Home medical equipment provides independent living by enabling patients to monitor health parameters and carry out diagnostic tests at home. Devices like wheelchairs, walkers, blood pressure meters help improve mobility and quality of life. Rising lifestyle and age-related diseases have augmented demand for such products. Additionally, the COVID-19 pandemic has boosted remote patient monitoring allowing those with mobility issues to receive care while self-isolating.
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:
One of the key trends driving the home medical equipment market is increased healthcare spending globally. Governments across countries are focusing on cutting down healthcare costs by promoting home-based care over expensive hospital stays. Self-monitoring allows treatment of chronic diseases from the convenience of home, lowering financial burden on public insurance programs. Manufacturers are also developing portable and wireless models integrating new technologies like artificial intelligence, Bluetooth and mobile apps. This makes complex equipment simple to use independently. Such innovations are attracting more consumers and spurring demand. Parallel initiatives for affordable healthcare further boost adoption of home medical devices.
Segment Analysis
The global home medical equipment market is dominated by the diagnostic and monitoring equipment segment. This segment accounts for over 30% of the total market share owing to the increasing demand for home-based diagnostic tests and the growing need for monitoring chronic conditions such as diabetes, cardiovascular diseases, and respiratory disorders. With technological advancements, many diagnostic tests and monitoring devices have become portable, allowing patients to conduct these tests from the comfort of their homes. This growing trend of home healthcare is expected to drive the segment's growth over the forecast period.
Key Takeaways
The global home medical equipment market is expected to witness high growth on account of the rising geriatric population, increasing prevalence of chronic diseases, growing preference for home healthcare, and technological advancements. According to estimates, over 30% of the global population is likely to be aged 60 years and above by 2050. The aged segment is more prone to developing chronic conditions like diabetes, cardiovascular diseases and cancer. As a result, demand for medical devices that facilitate home healthcare is growing rapidly. The global Home Medical Equipment Market.
Regional analysis
North America currently dominates the global home medical equipment market and is expected to maintain its leading position throughout the forecast period. Factors such as widespread health insurance coverage in the US, increasing preference for home healthcare, and fast uptake of advanced technologies drive the North American market. The Asia Pacific region is projected to witness the highest growth owing to the rising geriatric population, improving access to healthcare facilities, and growing investments by key players in developing markets like China and India.
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. These players are focusing on new product launches, strategic collaborations, and expanding their manufacturing facilities to gain a competitive edge in the market.
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