by 
Market Overview:
Home medical equipment refers to medical devices that are used at home for medical treatment purposes. These include durable medical equipment, mobility assistance equipment, and disposable supplies that provide medical aid for patients with disabilities, injuries, or chronic illnesses. Items range from hospital beds to nebulizers to portable oxygen concentrators. Home medical equipment helps in remote patient monitoring and improves access to healthcare.
The Home Medical Equipment Market is estimated to be valued at US$ 23.5 Bn or in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing geriatric population suffering from chronic and lifestyle diseases is a major driver of the home medical equipment market. As per the United Nations, number of people aged 60 years and above will reach 2 billion by 2050 from 1 billion currently, thus augmenting demand. Furthermore, advancements in telehealth and remote monitoring technologies enable round-the-clock supervision of patients at home, thereby avoiding costly hospital stays and reducing burden on healthcare systems. Growing investments by market players to develop smart and digital home healthcare solutions also aid the market growth. However, high costs associated with certain home medical devices and lack of reimbursement policies in some countries pose challenges.
Segment Analysis
The global home medical equipment market can be segmented based on device type, distribution channel and region. Based on device type, the market is dominated by the mobility assist and therapeutic equipment sub-segment due to the increasing cases of chronic diseases such as arthritis that require mobility assistance devices.
PEST Analysis
Political: The market is positively impacted by favorable government policies and regulations supporting healthcare infrastructure development and home healthcare across various nations.
Economic: Rising per capita healthcare expenditure and growth in disposable income is fueling the demand for home medical equipment globally.
Social: Rapid aging population and growing preference for home healthcare over hospitalization is driving market growth.
Technological: Introduction of IoT integrated smart medical devices and remote monitoring equipment is enhancing patient care and creating new opportunities in this market.
Key Takeaways
The global home medical equipment market is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing prevalence of chronic diseases and the growing geriatric population globally.
The North American region dominates the global market due to supportive reimbursement policies and advanced healthcare infrastructure in the region. The Asia Pacific region is expected to exhibit the fastest growth rate during the forecast period owing to rising healthcare expenditure, growing medical tourism industry and increasing demand in developing economies such as China and India.
Key players operating in the home medical equipment market include AstraZeneca, B. Braun Melsungen AG, Baxter, GE Healthcare, F. Hoffman-La Roche Ltd, Stryker, Sunrise Medical LLC, ResMed, Philips Healthcare, Medline Industry, CareFusion Corporation, and Abbott Laboratories. Some of the major players are focusing on new product launches and mergers & acquisitions to gain a competitive edge in the market. For instance, in October 2022 GE Healthcare introduced new at-home medical equipment to support remote patient monitoring.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
