REDDING,
Calif., June 19, 2024 /PRNewswire/
-- According to a new market research report titled, 'Home
Medical Equipment Market by Product (Therapeutic [CPAP,
Nebulizer, Ventilator, Dialysis, IV Equipment] Monitoring [Cardiac,
Glucose, Temperature, Apnea] Mobility Assist [Walker, Wheelchair,
Scooter]) 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 therapeutic, 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.
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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.
In 2021, healthcare spending in the U.S. reached USD 4.3 trillion, with the average healthcare
cost per person being nearly USD
12,900. Furthermore, according to The Federal Statistical
Office, Germany's healthcare
expenditure reached USD 560.95
billion (Euro 474.1 billion)
in 2021, representing an increase compared to the previous year.
Additionally, healthcare spending in Brazil is projected to rise to approximately
12.6% of GDP by 2040, an increase from 9.6% in 2019 (Source:
OECD).
The global geriatric population is experiencing rapid growth.
According to data from the World Health Organization, the
proportion of individuals aged 60 years and above is expected to
nearly double from 12% to 22% globally between 2015 and 2050. In
Asia-Pacific, countries including
Japan, South Korea, and Hong Kong are expected to have the largest
share of people over 65 years and older by 2050. The prevalence of
common conditions in older age, including diabetes, chronic
obstructive pulmonary disease, cardiovascular diseases, and cancer,
contributes to higher utilization of home medical equipment for
home care. The elderly population, often unable to visit hospitals
for regular checkups, relies on medical products that can be
conveniently used at home. Therefore, the rising elderly population
drives the adoption of home medical equipment.
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Home Medical Equipment Market: Future Outlook
The home medical equipment market is segmented by Product
[Therapeutic Equipment {Home Respiratory Therapeutics Equipment
(CPAP machines, CPAP accessories), Oxygen Delivery Equipment
(Oxygen Concentrator, Nasal Cannula, Nebulizers, Ventilators
(Invasive Ventilators, Non-invasive Ventilators), Humidifiers),
Home IV Equipment (IV Pumps, IV Administration, IV Accessories),
Home Dialysis Equipment (Home Peritoneal Dialysis Products
(Consumables (Dialyzers, Concentrates/Dialysates, Bloodlines, Other
Peritoneal Dialysis Consumables)), Devices (Center-Use, Home-Use),
Home Hemodialysis Products (Consumables (Concentrates/Dialysates,
Catheters, Other Hemodialysis Consumables)) Devices), Patient
Monitoring Equipment (Cardiac Monitoring Equipment, Blood Glucose
Monitoring Equipment, Temperature Monitoring Equipment, Apnea
Monitoring Equipment, Other Patient Monitoring Equipment), Mobility
Assist & Patient Support Equipment (Wheelchairs (Manual
Wheelchairs, Powered Wheelchairs)), Walking Assist Device (Walker
& Roller, Canes & Walking Sticks, Crutches), Bathroom
Safety Equipment, Mobility Scooters, Medical Furniture &
Accessories)}, Distribution Channel {Retail Medical Stores,
Hospital Pharmacies, E-commerce Channels}, and Geography {North
America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa}.
Based on product, the home medical equipment market is segmented
into therapeutic equipment, patient monitoring equipment, and
mobility assist & patient support equipment. In 2023, the
therapeutic segment is expected to account for the largest share of
the home medical equipment market. Therapeutics equipment provides
home care by helping individuals or patients manage their
respiratory conditions & treatment at home. The growing
prevalence of diseases that require frequent usage of home medical
equipment, such as home dialysis equipment and intravenous pumps,
the aging population, advancements in home medical equipment, and
higher costs of hospitalizations contribute to the large market
share of this segment.
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.
However, Asia-Pacific is
projected to register the highest CAGR during the forecast period.
The growth of this regional market is attributed to growing
investments in home healthcare in emerging countries like
China, Japan, and India, the rising preference for home-based
treatments due to higher hospitalization costs, government
initiatives promoting home care, and the growing prevalence of
chronic diseases due to the aging population.
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Scope of the Report:
Home Medical Equipment Market Assessment—by Product
- Therapeutic Equipment
- Home Respiratory Therapeutics Equipment
-
- CPAP Machines
- CPAP Accessories
- Oxygen Delivery Equipment
- Oxygen Concentrators
- Nasal Cannula
- Nebulizers
- Ventilators
- Invasive Ventilators
- Non-invasive Ventilators
- Humidifiers
- Home IV Equipment
- IV Pumps
- IV Administration
- IV Accessories
- Home Dialysis Equipment
- Home Peritoneal Dialysis Products
- Consumables
- Dialyzers
- Concentrates/Dialysates
- Bloodlines
- Other Peritoneal Dialysis Consumables
- Devices
- Home Hemodialysis Products
- Consumables
- Concentrates/Dialysates
- Catheters
- Other Hemodialysis Consumables
- Devices
- Patient Monitoring Equipment
- Cardiac Monitoring Equipment
- Blood Glucose Monitoring Equipment
- Temperature Monitoring Equipment
- Apnea Monitoring Equipment
- Other Patient Monitoring Equipment
- Mobility Assist & Patient Support Equipment
- Wheelchairs
- Manual Wheelchairs
- Powered Wheelchairs
- Walking Assist Devices
- Walkers & Rollers
- Canes & Walking Sticks
- Crutches
- Bathroom Safety Equipment
- Mobility Scooters
- Medical Furniture & Accessories
Home Medical Equipment Market Assessment—by Distribution
Channel
- Retail Medical Stores
- Hospital Pharmacies
- E-commerce Channels
Home Medical Equipment Market Assessment—by Geography
- North America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Belgium
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin
America
- Middle East &
Africa
- Saudi Arabia
- UAE
- Rest of Middle East
& Africa
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Dialysis, Patient Support Equipment), Services (Rehabilitation,
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Diabetes, Respiratory) - Global Forecast to 2030
Latin America Home Healthcare Market by Offering (Equipment
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About Meticulous Research®
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