“Global Home Medical Equipment Market Report and Forecast 2022-2027”
Global Home Medical Equipment Market to be Driven by Growing Incidence of Chronic Diseases During the Forecast Period 2022-2027
Expert Market Research’s new report titled ‘Global Home Medical Equipment Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global home medical equipment market, assessing the market based on its segments such as feature, distribution channel, and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Historical market size (2021): USD 34.44 billion
- Forecast CAGR (2022-2027): 6.20%
- Forecast market size (2027): 49.42 billion USD
Rising prevalence of various chronic diseases across the world is driving the growth of the market. The increasing number of baby boomers and the increase in the elderly population are also contributing to the growth of the market. There are various benefits provided by these equipments. Some of them are cost effectiveness, ease of use, security, and convenience among others. Adopting technologically expensive medical equipment for home use involves a one-time investment that offsets the costs incurred through repeated hospital visits. Developing countries offer lucrative growth opportunities for expanding the home medical equipment market. Factors such as high healthcare expenditure, high disposable income, and superior healthcare infrastructure are also driving the market growth. The COVID-19 pandemic has also had a positive impact on the market growth. The demand for these devices has increased due to restrictions and the threat of coronavirus contamination.
Industry definition and major segments
Home medical equipment is medical devices that can be used safely at home or in a private place and do not require professional supervision. These devices are often referred to as durable medical equipment because they are intended for repeated use by caregivers or lay patients and are suitable for home use. The home medical equipment market has been transformed in recent years. These devices are also covered by insurance.
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By Feature, the market is split into:
- Therapeutic equipment
- CPAP devices
- CPAP Accessories
- Oxygen concentrators
- Home Liquid Oxygen Containers
- Oxygen cannula
- Patient monitoring equipment
- Mobility aid and patient support equipment
On the basis of distribution channel, the industry is split into:
- Hospital pharmacies
- Retail medical stores
- Online retailer
Global logistics automation markets can be divided into:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Home health technologies are experiencing major changes driven by the latest health innovations. Technological innovation provides new and advanced devices. Technologies such as needle-free diabetic care, drug delivery equipment and durable medical equipment are accelerating growth. Advancements have led to additional technologies and not only increased the capabilities of home caregivers, but also improved the quality of home care. The Internet of Things (IoT) has made it possible to control health care remotely via smart phones. Medical care can be managed to extend direct patient care outside of a physical hospital, doctor’s office, or nursing facility. The increase in the practices of using technology for self-health management has led to a growth in the demand for home medical equipment.
Main market players
Major market players include Abbott Laboratories, Baxter International Inc., Becton, Dickinson and Company, Hill-Rom Holdings, Inc., and Invacare Corporation, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.
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