Home Medical Equipment Market

Analysts at GMI Research estimates that the Home Medical Equipment Market was worth USD 201.9 billion in 2021, and forecast to touch USD 326.7 billion in 2029, growing at a CAGR of 6.2% from 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

The key factors that are proliferating the growth of the global home medical equipment market size include the rising incidences of several chronic diseases such as diabetes, cancer, and heart disease and the growing burden on healthcare facilities worldwide. Moreover, the expenditure on healthcare services has increased, and various benefits are offered by the home medical equipment, which includes the ability to monitor chronic diseases, reduce the cost of expensive procedures, and avoid unwanted situations in an emergency. These are some of the major factors which are increasing the demand for home medical equipment in the market.

The ability of home medical equipment to increase the availability to the healthcare services, cost-effectiveness, and rising penetration of telemedicine across the world are some other factors which are drastically increasing the demand for such equipment in the market. In addition to this, growth in the research & development activities and various technological advancements for the development of products with enhanced features are further accelerating the growth of the home medical equipment in the market during the forecast period. For instance, Abbott launched the FreeStyle Libre system, a leading continuous glucose monitoring technology in India which provides the choice to check the glucose levels and enhances the glucose control. This offers a real-time reading by the use of a sensor and provides a complete picture of the glucose level of the person.

Restraint in the Home Medical Equipment Market

The factors which are responsible for hindering the growth of the global home medical equipment market include the limited coverage of the medical equipment under the insurance and growing concerns related to the safety of the patient owing to the lack of home care workers.

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Product – Segment Analysis

Based on the product, the therapeutic segment is projected to grow at a higher CAGR during the forecast period. The growing demand for insulin delivery devices owing to the rising number of diabetic patients and the rising adoption of dialysis equipment and wound care products by patients across the world, are the key factors that are proliferating the growth of the market in this segment. In addition, an increase in the development of technology advanced therapeutic products is also a major factor that is driving the growth of the market during the forecast period. For instance, Minimed 670G is a smart insulin pump which is developed by Medtronic. This is a technologically advanced product that needs less intervention as compared to the other devices.

Distribution Channel – Segment Analysis

On the basis of the distribution channel, the retail medical stores segment is expected to increase at a higher CAGR during the forecast period. The key factors which are fuelling the growth of the market in this segment include the increase in the number of sales of the home medical equipment from this distribution channel owing to the enhanced display of products in such stores and better data collection of a product.

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Regional – Segment Analysis:

Based on the region, the North America region is anticipated to grow at a higher CAGR during the forecast period. The increasing adoption of home medical equipment among the people in this region owing to the rising popularity of home care patient setting along with growing healthcare investments by various people in countries like the United States are the key factors that are bolstering the growth of the market in this region. Moreover, the increasing cases of chronic diseases and a high presence of geriatric population are further driving the growth of the home medical equipment market in the upcoming years. For instance, the ongoing & incurable chronic diseases affect around 133 million Americans, which represent more than 40% of the population of the country, and this number is expected to increase to around 157 million, of which 81 million have multiple conditions.

Top Market Players

Various notable players operating in the market include General Electric Company, Fresenius Medical Care AG & Co. KGaA, F. Hoffmann-La Roche Ltd, BAYADA Home Health Care, A&D Company, Limited, Abbott, Invacare Corporation, Linde, Medtronic, and Omron Healthcare, Inc., among others.

Key Developments: 

• • In 2020, Fresenius Medical Care AG & Co. KGaA improved its offering of home dialysis in Europe, the Middle East, and Africa region. Through the integration of the NxStage portfolio in the EMEA region, the company is capable of providing lifesaving dialysis to the rising number of patients in the homes.
  • In 2020, Invacare Corporation launched an AVIVA™ FX – MPS Maxx multi-position power standing system wheelchair, which is available by a division of Invacare called Motion Concepts. This wheelchair offers a comfortable, smooth, and stable ride and comprises a 4Sure suspension system that is developed to overcome outdoor obstacles. 

Segments covered in the Report:

The global home medical equipment market has been segmented on the basis of product, distribution channel, and regions. Based on the product, the market is segmented into testing, screening, & monitoring products, therapeutic, and home healthcare mobility care products. The testing, screening, & monitoring products segment is further categorized into hearing aids, blood glucose monitors, ECG/EKG devices, blood pressure monitors, ovulation & pregnancy test kits, and others. The therapeutic segment is further categorized into wound care products, dialysis equipment, sleep apnea therapeutic devices, oxygen delivery systems, insulin delivery devices, and others. The home healthcare mobility care products segment is further categorized into mobility scooters, wheelchairs, walkers & rollators, and others. Based on the distribution channel, the market is segmented into online retailer, hospital pharmacies, supermarkets & hypermarkets, and retail medical stores. 

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Key questions answered in this research report:

• • At what pace is the global home medical equipment market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the home medical equipment market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global home medical equipment market?
  • Which product generated maximum revenues in 2021 and identify the most promising product during the forecast period?
  • What are the various distribution channels of the global home medical equipment market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 201.9 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Product, By Distribution Channel, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	General Electric Company, Fresenius Medical Care AG & Co. KGaA, F. Hoffmann-La Roche Ltd, BAYADA Home Health Care, A&D Company, Limited, Abbott, Invacare Corporation, Linde, Medtronic, and Omron Healthcare, Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Home Medical Equipment Market by Product

• • Testing, Screening, & Monitoring Products
    • Hearing Aids
    • Blood Glucose Monitors
    • ECG/EKG Devices
    • Blood Pressure Monitors
    • Ovulation & Pregnancy Test Kits
    • Others
  • Therapeutic
    • Wound Care Products
    • Dialysis Equipment
    • Sleep Apnea Therapeutic Devices
    • Oxygen Delivery Systems
    • Insulin Delivery Devices
    • Others
  • Home Healthcare Mobility Care Products
    • Mobility Scooters
    • Wheelchairs
    • Walkers & Rollators
    • Others

Global Home Medical Equipment Market by Distribution Channel

• • Hospital Pharmacies
  • Online Retailer
  • Supermarkets & Hypermarkets
  • Retail Medical Stores

Global Home Medical Equipment Market by Region

• • North America Home Medical Equipments Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Home Medical Equipments Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Home Medical Equipments Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Home Medical Equipments Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Home Medical Equipment Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • General Electric Company
  • Fresenius Medical Care AG & Co. KGaA
  • Hoffmann-La Roche Ltd
  • BAYADA Home Health Care
  • A&D Company, Limited
  • Abbott
  • Invacare Corporation
  • Linde
  • Medtronic
  • Omron Healthcare, Inc.