Home Medical Equipment Market Size To Hold USD 62.1 Bn By 2030

Published Date : 10 Jan 2023

The global home medical equipment market size was evaluated at USD 37.96 billion in 2022 and is expected to hold around USD 62.1 billion by 2030 with a noteworthy CAGR of 6.34% from 2022 to 2030.

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.

Market Growth

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

Report Coverage Details
Market Size in 2022 USD 37.96 Billion
Market Size by 2030 USD 62.1 Billion
Growth Rate from 2022 to 2030 CAGR of 6.34%
Base Year 2022
Forecast Period 2022 to 2030
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


Regional Analysis

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.

Market Dynamics

Drivers

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.

Restraints

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.

Opportunities

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. 

Recent Development

  • In March 2022, Dozee partnered with Priaashraya Healthcare Pvt. Ltd. to transform assisted living for patients with their contactless remote patient monitoring systems. This device's sensor keeps track of the parameters, and the readings are accessible in a mobile phone app.
  • In March 2022, once a patient is discharged from the hospital after a significant intervention, such as surgery, Manipal Hospitals, Bangalore's second-largest hospital chain, plans to offer digital patient monitoring systems.
  • In May 2021, for the enhanced functionality of their InPen intelligent insulin pen, which enables multiple daily dosages, Medtronic received the CE certification (MDI). The sensor can be used as a stand-alone continuous glucose monitor or in conjunction with the MiniMed 780G insulin pump system, thanks to the CE certification (CGM).
  • In July 2021, The X-PLO2RTM portable oxygen concentrator portfolio from Belluscura (BELL) signed its third distribution agreement, the first with a durable medical equipment provider. For durable medical equipment, there are several physical stores in several states, as well as an online store (DME). The X-PLO2RTM portable oxygen concentrator has received its first order from the third distributor, with delivery anticipated in less than 90 days.
  • In June 2020, The FD140i, a second-generation dual therapy flow driver from Armstrong Medical, has a more seamless conversion from CPAP to HFOT.
  • In March 2020, To assist patients with mobility challenges at home, Invacare Corporation unveiled a new line of electric wheelchairs, including the Invacare AVIVA FX Power Wheelchair.

Competitive Landscape

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:

  • Abbott
  • B. Braun SE
  • Baxter
  • BD
  • General Electric
  • Hill-Rom Services, Inc.
  • Medtronic
  • Smith & Nephew
  • Invacare Corporation
  • Johnson & Johnson 

Market Segmentation

By Equipment Type

  • Therapeutic Equipment
  • Respiratory Therapy Equipment
  • Dialysis Equipment
  • Intravenous Equipment
  • Other Therapeutic Equipment
  • Patient Monitoring Equipment
  • Conventional Monitors
  • Telemedicine Patient Monitoring Equipment
  • Mobility Assist & Support Equipment
  • Mobility Assist Equipment
  • Medical Furniture
  • Bathroom Safety Equipment

By Distribution Channel

  • Retail Medical Stores
  • Hospital Pharmacies
  • Online Retailers

By End Users

  • Hospitals
  • Home Care Settings
  • Others

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