Published Date : 10 Jan 2023
The global home medical equipment market size was evaluated at USD 23.5 billion in 2022 and is expected to be worth around USD 42.68 billion by 2032 with a CAGR of 6.20% from 2023 to 2032.
Home medical equipment is a term used to describe medical devices that give patients appropriate, safe, usable, and cheap care. Patients or caregivers can easily access medical equipment thanks to the many devices available. These include Holter monitors, automatic external defibrillators, blood pressure, and glucose meters, among other equipment. Patients can go about their daily lives without frequently visiting hospitals and clinics owing to the usage of homecare technology that further saves time and is cost-effective. Patients who have specific mobility problems and the elderly population regularly use medical gadgets for mobility support.
Global elderly population growth and the increasing burden of chronic diseases are the two major factors driving the market for home medical equipment. The International Diabetes Federation projects that there will be 700 million diabetics worldwide by 2045. According to the WHO, about 65 million people have COPD, and about 262 million have asthma as of 2019. Another significant aspect influencing the market is the increase in cancer cases since cancer survivors require ongoing monitoring.
In addition, the United Nations projects that by 2050, there will be almost 2 billion older adults worldwide. The primary consumers of home medical devices are senior citizens. The primary consumers of home medical equipment are elderly individuals. A significant driver of the global demand for home medical equipment is the ease of receiving treatment at home.
The growing need for home medical devices across the globe owing to the incidence of hospital-acquired infections and increased awareness of them is propelling the development of the industry. Hospital-acquired infections (HAIs) have a 7% to 10% infection rate in industrialized countries and 7% to 10% in emerging countries, respectively, according to the WHO.
Home Medical Equipment Market Report Scope
|Market Size in 2023||USD 24.83 Billion|
|Market Size by 2032||USD 42.68 Billion|
|Growth Rate from 2023 to 2032||CAGR of 6.20%|
|Forecast Period||2023 to 2033|
|Segments Covered||By Equipment Type, By Distribution Channel and By End Users|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America dominated the global market for home medical equipment in terms of revenue in 2021, and it will likely continue to do so throughout the forecast period. Increased healthcare spending, high disposable income, a rapidly growing geriatric population, and an increasing prevalence of numerous chronic diseases among the general population are characteristics of North America.
In contrast, it is anticipated that Asia Pacific will be the most reasonable market over the forecast period. With a population of about 4.4 billion, the Asia Pacific is home to several significant factors that will likely contribute to an increase in the demand for home medical equipment in the future, including a surge in the incidence of chronic diseases, an increase in the number of auto accidents, and rise in the number of older people.
Chronic illnesses like diabetes, chronic obstructive pulmonary disease, asthma, and heart failure are becoming more commonplace globally. The market for home medical equipment is anticipated to increase due to the rising prevalence of chronic diseases and the high need for medical condition diagnosis, treatment, and ongoing monitoring.
According to the World Health Organization, chronic diseases like cancer, chronic obstructive pulmonary disease, and cardiovascular disease cause 60% of all mortality. As the death rate from chronic illnesses climbs, so does the demand for home medical equipment. According to predictions of the world's population, the number of people aged 60 or older has recently increased dramatically in most countries. This development will likely accelerate in the decades to come.
The scarcity of home care workers and the limited insurance coverage for medical equipment are the main obstacles preventing the growth of the worldwide market for home medical equipment.
In-home care is frequently adopted for chronic illnesses, those recovering from surgery, and being treated for infections when hospitalization is not essential. As a result of these factors, home healthcare equipment is becoming popular instead of the hospital- or other healthcare facility-based medical services.
The rising cost associated with hospital and clinic procedures and treatment costs drive the need for home medical equipment. This sector is growing in popularity, especially in developed nations like the United States and other European countries. For example, respiratory therapy (RT) is a type of at-home health care focusing on identifying and treating breathing conditions such as asthma, bronchitis, and chronic obstructive pulmonary disease.
Segmentations of the Home Medical Equipment Market
Equipment Type Insights
In terms of revenue, the therapeutic equipment segment dominated the global market for home medical equipment in 2020, and this dominance will likely continue during the forecast period. Most of this growth is attributable to the rise in chronic respiratory disorders and the demand for oxygen-delivery equipment in home healthcare.
The desire for high-quality, convenient healthcare services is boosting the growth of this market sector, as is the rise in disposable income, healthcare spending, and healthcare costs. In contrast, it is anticipated that patient monitoring equipment will be the most lucrative market over the forecast period. There is an increasing demand for ongoing patient assessment of their physical and mental health.
Distribution Channel Insights
According to the distribution channel, the retail, medical stores market segment dominated the global market for home medical equipment in 2021 in terms of revenue, and it will likely continue to hold this position throughout the forecast period. This results from global retail and medical outlets having greater penetration and preference.
The conventional and most widely used way to get home medical equipment is via retail, medical stores. However, internet merchants are anticipated to experience the highest growth during the predicted period. Growing usage of the internet and the rising popularity of online stores is propelling the market growth.
A small number of companies are currently in control of the fragmented home medical equipment market. This group includes Rotech Healthcare Inc., Medline Industries Inc., Omron Healthcare Inc., Resmed Corporation, and General Electric Company. Technology advancements in-home medical devices are a primary driver of market rivalry. The leading companies have also taken part in several strategic alliances, including acquisitions, collaborations, and the introduction of cutting-edge products, to solidify their position in the international market.
Key Market Players:
By Equipment Type
By Distribution Channel
By End Users
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