Home Medical Equipment Market: Increasing Geriatric Population and the Need for Cost-Effective Treatment are Projected to Boost Market Growth at a Healthy CAGR of 5.9% During the Forecast Period of 2019 to 2025
Home medical equipment consists of a broad range of devices intended for use at home or other non-clinical settings. The delivery of healthcare services will see an evident shift from clinical to homecare settings is positively influencing the home medical equipment market.
The rising prevalence of chronic diseases such as cancer, stroke, kidney failure, and diabetes. The key players operating in the global home medical equipment market are focusing on strategic initiatives, mergers & acquisitions, partnerships, agreements, product launches, government approvals, and expansion of manufacturing facilities.
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- Carefusion Corporation (US)
- GE Healthcare (US)
- Medline Industries Incorporated (US)
- Omron Corporation (Japan)
- Resmed Corporation (US)
- Stryker (US)
- Arkray Incorporated (Japan)
- Smiths Group PLC (UK)
- Hoffmann-La Roche Ltd (Switzerland)
- Abbott (US)
- Philips Healthcare (US)
- Invacare Corporation (US)
The global home medical equipment market has been segmented into functionality and end-user.
By functionality, the market has been segmented into therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment. The therapeutic equipment is further classified into home respiratory therapy equipment, home IV equipment, home dialysis equipment, and other home therapeutic equipment. The patient monitoring equipment is subsequently segmented into blood glucose monitors, blood pressure monitors, Holter monitors, apnea monitors, heart rate monitors, baby monitors, electronic thermometers, and coagulation monitors. The mobility assist & patient support equipment is further segmented into wheelchairs, mobility scooters, medical furniture, bathroom safety equipment.
The global home medical equipment market, by end-user, has been segmented into hospitals, emergency clinics, home care settings, and others.
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On a regional basis, the Americas is anticipated to dominate the global home medical equipment market owing to the rising demand for invasive and non-invasive monitoring devices and the increasing prevalence of chronic diseases in the region. For instance, in 2018, an estimated 1,735,350 cases of cancer were diagnosed in the US. Moreover, the presence of advanced healthcare technologies in the Americas is projected to boost the market growth. Europe accounted for the second-largest share in the market in 2018. This is attributed to improved medical infrastructure and growing patient awareness about home medical equipment.
Asia-Pacific is anticipated to be the fastest-growing region is due to the growing geriatric population, rising interest of major key players in emerging markets, and quality healthcare infrastructure in this region. The Middle East & Africa is expected to account for the least share of the global home medical equipment market. This is attributable to the limited healthcare infrastructure and lack of awareness about home medical equipment in this region.
Market Segment by Regions:
- North America(United States, Canada and Mexico)
- Europe(Germany, France, UK, Russia and Italy)
- Asia-Pacific(China, Japan, Korea, India and Southeast Asia)
- South America(Brazil, Argentina, Colombia etc.)
- Middle East and Africa(Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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The report also appraises the supervisory scenarios which affect various decisions in the market. With all the data congregated and scrutinized using SWOT analysis, there is a vibrant picture of the competitive scenario of the Global Market.
- Rising incidences of chronic diseases such as diabetes, cancer, kidney failure, stroke, and respiratory disorders. For instance, more than 100 million adults in the US are living with diabetes or prediabetes. The demand for home medical equipment for monitoring and therapeutics is driven by the rising need for managing chronic diseases.
- Technological advancements in healthcare and diagnosis equipment
- Rising healthcare costs and growing need for affordable treatment options
- Increasing geriatric population and change in lifestyle. Currently, 14.5% of the US population is age 65 and above. The rising adoption of home medical equipment among the geriatric population is driving the growth of this market.
- Government initiatives encouraging home healthcare
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