Market Overview:
Home medical equipment refers to devices that help improve mobility, monitor health conditions, help in recovery, and ensure safety. These include mobility devices, bathroom safety devices, monitoring equipment, and therapeutic equipment. Home medical equipment provide comfort and care for patients with chronic conditions or disabilities at home instead of hospitals.
The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 bn 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 key trends:
Growing geriatric population is one of the key trends driving the growth of the home medical equipment market. Elderly people above 65 years of age are more prone to chronic diseases such as diabetes, respiratory diseases, cardiovascular diseases, and mobility issues which increases the demand for various home medical devices. According to the United Nations, the number of people aged 65 years or above is projected to reach nearly 1.5 billion by 2050 globally. Thus, increasing aging population is expected to fuel the demand for home medical equipment over the forecast period.
Segment Analysis
The global home medical equipment market is segmented into monitoring equipment, therapeutic equipment and mobility care equipment. The therapeutic equipment segment dominated the market in 2022 owing to increasing prevalence of chronic diseases such as respiratory diseases, diabetes and cardiac disorders. Therapeutic equipment include oxygen equipment, ventilators, wheelchairs, nebulizers, sleep apnea therapeutic devices and insulin pumps. As these devices assist in treatment and management of chronic diseases, their demand is higher compared to other segments.
Key Takeaways
The global home medical equipment market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing geriatric population and prevalence of chronic diseases globally.
The North American region dominated the global market in 2022 due to advanced healthcare infrastructure and growing adoption of home healthcare services in the region. However, Asia Pacific region is expected to exhibit fastest growth over the forecast period owing to improving access to healthcare and rising medical tourism in China and India.
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. Product innovation and expansion of service offerings are the key strategies adopted by these players to gain competitive advantage in the market.
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