The global home medical equipment market size was valued at USD 40,277 million in 2021, presumed to reach USD 66,160 million, expanding at a CAGR of 6.4% during the forecast period.
Home medical equipment refers to medical tools that provide patients with appropriate, safe, practical, and affordable care. The numerous gadgets that patients or caretakers can conveniently access makeup home medical equipment. These consist of automated external defibrillators, Holter monitors, blood pressure monitors, blood glucose monitors, and numerous other devices. The use of homecare equipment enables patients to go about their daily lives without having to visit hospitals and clinics often. Once more, doing so saves them time and is economical. Additionally, patients with particular mobility issues and the aged populace frequently employ medical devices for mobility support. In addition, oxygen-related goods in-home medical equipment are rapidly gaining popularity due to increased asthma and chronic obstructive pulmonary disease (COPD).
The market for home medical equipment is anticipated to expand significantly throughout the forecast period due to technological developments that have made these devices portable and straightforward to use and the rising incidence of chronic diseases like diabetes and blood pressure-related diseases worldwide. Additionally, the geriatric population is growing significantly worldwide, which is a factor in the market's expansion because older people are more likely to sustain injuries or develop medical conditions that call for assistance. However, the home medical equipment market's growth is anticipated to be hampered by the high cost of medical equipment.
|Market Size||USD 66,160 million|
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Globally, the prevalence of chronic conditions like diabetes, chronic obstructive pulmonary disease, asthma, and heart failure is rising. Due to the rising prevalence of chronic diseases, there is a strong demand for medical condition diagnosis, treatment, and ongoing monitoring, which is expected to drive the growth of the home medical equipment market. The World Health Organization claims that chronic diseases account for 60% of all fatalities, including cardiovascular disease, stroke, cancer, and chronic obstructive pulmonary diseases. The demand for home medical equipment rises as the death rate from chronic diseases rises.
Additionally, the global aging population is growing at an alarming rate. The steady loss of bodily function that comes with aging is accompanied by a rise in the prevalence of chronic diseases like diabetes, arthritis, dementia, chronic obstructive pulmonary disease, asthma, and neurological conditions. Aging causes various morphological, physiological, and immunological changes in the body's operations. Body dysfunction is brought on by structural changes, including the impairment of essential organs. According to world population predictions, the number of older persons 60 years or older has significantly increased recently in most countries, and this growth is predicted to pick up speed in the following decades. The need for mobility-assistive gadgets is anticipated to expand as the world's aging population and the prevalence of chronic diseases both increase. Thus, boosting the home medical equipment market.
Home medical devices require only the most basic competence to receive high-quality diagnosis and treatment. It has been noted that there is a lack of information about how to use medical equipment in a homecare setting, which could be a significant barrier to market expansion. Even though chronic disease prevalence is rising everywhere, there is a massive disparity between the number of patients and the competence available. The need for professionals to coordinate and control medical equipment in homecare settings rises. However, the development of home medical technology may be hampered by a lack of knowledge for using the equipment following protocols.
When hospitalization is not necessary, people with chronic illnesses, those recovering from surgery, or those being treated for infections frequently have the option of receiving in-home care. Due to these circumstances, home healthcare equipment is increasingly in demand over hospital or other healthcare facility-based medical services. The need for home medical devices grows as hospital and clinic procedures and treatment costs increase. This industry is becoming increasingly popular, particularly in wealthy nations like the United States and other European countries.
For instance, respiratory therapy (RT) is home health care focusing on diagnosing and treating breathing illnesses such as asthma, bronchitis, and chronic obstructive pulmonary disease. The home medical equipment market is still in its infancy in emerging nations like China and India. Still, it is anticipated to become the future of the home medical equipment market. Due to the presence of a sizable target audience and the rise in the senior population, the growing destinations have the potential to serve as a hub for the producers of home medical equipment.
The region-wise segmentation of the global home medical equipment market includes North America, Europe, Asia-Pacific, and LAMEA.
North America will command the market with the largest share while growing at a CAGR of 5.9%. The market expansion of this region is anticipated to be driven by high purchasing power, increased adoption of portable home medical equipment, and an increase in the elderly population. In 2014, 14.5% of Americans were 65 or older, and by 2040, that percentage is projected to rise to 21.7%, according to the administration of community living. Age-related increases in risk factors for the majority of serious diseases. Due to the aging population's increased susceptibility to various ailments, the need for home medical equipment is thus expected to rise.
Additional factors anticipated to drive demand for home medical equipment devices include an increase in product development and innovation. A rise in acquisitions by big players seeking to enhance their geographic footprint in North America is a result of the high demand for home medical equipment on this continent. Over 661,000 persons in the United States experienced kidney failure in 2015, according to data supplied by the National Institute of Diabetes and Digestive and Kidney Diseases. It is anticipated that the market in North America will develop faster than average due to rising healthcare awareness and solid healthcare infrastructure. The market isn't expanding, though, because of strict government regulations and problems with payment.
Europe will expand at a CAGR of 6.1% and hold USD 20,283 million. The increase in elderly people more susceptible to chronic diseases is driving the market for home medical equipment in Europe. Numerous businesses are launching brand-new, technologically sophisticated devices due to the rising demand for home medical equipment. Due to increased competition, device costs will be anticipated to decline, impacting the company's overall revenue. As a result, the increased competition may slow the market's expansion in this area. As hospitals consolidate, there is a shift toward centralized treatment throughout Europe, which results in fewer hospitals, beds, and infrastructure. Hospital personnel levels are pretty unstable, and nurses are not retained well. These elements produce the circumstances that also propel home medical equipment.
Market maturity in this region and erratic reimbursement policies are a couple of the causes of the market's slower expansion. The economic downturn and rising healthcare expenses are also projected to restrain the development of the European market for home medical equipment.
The global home medical equipment market share is classified based on functionality, distribution channel, and region.
Based on functionality, the segments include therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment.
The therapeutic equipment section is projected to advance at a CAGR of 7% and hold the largest market share. The main uses of therapeutic equipment are to either help a patient with daily tasks or help a medical professional provide therapy services. With the help of patient assistive devices, patients can complete tasks they otherwise wouldn't be able to complete because of a physical impairment or disability. These are a few examples of this equipment: canes, walkers, hearing aids, visual aids, and other devices. Catheters, intravenous lines, physical therapy tools, and oxygen delivery systems are a few examples of therapeutic devices utilized by medical professionals. Due to its distinctive qualities, such as mobility and utilization in non-hospital settings outside the home, rechargeable and portable battery-operated therapeutic respiratory devices (TRDs) are currently gaining popularity. The increase in product approvals and releases due to the rising demand for therapeutic equipment is crucial to the market's expansion.
The patient monitoring equipment section will hold the second-largest market share. Devices for patient monitoring are used to track or continually measure a patient's physiological parameters. Eight factors, including oxygen saturation, blood pressure, temperature, pain, pulse, state of consciousness, urine output, and respiration rate, are typically tracked in critically ill patients. Using various patient monitoring equipment allows all these characteristics to be conveniently tracked. A transition from large to lightweight and compact monitoring devices is the primary trend in the global home patient monitoring equipment market. The usage of patient monitoring technology in the home is being encouraged by this trend.
Based on the distribution channel, the segments are hospital pharmacy, retail pharmacy, and online retailers.
The retail pharmacy section is projected to expand at a CAGR of 6.5% and hold the largest market share. The dominance of retail pharmacies can be ascribed to the fact that these businesses provide customers with access to a diverse selection of medical gadgets, which can range in size from compact mobility aids and medical furnishings to large, cumbersome portable medical equipment. When it comes to purchasing medical beds, wheelchairs, and lift chairs, these retail businesses are among the best options available.
The hospital pharmacy section will hold the second-largest market share. Nowadays, hospital pharmacies might serve as a potential distribution channel for enterprises that manufacture medical devices. They play a significant part in providing medical gadgets of an exceptionally high standard, including monitors for blood pressure and blood glucose levels, amongst other monitors. As a result of the availability of a variety of medical equipment, this sector is projected to expand at a consistent rate over the forecast period.