The global home medical equipment market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Home medical equipment are medical devices used in a home care setting. They comprise oxygen concentrators, reservoirs, high-pressure cylinders, oxygen accessories and supplies, oxygen conserving devices, home invasive mechanical ventilators, continuous positive airway pressure (CPAP) devices, respiratory assist devices (RAD), intermittent positive pressure breathing (IPPB) devices, and nebulizers. They help monitor the health of patients regularly and provide an accurate report to the caregiver. Apart from this, they increase the safety of the patient while offering enhanced home healthcare.
Home Medical Equipment Market Trends:
- The growing prevalence of chronic diseases, such as cancer, stroke, arthritis, diabetes, influenza, pneumonia, septicemia, and kidney, heart, respiratory and Alzheimer's disease, represents one of the key factors driving the market. Besides this, there is a rise in the demand for oxygen-related products in home medical equipment due to the increase in the incidence of chronic obstructive pulmonary disease (COPD) across the globe. This, along with the growing trend of homecare facilities, is positively influencing the market. In addition, the increasing utilization of innovative home medical equipment, such as needle-free diabetic care, medication administration equipment, medical beds, and lift chairs, is contributing to the growth of the market. Moreover, the rising geriatric population around the world, coupled with the burgeoning healthcare industry, is propelling the growth of the market. Additionally, the growing awareness among the masses about the benefits of home medical equipment is offering a positive market outlook. Apart from this, key market players are extensively investing in research and development (R&D) activities to integrate advanced technologies in home medical equipment, such as wearable devices, telehealth, and mobile health software, which is expected to bolster the growth of the market.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global home medical equipment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on equipment type and distribution channel.
Breakup by Equipment Type:
- Therapeutic Equipment
- Respiratory Therapy Equipment
- Dialysis Equipment
- Intravenous Equipment
- Patient Monitoring Equipment
- Conventional Monitors
- Telemedicine Patient Monitoring Equipment
- Mobility Assist and Patient Support Equipment
- Mobility Assist Equipment
- Medical Furniture
- Bathroom Safety Equipment
Breakup by Distribution Channel:
- Retail Medical Stores
- Online Retailers
- Hospital Pharmacies
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott Laboratories, Arkray Inc., B. Braun Melsungen AG, Baxter International Inc., Caire Inc. (NGK Spark Plug Co. Ltd.), Inogen Inc., Invacare Corporation, Koninklijke Philips N.V., Medline Industries LP, Medtronic plc, OMRON Healthcare Inc. (Omron Corporation) and Resmed Inc.
Key Questions Answered in This Report:
- 1. What was the size of the global home medical equipment market in 2022?
- 2. What is the expected growth rate of the global home medical equipment market during 2023-2028?
- 3. What are the key factors driving the global home medical equipment market?
- 4. What has been the impact of COVID-19 on the global home medical equipment market?
- 5. What is the breakup of the global home medical equipment market based on the equipment type?
- 6. What is the breakup of the global home medical equipment market based on the distribution channel?
- 7. What are the key regions in the global home medical equipment market?
- 8. Who are the key players/companies in the global home medical equipment market?