Global Home Medical Equipment Market

Home Medical Equipment Market Size, Share, Growth Analysis, By Functionality(Therapeutic Equipment, CPAP Machines, CPAP Accessories, Oxygen Concentrators), By End use(Hospitals & Clinics, Home Healthcare, Nursing Homes), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2200 | Region: Global | Published Date: February, 2024
Pages: 242 |Tables: 66 |Figures: 65

Home Medical Equipment Market Insights

Home Medical Equipment Market size was valued at USD 34.44 billion in 2022 and is poised to grow from USD 36.58 billion in 2023 to USD 59.18 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

Medical devices that give patients a safe, practical, affordable, and acceptable environment inside of their own homes are referred to as "home medical equipment." Due to the prevalence of chronic diseases and the growing emphasis on early detection and treatment by healthcare professionals, an increasing number of individuals are having diagnostic and surgical treatments. As a result of an increase in inpatient admissions as well as an increase in surgical and diagnostic procedures, the demand for medical devices, including capital equipment and consumables, is rising in both developed and developing countries. Leading market players are expanding their spending in R&D for the development of technologically improved equipment in order to match the growing demand for cutting-edge technologies.

The market for medical devices is anticipated to expand in the upcoming years as a result of increased R&D expenditures by medical technology companies and favourable clearance conditions provided by regulatory agencies. For instance, 213 devices obtained breakthrough designations in 2019, up from around 130 in 2019, according to the FDA's Centre for Devices and Radiological Health report from that year.

US Home Medical Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 34.44 billion

Largest Segment

Retail Medical Stores

Fastest Growth

Retail Medical Stores

Growth Rate

6.2% CAGR

Global Home Medical Equipment Market ($ Bn)
Country Share for North America Region (%)

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Home Medical Equipment Market Segmental Analysis

Global home medical equipment Market is segmented based on the Functionality, end user, and region. Based on the Functionality segmented into Therapeutic Equipment, CPAP Machines, CPAP Accessories, Oxygen Concentrators, Home Liquid Oxygen Containers, and Others. Based on the end user into Hospitals & Clinics, Home Healthcare, Nursing Homes. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Home Medical Equipment Market Analysis by Functionality

Pulse oximeters, blood pressure monitors, and other monitoring equipment are available. Monitoring equipment includes things like scooters, bath lifts, and power wheelchairs. Last but not least, the therapeutic equipment consists of therapeutic mattresses, chairs, and other items. Despite the fact that demand for all equipment has increased recently. However, compared to the other items, monitoring equipment is in the largest growth.

Global Home Medical Equipment Market By Distribution Channel, 2022 (%)

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Home Medical Equipment Market Regional Insights

The home medical equipment market is heavily dominated by North America. The rise of chronic illnesses, including high blood pressure, diabetes, and asthma, among others, is to blame for this. The demand for home medical equipment is also expanding as home healthcare becomes more popular in the area due to high medical costs and increasing disposable incomes. The demand for patient monitoring devices is increasing significantly as the number of elderly people in the area who have various health problems increases. The market for home medical equipment is expanding as a result of the numerous insurance companies' growing availability of favourable insurance plans for in-home healthcare.

In contrast, the Asia-Pacific home medical equipment market is anticipated to expand at a rapid rate during the forecast period due to factors including an ageing population that is more susceptible to disorders like orthopaedic, cardiovascular, and others; growing awareness of the affordability and convenience offered by these home medical devices; and rising health care costs in emerging nations like China and India, which are expected to be the largest consumers of home medical equipment during the period.

Global Home Medical Equipment Market By Region, 2024-2031
  • Largest
  • Fastest

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Home Medical Equipment Market Dynamics

Home Medical Equipment Market Drivers

Increasing Geriatric Population to Bolster Market Growth

  • Market players are being forced to develop medical technologies that are exact, effective, user-friendly, and effective as the aging population is increasing. As a result, older individuals have a greater demand for therapeutic, mobility, and monitoring equipment, that is driving market growth.
  • Medical technology has grown to be a fantastic growth strategy for medical device companies as a result of increased efficiency. Using technical improvements, a number of players have combined the internet of things (IoT) with medical equipment to improve patient-provider communication. Due to the built-in connectivity of medical devices via mobile applications, cloud services, and machine-to-machine interfaces, telemedicine and mHealth technologies have gained popularity.

Home Medical Equipment Market Restraints

High Cost to Hinder Market Growth

  • The market for homecare medical devices has bright futures, but is severely burdened by the high cost of these products.
  • Sales of homecare medical devices are impacted by the absence of insurance coverage and the safety risk to patients and home care personnel.

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Home Medical Equipment Market Competitive Landscape

The market in home medical equipment is fragmented, and only a few businesses now hold the majority of the market share. Rotech Healthcare Inc., Medline Industries Inc., Omron Healthcare Inc., Resmed Corporation, and General Electric Company are some of these businesses. In-home medical equipment is one of the main factors driving market competition. In order to maintain their position in the international market, the top players have also engaged in a number of strategic alliances, including acquisitions, collaborations, and the introduction of cutting-edge products.

Home Medical Equipment Market Top Player's Company Profiles

Home Medical Equipment Market Recent Developments

  • In March 2022, Dozee announced a new partnership with Priaashraya Healthcare Pvt. Ltd. to transform assisted living for patients with their contactless remote patient monitoring systems. This device's sensor keeps track of the parameters, and the readings are accessible in a mobile phone app.
  • In March 2022, when one person is discharged from a medical facility after a surgical intervention, Manipal Hospitals, Bangalore's second-largest hospital chain, plans to offer digital patient monitoring technologies.

Home Medical Equipment Key Market Trends

  • The increasing rate of cardiovascular illnesses, diabetes, and sleep problems, among other disorders, as well as the desire to rely less on healthcare practitioners, are the key reasons influencing the need for patient monitoring technology. Patients with myocardial ischemia, such as atrial fibrillation and myocardial ischemia, are monitored at home using patient monitoring devices such blood pressure monitors, Holter monitors, and heart rate monitors.
  • Furthermore, new product introductions are being prompted by the increasing prevalence of diabetes. For instance, Abbott introduced the FreeStyle Libre continuous blood glucose monitoring device for adults and children in India in November 2020. This will provide patients the option to check their blood glucose levels whenever and wherever they are, which will improve glucose control. Additionally, the usage of apnea monitors to track individuals with sleep apnea disease is growing. It is projected that these elements would play a part in the growing demand for home patient monitoring devices. As a result, given the aforementioned considerations, it is predicted that the market will expand significantly during the forecast period.

Home Medical Equipment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

Our analysis indicates that the presence of improved technology, rising consumer per capita income, and rising prevalence of various chronic conditions are all contributing to the market's rapid rise over the projection period. In addition, it is anticipated that in the near future, the fast industrialization of emerging economies like India, China, and Indonesia as well as increasing government attempts to build out healthcare infrastructure will have a substantial impact on market growth.

Report Metric Details
Market size value in 2022 USD 34.44 billion
Market size value in 2031 USD 59.18 billion
Growth Rate 6.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Functionality
    • Therapeutic Equipment, CPAP Machines, CPAP Accessories, Oxygen Concentrators, Home Liquid Oxygen Containers, and Others
  • End use
    • Hospitals & Clinics, Home Healthcare, Nursing Homes
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Home Medical Equipment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Home Medical Equipment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Home Medical Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Home Medical Equipment Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Home Medical Equipment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Home Medical Equipment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Home Medical Equipment Market size was valued at USD 34.44 billion in 2019 and is poised to grow from USD 36.58 billion in 2023 to USD 59.18 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

The market in home medical equipment is fragmented, and only a few businesses now hold the majority of the market share. Rotech Healthcare Inc., Medline Industries Inc., Omron Healthcare Inc., Resmed Corporation, and General Electric Company are some of these businesses. In-home medical equipment is one of the main factors driving market competition. In order to maintain their position in the international market, the top players have also engaged in a number of strategic alliances, including acquisitions, collaborations, and the introduction of cutting-edge products. 'Invacare Corporation', 'Drive DeVilbiss Healthcare', 'Medline Industries, Inc.', 'Philips Healthcare', 'Hill-Rom Holdings, Inc.', 'ResMed Inc.', 'Fisher & Paykel Healthcare Corporation Limited', 'Cardinal Health, Inc.', '3M Healthcare', 'Becton, Dickinson and Company', 'Medtronic plc', 'Abbott Laboratories', 'Johnson & Johnson', 'GE Healthcare', 'Siemens Healthcare GmbH', 'Smith & Nephew plc', 'Stryker Corporation', 'Baxter International Inc.', 'Boston Scientific Corporation', 'Zimmer Biomet Holdings, Inc.'

Market players are being forced to develop medical technologies that are exact, effective, user-friendly, and effective as the aging population is increasing. As a result, older individuals have a greater demand for therapeutic, mobility, and monitoring equipment, that is driving market growth.

The increasing rate of cardiovascular illnesses, diabetes, and sleep problems, among other disorders, as well as the desire to rely less on healthcare practitioners, are the key reasons influencing the need for patient monitoring technology. Patients with myocardial ischemia, such as atrial fibrillation and myocardial ischemia, are monitored at home using patient monitoring devices such blood pressure monitors, Holter monitors, and heart rate monitors.

The home medical equipment market is heavily dominated by North America. The rise of chronic illnesses, including high blood pressure, diabetes, and asthma, among others, is to blame for this. The demand for home medical equipment is also expanding as home healthcare becomes more popular in the area due to high medical costs and increasing disposable incomes. The demand for patient monitoring devices is increasing significantly as the number of elderly people in the area who have various health problems increases. The market for home medical equipment is expanding as a result of the numerous insurance companies' growing availability of favourable insurance plans for in-home healthcare.

Home Medical Equipment Market size was valued at USD 34.44 billion in 2022 and is poised to grow from USD 36.58 billion in 2023 to USD 59.18 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

The market in home medical equipment is fragmented, and only a few businesses now hold the majority of the market share. Rotech Healthcare Inc., Medline Industries Inc., Omron Healthcare Inc., Resmed Corporation, and General Electric Company are some of these businesses. In-home medical equipment is one of the main factors driving market competition. In order to maintain their position in the international market, the top players have also engaged in a number of strategic alliances, including acquisitions, collaborations, and the introduction of cutting-edge products. 'Invacare Corporation', 'Medline Industries, Inc.', 'Philips Healthcare', 'DriveDeVilbissInternational', 'Cardinal Health, Inc.', 'InogenInc', 'Dickinson And Company', 'Johnson & Johnson', 'General Electric Company', 'Abbott Laboratories'

Market players are being forced to develop medical technologies that are exact, effective, user-friendly, and effective as the aging population is increasing. As a result, older individuals have a greater demand for therapeutic, mobility, and monitoring equipment, that is driving market growth.

The increasing rate of cardiovascular illnesses, diabetes, and sleep problems, among other disorders, as well as the desire to rely less on healthcare practitioners, are the key reasons influencing the need for patient monitoring technology. Patients with myocardial ischemia, such as atrial fibrillation and myocardial ischemia, are monitored at home using patient monitoring devices such blood pressure monitors, Holter monitors, and heart rate monitors.

The home medical equipment market is heavily dominated by North America. The rise of chronic illnesses, including high blood pressure, diabetes, and asthma, among others, is to blame for this. The demand for home medical equipment is also expanding as home healthcare becomes more popular in the area due to high medical costs and increasing disposable incomes. The demand for patient monitoring devices is increasing significantly as the number of elderly people in the area who have various health problems increases. The market for home medical equipment is expanding as a result of the numerous insurance companies' growing availability of favourable insurance plans for in-home healthcare.

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Global Home Medical Equipment Market

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