The new report by Expert Market Research titled, ‘Global Home Medical Equipment Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global home medical equipment market, assessing the market based on its segments like functionality, distribution channel, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 34.44 Billion
- Forecast CAGR (2022-2027): 6.20%
- Forecast Market Size (2027): USD 49.42 Billion
Increase in prevalence of various chronic diseases globally is driving the market growth. Rising numbers of baby boomers and increase in the population of elderly population also assist the market growth. There are various benefits provided by these equipments. Some of them are cost effectiveness, ease of use, safety and convenience, among others. Adoption of expensive technologically medical equipment for home use involves a one-time investment that counterbalances cost incurred by repeated hospital visits. Developing countries are providing lucrative growth opportunities for expansion of home medical equipment market. Factors like high healthcare expenditure, high disposable income, and superior healthcare infrastructure, also boosts the market growth. The COVID-19 pandemic has also positively impacted the market growth. Demand for these devices increased due to restrictions and threat of getting contaminated with coronavirus.
Industry Definition and Major Segments
Home medical equipment are medical devices that are safe to use at home or private place and do not require professional supervision. These devices are often referred to as durable medical equipment as they are intended to be used repeatedly by non-professionals caretakers or patients and are suitable for home use. The home medical equipment market has transformed within recent years. These devices are also covered in insurance.
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By functionality, the market is divided into:
- Therapeutic Equipment
- CPAP Machines
- CPAP Accessories
- Oxygen Concentrators
- Home Liquid Oxygen Containers
- Oxygen Cannula
- Patient Monitoring Equipment
- Mobility Assist and Patient Support Equipment
- Others
On the basis of distribution channel, the industry is divided into:
- Hospital Pharmacies
- Retail Medical Stores
- Online Retailer
The global markets of logistics automation can be divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
Home health technologies are undergoing major changes driven by the latest health innovations. Technological innovation is providing new and advanced devices. Technologies like needle-free diabetic care, medication administration equipment, and durable medical equipment, augment the growth. The advancements led to additional technologies and increased not only the capabilities of home health caretakers but also improved the quality of home-centred care. The Internet of Things (IoT) has made it possible for healthcare to be controlled remotely through smart phones. Medical care can be handled to extend direct patient care outside of a brick-and-mortar hospital, doctor’s office, or nursing facility. Increasing practices of use of technology for self-health management have led to growth in demand for home medical equipment.
Key Market Players
The major players in the market are Abbott Laboratories, Baxter International Inc., Becton, Dickinson and Company, Hill-Rom Holdings, Inc., and Invacare Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
About Us:
Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.
At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.
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Expanded efforts in the battle against chronic ailments, for example, cancer, kidney disorders, and respiratory diseases will support the requirement for home restorative devices.
Request For Report Sample: https://www.researchreportinsights.com/report/upsample/120124710/Home-Medical-Equipment-MarketTechnological advancement, cost-saving benefits, increase in disposable income of customers and growing healthcare expenditure are moreover a few of the key aspects driving the expansion of the global market for home medical equipment.
On the other hand, effectiveness and safety issue are a few of the key indicators restraining the expansion of the global market for home medical equipment.The home medical equipment market has changed amid an ongoing couple of years, attributable to oxygen-related products in the market are gaining high acceptance, because of increment in the frequency of chronic obstructive pulmonary disease (COPD) cases.
Various devices are utilized for patient care at home, for instance, wheelchair, infusion pumps, glucose meters, apnea monitors, and cannula.
For example, glucometers or glucose meters are routinely utilized at home to assess the glucose level for diabetics in blood.
As a result, home health care services displays best potential alternative rendering less costly quality care.
Home Medical Equipment Market is expected to register a CAGR of 5.9% during the forecast period of 2019 to 2015 and was valued at USD 24,504.33 Million in 2018.Home medical equipment consists of a broad range of devices intended for use at home or other non-clinical settings.
The delivery of healthcare services will see an evident shift from clinical to homecare settings is positively influencing the home medical equipment market.The rising geriatric population, improving healthcare expenditure, and the need for cost-effective treatment is rising the demand for home medical equipment.The rising prevalence of chronic diseases such as cancer, stroke, kidney failure, and diabetes.
The key players operating in the global home medical equipment market are focusing on strategic initiatives, mergers & acquisitions, partnerships, agreements, product launches, government approvals, and expansion of manufacturing facilities.The “Home Medical Equipment Market” In-Depth competition analysis of the major companies in the report, sector of the report includes the market depictions, requirements, and product portrayals, manufacture, competence, contact figures, cost, and revenue.The Home Medical Equipment Market provide valuable insight with an emphasis on the global market including some of the major players such As, Carefusion Corporation (US), Arkray Incorporated (Japan), Invacare Corporation (US), Omron Corporation (Japan), Medline Industries Incorporated (US), Resmed Corporation (US), GE Healthcare (US), Smiths Group PLC (UK), Hoffmann-La Roche Ltd (Switzerland), Philips Healthcare (US), Abbott (US), and Stryker (US).Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region.
The competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiledHome Medical Equipment Market Segment by Regions, regional analysis covers:North America(United States, Canada and Mexico)Europe(Germany, France, UK, Russia and Italy)Asia-Pacific(China, Japan, Korea, India and Southeast Asia)South America(Brazil, Argentina, Colombia etc.
)Middle East and Africa(Saudi Arabia, UAE, Egypt, Nigeria and South Africa)Access Complete Detailed TOC Research Report at https://www.marketresearchfuture.com/reports/home-medical-equipment-market-8486The report also appraises the supervisory scenarios which affect various decisions in the market.
With all the data congregated and scrutinized using SWOT analysis, there is a vibrant picture of the competitive scenario of the Global Home Medical Equipment Market.About Market Research Future: MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
