Global Home Medical Equipment Market Overview (2022-2027)
• Historical Market Size (2021): US$ 35.5 Billion
• Forecast CAGR (2022-2027): 6.40%
• Forecast Market Size (2027): US$ 52.23 Billion
What are the growth prospects of the home medical equipment industry ?
The global home medical equipment market size reached US$ 35.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 52.23 Billion by 2027, exhibiting a growth rate (CAGR) of 6.40% during 2022-2027.
What is a the home medical equipment market ?
Home medical equipment refer to medical devices used in a home care setting. They comprise reservoirs, high-pressure cylinders, oxygen accessories and supplies, concentrators, home invasive mechanical ventilators, continuous positive airway pressure (CPAP) machines, respiratory assist devices (RAD), oxygen conserving appliances, intermittent positive pressure breathing (IPPB) instruments, and nebulizers.
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Home medical equipment monitor the health of patients regularly and provide a detailed report to the caregiver. They also increase the safety of the patient while offering enhanced healthcare. As a result, home medical equipment are extensively available across hospital pharmacies, online retailers, and medical stores.
What are the major market drivers in a home medical equipment market ?
The escalating prevalence of serious illnesses, such as arthritis, diabetes, influenza, pneumonia, cancer, stroke, septicemia, and kidney, heart, respiratory, and Alzheimer’s disease, is among the primary factors driving the home medical equipment market. Besides this, the growing demand for oxygen-related products, owing to the increase in the incidence of chronic obstructive pulmonary disease (COPD) across the globe, is further augmenting the market growth.
Moreover, the rising utilization of innovative home medical equipment, including needle-free diabetic care, medication administration tools, medical beds, and lift chairs, is also catalyzing the global market. Apart from this, the elevating geriatric population and the expanding healthcare industry are acting as significant growth-inducing factors.
Additionally, the increasing awareness among the masses about the benefits of home care instruments is also stimulating the market growth. Furthermore, the inflating number of investments by the leading players in research and development (R&D) activities to integrate advanced technologies, such as wearable devices, telehealth, and mobile health software, are expected to bolster the home medical equipment market in the coming years.
|Home Medical Equipment Market Report Scope|
|Market size value in 2021||US$ 35.5 Billion|
|Market forecast in 2027||US$ 52.23 Billion|
|Growth Rate||CAGR of 6.40% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends|
|Segments covered||Based On Equipment Type And Distribution Channel|
|Regional scope||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Key companies profiled||Abbott Laboratories, Arkray Inc., B. Braun Melsungen AG, Baxter International Inc., Caire Inc. (NGK Spark Plug Co. Ltd.), Inogen Inc., Invacare Corporation, Koninklijke Philips N.V., Medline Industries LP, Medtronic plc, OMRON Healthcare Inc. (Omron Corporation) and Resmed Inc.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Equipment Type:
- Respiratory Therapy Equipment
- Dialysis Equipment
- Intravenous Equipment
Patient Monitoring Equipment
- Conventional Monitors
- Telemedicine Patient Monitoring Equipment
Mobility Assist and Patient Support Equipment
- Mobility Assist Equipment
- Medical Furniture
- Bathroom Safety Equipment
Breakup by Distribution Channel:
- Retail Medical Stores
- Online Retailers
- Hospital Pharmacies
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are Abbott Laboratories Abbott Laboratories, Arkray Inc., B. Braun Melsungen AG, Baxter International Inc., Caire Inc. (NGK Spark Plug Co. Ltd.), Inogen Inc., Invacare Corporation, Koninklijke Philips N.V., Medline Industries LP, Medtronic plc, OMRON Healthcare Inc. (Omron Corporation) and Resmed Inc.
Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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