Home Medical Equipment Market 2022-2028

Global Home Medical Equipment Market Size, Share & Trends Analysis Report by Type (Diagnostic and Monitoring Device, Therapeutic Devices, and Mobility Care Devices) Forecast Period (2022-2028)

The global home medical equipment market is anticipated to grow at a substantial CAGR of 6.1% during the forecast period. Innovations in biopharmaceutical industry and rising chronic diseases such as diabetes are favoring the market growth. As per Frontiers.org, young population is at high risk of the increasing burden of diabetes and associated complications. Many big giant companies are introducing new medical equipment in market which helps diabetes patients. For instance, in November 2020,Abbott launched continuous glucose monitoring (CGM) technology, FreeStyle Libre system in India. The device is available for adults and children (above the age of four) living with diabetes in India and women with gestational diabetes (diabetes during pregnancy), offering them the choice to check glucose levels anytime and anywhere, ultimately improving glucose control.

The global home medical equipment market is segmented based on the type. Based on the type, the market is segmented into diagnostic and monitoring device, therapeutic devices, and mobility care devices. On the basis of type, therapeutic devices include dialysis equipment, sleep apnea therapeutic devices, insulin delivery devices, oxygen delivery systems, ventilators, nebulizers, inhalers, and others. Moreover, mobility care devices include a wheelchair, mobility scooters, walkers, rollators, canes, and crutches. The Defense Bio-Engineering & Electro Medical Laboratory (DEBEL), Bengaluru of Defense Research and Development Organization (DRDO) has developed a SpO2 (Blood Oxygen Saturation) supplemental Oxygen Delivery System for soldiers at extremely high altitudes. This automatic system delivers supplemental oxygen based on the SpO2 levels and prevents the person from sinking into a state of Hypoxia.

Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is anticipated to hold a considerable share in the global home medical equipment market. The demand for home medical equipment is increasing in European region due to increasing cardiac disorder among the people which creates the need of home monitoring devices. According to European Society of Cardiology, it is estimated that the number of people suffering from atrial fibrillation in the European Union (EU) is projected to reach 14.4 million by 2060. Such an indicated increase in the incidence of cardiac disorder will boost the demand for patient monitoring equipment at home.

The major companies serving the global home medical equipment market include Abbott Laboratories Inc., Becton, Dickinson and Co., F. Hoffmann-La Roche Ltd, General Electric Co., Bayer AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2018, Koninklijke Philips N.V. collaborated with Allm Inc. to mutually develop innovative connected healthcare solutions for home care, acute care, and mobile diagnostic solutions that would further enhance the company's product offering in the home care solution industry.

Research Methodology

The market study of the global home medical equipment market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Types Include

• Financial reports of companies involved in the market.
• Whitepapers, research papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a type for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Global Home medical equipment market Research and Analysis by Type.

2. Global Home medical equipment market Research and Analysis by Application.

3. Global Home medical equipment market Research and Analysis by Distribution Channel.

The Report Covers:

• Comprehensive Research Methodology of the global home medical equipment market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global home medical equipment market.
• Insights about market determinants that are stimulating the global home medical equipment market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.