology industry to reduce commercial times.
Players leading the global home medical equipment market include Arkray Incorporated (Japan), Carefusion Corporation (US), Smiths Group PLC (UK), Omron Corporation (Japan), Invacare Corporation (US), Hoffmann-La Roche Ltd (Switzerland), Medline Industries Incorporated (US), GE Healthcare (US), Abbott (US), Resmed Corporation (US), Philips Healthcare (US), and Stryker (US), among others.
Industry/ Innovation/ Related News:
March 03, 2020 —- AdaptHealth Corp. (the US), a leading global provider of home medical equipment, announced the acquisition of a Texas-based home medical equipment provider – Healthline Medical Equipment, Inc. and closing of its previously announced acquisition of Advanced Home Care’s home medical equipment business. These acquisitions would enable AdaptHealth to retain its leading position in the HME business and increase its product portfolio.
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