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The home medical equipment market includes durable medical equipment intended for use in home healthcare. Some common home medical equipment include wheelchairs, blood glucose monitors, pulse oximeters, sleep apnea monitors, nebulizers, and home therapeutics devices. Rapid advances in telehealth technologies have enabled remote patient monitoring and virtual consultation, allowing patients to receive medical care while residing in the comfort of their home. The adoption of telehealth services has grown significantly during the pandemic, as they provide continuity of care while alleviating burden on healthcare facilities.
The global home medical equipment market is estimated to be valued at US$ 23.5 bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increased demand for home healthcare to combat overburdened hospitals: The increased focus on curbing healthcare expenditures along with growing geriatric population prone to chronic diseases has boosted the demand for home medical equipment. Home healthcare enables condition monitoring at low costs while providing safety, independence, and quality of life to patients. Rapid adoption of telehealth services is a key driver augmenting the home medical equipment market. Easy virtual consultations ensure continuity of prescribed treatment plans and chronic disease management at home.
Rising awareness about benefits of home treatment: Long hospital stay can increase the risk of hospital-acquired infections and pose mental challenges for patients. Home healthcare enables speedy recovery in a familiar environment supported by family, improves treatment compliance, and lowers anxiety and depression levels in patients. Growing understanding about these psychological and financial advantages favors uptake of home medical equipment.
Segment Analysis
The home medical equipment market is dominated by the therapeutic equipment segment. Within therapeutic equipment, mobility care equipment holds the largest share. This is due to the rising aging population worldwide and the need to care for them at home as opposed to moving them to nursing homes or old-age care centers. Mobility care equipment includes products likewheelchairs, walkers, and rollators which help senior citizens and patients with limited mobility to move around easily at home without any support.
PEST Analysis
Political: Regulations regarding the use of home medical equipment are well defined by various governing bodies. This provides manufacturers guidelines for product development and also assurance to customers.
Economic: Rising healthcare costs are encouraging more people to seek medical facilities at home rather than hospitals. Additionally, the growing rate of chronic diseases has boosted demand for home equipment.
Social: With greater life expectancy and an increasing number of nuclear families, taking care of elders at home has become a priority. This is positively impacting the market.
Technological: Technological advancements are aiding the development of compact, lightweight, easy to use, and affordable home medical devices. Devices with remote monitoring capabilities and artificial intelligence functionalities are gaining traction.
Key Takeaways
The global home medical equipment market is expected to witness high growth over the forecast period. The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2030.
Regional analysis: North America currently holds the largest share in the home medical equipment market owing to supportive reimbursement policies, high disposable income, and awareness regarding home medical devices in the region. However, the Asia Pacific region is poised to witness the fastest growth due to a huge patient population, improving healthcare infrastructure, and rising medical tourism.
Key players: Key players operating in the home medical equipment market are AstraZeneca, B. Braun Melsungen AG, Baxter, GE Healthcare, F. Hoffmann-La Roche Ltd, Stryker, Sunrise Medical LLC, ResMed, Philips Healthcare., Medline Industry, CareFusion Corporation, and Abbott Laboratories. Companies are focusing on new product launches, partnerships, and acquisitions to strengthen their market position. For instance, in 2023, GE Healthcare partnered with Resideo to provide integrated health solutions for remote patient monitoring at home.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
