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

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.