Home Medical Equipment Market by Size, Share, Forecast, & Trends Analysis
‘Home
Medical Equipment Market by Product (Therapeutic [CPAP, Nebulizer,
Ventilator, Dialysis, IV Equipment], Monitoring [Cardiac, Glucose, Temperature,
Apnea], Mobility Assist [Walker, Wheelchair, Scooter]), and Distribution
Channel – Global Forecast to 2030,’ published by Meticulous Research®, the home
medical equipment market is projected to reach $62.89 billion by 2030, at a
CAGR of 6.8% from 2023 to 2030.
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Home medical equipment is used to fulfill patients’
healthcare needs at home. It is mostly used when a patient or individual
requires prolonged care or stays in healthcare facilities. Home medical
equipment includes therapeutics equipment, mobility assistive and patient
support equipment used by individuals or patients to control numerous
conditions such as respiratory diseases, mobility disorders, and cancer.
The key players profiled in the home medical equipment
market report are Abbott Laboratories (U.S.), Amedisys, Inc (U.S.), Baxter
Healthcare (U.S.), Convatec (U.K.), Fisher & Paykel Healthcare (New
Zealand), Fresenius Medical Care AG & Co. KGaA (Germany), Becton, Dickinson
and Company (U.S.), GE HealthCare (U.S.), Invacare Corporation (U.S.),
Medtronic (Ireland), Hill-Rom Holdings, Inc. (U.S.), Smith & Nephew plc
(U.K.), and Inogen, Inc. (U.S.). The report also includes an extensive assessment
of the key growth strategies adopted by leading market players in the last
three to four years. The global home medical equipment market has witnessed
several strategic developments in the past few years.
Technological advancements in home medical equipment, the
increasing prevalence of chronic diseases coupled with the rising geriatric
population globally, the growing adoption of self-health management practices,
and rising healthcare expenditure are driving the growth of this market.
Furthermore, emerging economies are expected to offer
significant opportunities for the growth of this market. However, the high
costs of medical equipment and the absence of reimbursement for home medical
equipment are expected to restrain the market's growth.
Rising Healthcare Expenditure to Drive the Demand for Home
Medical Equipment
Healthcare expenditure encompasses all the financial
resources allocated to ensure the optimal functioning of healthcare systems and
the delivery of high-quality patient care. The increasing healthcare
expenditures in various countries indicate a growing emphasis on promoting
overall population health and disease prevention. This trend is expected to
drive the adoption of advanced medical technologies, increase funding and
initiatives for disease diagnosis and treatment, and the establishment of
healthcare facilities with advanced infrastructure. This rise in healthcare
expenditure is observed in both developed and developing countries. The U.S.
has significantly higher healthcare spending than other economies.
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Among the distribution channels covered in this study, in
2023, the retail medical stores segment is expected to account for the largest
share of the home medical equipment market. The large market share of this
segment is attributed to the easy availability and accessibility of home
medical equipment and lower operating costs. Retail medical stores offer a wide
range of products and other medical supplies. Retail medical stores offer a
wide range of products and medical supplies, providing convenient access for
patients needing home medical equipment and supplies. The convenience offered
by these stores contributes to the significant market share of this segment.
Based on geography, the home medical equipment market is
segmented into North America, Europe, Asia-pacific, Latin America, and the
Middle East & Africa. North America is expected to account for the largest
share of the home medical equipment market. North America’s major market share
is attributed to the growing aging population, the increasing prevalence of
chronic diseases that necessitate the use of home medical equipment, the
ongoing development of healthcare infrastructure, and the rising healthcare expenditures
in the region.
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