USD 34.44 billion
Report ID: SQMIG35A2200 | Region: Global | Published Date: February, 2023 | Pages: 242 | Tables: 146 | Figures: 78
Global Home Medical Equipment Market size was valued at USD 34.44 billion in 2021 and is poised to grow from USD 36.58 billion in 2022 to USD 59.18 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).
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 2022, up from around 130 in 2021, according to the FDA's Centre for Devices and Radiological Health report from that year.
Global Market Size
USD 34.44 billion
Retail Medical Stores
Retail Medical Stores
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Global home medical equipment Market is segmented based on the Raw Material Type, Functionality, Distribution, end user, and region. Based on raw material Global home medical equipment market is segmented into Natural, Synthetic. Based on the type into Coated Abrasives, Bonded Abrasives, Super Abrasives. Based on the Functionality segmented into Mobility Equipment, Therapeutic Equipment, and Monitoring Equipment. Based on the distribution into the Pharmacies, Retail Medical Stores, Ecommerce Websites. Based on the end user into Aerospace, Automotive, Machinery, Metal Fabrication, Electrical & Electronics Equipment, Others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Distribution Channel
The retail medical stores represented the largest sale to date. This is due to the retail chains' long-standing presence in the channel. Most elderly individuals find it more convenient to make in-person purchases than to perform so online. Furthermore, since this is medical equipment, purchasers like to inspect products in person before making a purchase. However, the growth in smartphone users is also contributing to an increase in sales through e-commerce websites.
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.
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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.
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Increasing Geriatric Population to Bolster Market Growth
High Cost to Hinder Market Growth
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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.
Top Player's Company Profiles
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.
|Market size value in 2021||USD 34.44 billion|
|Market size value in 2030||USD 36.58 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global 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 Global Home Medical Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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