Home Medical Equipment Market Size to Reach USD 56,457.87 Million by 2027 at a CAGR 6.1% | Valuates Reports
BANGALORE, India, March 26, 2021 /PRNewswire/ -- The Home Medical Equipment Market is Segmented by Functionality (Therapeutic Equipment [Home Respiratory Therapy Equipment, Home IV Equipment, Home Dialysis Equipment, and Other Home Therapeutic Equipment), Patient Monitoring Equipment [Blood Glucose Monitors, Blood Pressure Monitors, Holter Monitors, Peak Flow Meters, Apnea Monitors, Heart Rate Monitors, Baby Monitors, Electronic Thermometers, and Coagulation Monitors], and Mobility Assist & Patient Support Equipment (Wheelchairs, Mobility Scooters, Walking Assist Devices, Medical Furniture, and Bathroom Safety Equipment) and Distribution Channel (Pharmacies, Retail Medical Stores and Online Retailers). The report covers global opportunity analysis and industry forecast from 2020 to 2027. It is published on Valuates Reports in the Medical Device & Equipment Category.
The global home medical equipment market size was valued at USD 30,545.34 Million in 2019, and is estimated to reach USD 56,457.87 Million by 2027, registering a CAGR of 6.1% from 2020 to 2027.
Major factors driving the growth of home medical equipment market size are:
- Home medical equipment is safe, convenient, cost-effective, and suitable environments for patients within their home for chronic diseases. Increase in incidence of chronic diseases and considerable rise in geriatric population across the globe.
- Technological advancements in-home care medical equipment, such as smaller size, portability, and ease of access, help to drive market growth.
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TRENDS INFLUENCING THE GROWTH OF HOME MEDICAL EQUIPMENT MARKET SIZE
An aging population and changes in societal behavior are contributing to a steady increase in chronic health problems.
Technological advancements in-home care medical equipment is expected to increase home medical equipment market size. Technological advancements have enabled manufacturers to create smaller and easy use home medical equipment, which is expected to increase their adoption. Furthermore, new technologies such as needle-free diabetic care, medication administration equipment, and durable medical equipment, such as medical beds and lift chairs, propel the home medical equipment market size.
Moreover, the increase in the rising healthcare cost is expected to fuel the growth of the home medical equipment market size. Home medical equipment has saved the patients from the costs involved in clinical testing procedures or continuous monitoring which has provided the necessary growth to this market in economically weaker economies.
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HOME MEDICAL EQUIPMENT MARKET SHARE ANALYSIS
Based on functionality, the therapeutic segment accounted for the largest home medical equipment market share in 2019 and is anticipated to continue its dominance throughout the forecast period. This dominance of the therapeutic segment is attributed to the increase in usage of therapeutic products for home care, such as home respiratory therapy products and ventilators.
Based on region, North America is expected to hold the largest home medical equipment market share during the forecast period. North America's Dominance is attributed to the surge in chronic diseases such as asthma, diabetes, high blood pressure, and others in this region. However, due to an increase in disposable income and a rise in awareness of the benefits of homecare medical devices, Asia-Pacific region would exhibit the highest CAGR of 7.4% during 2020-2027.
Based on functionality, Mobility Assist & Patient Support Equipment is projected as one of the most lucrative segments. And by distribution channel, Retail Pharmacy is projected as one of the most lucrative segments.
Customized Report for Home Medical Equipment Market
HOME MEDICAL EQUIPMENT MARKET SEGMENTS
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- UK
- Italy
- Spain
- Netherlands
- Norway
- Russia
- Sweden
- Switzerland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- New Zealand
- Taiwan
- Thailand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Arabia
- South Africa
- Chile
- Columbia
- Egypt
- Iran
- Israel
- Turkey
- Venezuela
- Rest of LAMEA
Regional Report for Homecare Medical Equipment Market
By Functionality
- Therapeutic Equipment
- Home Respiratory Therapy Equipment
- Continuous Positive Airway Pressure Equipment
- CPAP Machines
- CPAP Masks & Related Interfaces
- CPAP Accessories
- Oxygen Delivery Equipment
- Oxygen Concentrators
- Home Liquid Oxygen Containers
- Oxygen Cannula
- Other Home Oxygen Delivery Equipment
- Ventilators
- Nebulizers
- Humidifiers
- Home IV Equipment
- IV Pumps
- IV Administration
- IV Accessories
- Home Dialysis Equipment
- Home Peritoneal Dialysis Product
- Home Hemolysis Product
- Other Home Therapeutic Equipment
- Home Physical Therapy Equipment
- Home Negative Pressure Wound Therapy Devices
- Home Braces & Related Products
- Home Enteral Feeding Products
- Home Automated External Defibrillators
- Home Muscle & Nerve Stimulators
- Patient Monitoring Equipment
- Blood Glucose Monitors
- Blood Pressure Monitors
- Holter Monitors
- Peak Flow Monitors
- Apnea Monitors
- Heart Rate Monitors
- Baby Monitors
- Electronic Thermometers
- Coagulation Monitors
- Others
- Mobility Assist & Patient Support Equipment
- Wheelchairs
- Manual Wheelchairs
- Powered Wheelchairs
- Mobility Scooters
- Walking Assist Devices
- Walkers & Rollators
- Canes & Walking Sticks
- Crutches
- Medical Furniture
- Lift Chairs
- Medical Beds
- Stair Lifts
- Medical Furniture Accessories
- Bathroom Safety Equipment
- Bars, Grips & Rails
- Shower Chairs
- Elevated Toilet Seats
- Commodes
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Retailers.
Leading companies covered in this report:
- Abbott Laboratories,
- B Braun Melsungen Ag,
- Baxter International Incorporated,
- Becton,
- Dickinson and Company,
- General Electric Company,
- Hill-Rom Holdings Incorporated,
- Johnson & Johnson,
- Medtronic plc,
- Smith & Nephew plc.
The other companies that provide home medical equipment are
- Arkray Incorporated,
- Carefusion Corporation,
- Invacare Corporation,
- Medline Industries Incorporated,
- Omron Corporation,
- Resmed Corporation,
- Smiths Group plc.
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SIMILAR REPORTS
- The Durable Medical Equipment (DME) Market is Segmented by Type Personal Mobility Devices, Bathroom Safety Devices, Medical Furniture, Monitoring and Therapeutic Devices, by Application Nursing Homes, Hospitals, Home Healthcare and by various regions.
- Home Therapeutic Equipment Market is Segmented by Type Home Respiratory Therapy Equipment, Home Dialysis Equipment, Home IV Equipment, by Application For Children, For Adults and by various regions.
- Patient Monitoring Devices Market Size was USD 25,768.56 million in 2019, and is projected to reach USD 44,861.56 million by 2027 at a CAGR of 4.4% from 2020 to 2027.
- Mobility Scooter Market is Segmented by Type Class 2 Scooter, Class 3 Scooter, by Application Residential, Commercial and by various regions.
- The Electric Wheelchair Market Size was valued at USD 2.9 Billion in 2019, and is expected to reach 5.8 Billion by 2027, registering a CAGR of 9.7% from 2021 to 2027.
- Medical Furniture Market Size is projected to reach USD 5401.9 Million by 2026, from USD 5219.5 Million in 2020, at a CAGR of 3.2% during 2021-2026.
- Pharmacy Retailing Market Size was USD 1547950 Million and it is expected to reach USD 2246050 Million by the end of 2026, with a CAGR of 5.4% during 2021-2026.
- Wearable Medical Device Market Size is expected to grow from USD 9,540.99 Million in 2019 to USD 23,662.32 Million by the end of 2025 at a CAGR of 16.34%.
- Portable Medical Electronic Products Market Size is projected to reach USD 10180 Million by 2026, from USD 9928.1 Million in 2020, at a CAGR of 2.4% during 2021-2026.
- Smart Home Healthcare Market Size is projected to reach USD 13840 Million by 2026, from USD 5938.5 Million in 2020, at a CAGR of 15.1% during 2021-2026.
- Home Healthcare Market Size is projected to reach USD 362550 Million by 2026, from USD 234980 Million in 2019, at a CAGR of 6.3% during 2021-2026.
- CPAP Machines Market is Segmented by Type Fixed Pressure CPAP Device, Auto Adjusting CPAP Device, by Application Household, Hospital, Others and by various regions.
- Oxygen Delivery Equipment Market is Segmented by Type Oxygen Masks, Nasal Cannulas, Venturi Masks, Non-rebreather Masks, Bag-valve Masks, by Application Asthma, COPD, Cystic Fibrosis, Respiratory Distress Syndrome, Pneumonia and by various regions.
- Oxygen Therapy Devices Market Size is expected to grow from USD 2,006.42 Million in 2019 to USD 2,806.20 Million by the end of 2025 at a CAGR of 5.75%.
- Residential Ventilation Systems Market Size will reach USD 9253.9 Million USD in 2025, growing at a CAGR of 4.9%.
- Home Nebulizer Market Size is projected to reach USD 1975.5 Million by 2026, from USD 939.3 Million in 2019, at a CAGR of 13.2% during 2021-2026.
- Household Ultrasonic Humidifier Market is Segmented by Type Tabletop, Portable, by Application Indoor, Outdoor and by various regions.
- The Negative Pressure Wound Therapy Device Market is Segmented by Type Single-Use NPWT Devices, Conventional NPWT Devices, by Application Hospitals & Clinics, Ambulatory Surgery Centers, Home Care Settings and by various regions.
- The Automated External Defibrillator (AED) Market Size is valued at USD 680 Million in 2018 is expected to reach USD 1040 Million by the end of 2025, growing at a CAGR of 5.6% during 2019-2025.
- Heart Rate Monitors Market Size is projected to reach USD 17160 Million by 2026, from USD 12400 Million in 2019, at a CAGR of 4.7% during 2021-2026.
- Clinical Electronic Thermometers Market is Segmented by Type Oral Electronic Thermometers, Axillary Electronic Thermometers, Rectal Electronic Thermometers, Typmanic Electronic Thermometers, by Application Drug Store, Hopital, Clinic and by various regions.
- The Positive Airway Pressure Devices Market Size is expected to grow from USD 1,491.95 Million in 2019 to USD 2,134.89 Million by the end of 2025 at a CAGR of 6.15%.
- Baby Monitors Market Size is expected to grow from USD 1,473.56 Million in 2019 to USD 1,846.62 Million by the end of 2025 at a CAGR of 3.83%.
- Medical Bed Market Size was USD 1354 Million and it is expected to reach USD 1392.9 Million by the end of 2026, with a CAGR of 0.4% during 2021-2026.
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