Home Medical Device Market Size, Share, Growth, and Industry Analysis By Type (Wheelchairs, Scooters, Oxygen treatment equipment, Accessibility beds, Lifts, Toilets and Others) By Application (Home Tests, Patient Monitoring and Others), Regional Insights, and Forecast To 2032

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HOME MEDICAL DEVICE MARKET REPORT OVERVIEW

The global home medical device market size was USD 43.35 billion in 2024 and is projected to touch USD 75.04 billion by 2032, exhibiting a CAGR of 7.1% during the forecast period.

Patients can stay in their own homes in a secure, practical, economical, and pleasant setting thanks to home medical equipment. As chronic illnesses have spread around the globe, the market for home medical equipment has changed.

Furthermore, due to the sharp increase in chronic obstructive pulmonary disease (COPD) cases throughout the world, oxygen-related home medical equipment is becoming more and more popular. Infusion pumps, wheelchairs, glucose meters, and cannulas are just a few of the medical supplies that patients get at home. For instance, measuring blood sugar levels in people with diabetes is commonly done using glucose and glucometers.

COVID-19 IMPACT

"Lockdown Accelerated the Home Medical Device Market"

The market for home medical devices has benefited by the spread of the COVID-19 pandemic. Since the start of the pandemic, the demand for home medical equipment, such as life-supporting and life-sustaining devices, has skyrocketed due to the public health emergency. The COVID-19 pandemic, however, resulted in significant shortages of medical supplies due to the interruption of traditional supply, production, and distribution systems. As a result of the interruption of the medical equipment supply chain, governmental authorities are taking action.

LATEST TRENDS

"Technological Advancements to Augment the Market Demands"

Technology advancements have made it possible for players to combine the internet of things (IoT) with medical equipment, which makes it easier for patients and service providers to connect. Telemedicine and mHealth technologies have become more popular as a consequence of the built-in connection for medical equipment through mobile applications, the cloud, machine-to-machine communication, and other alternatives. As a result, the improvements have made it possible for manufacturers of home medical equipment to appeal to the elderly market. As the elderly population grows in most nations throughout the world, it is anticipated that the expanding population would significantly contribute to the indirect growth of the market. The need for home medical equipment will thus skyrocket in the years to come.

HOME MEDICAL DEVICE MARKET SEGMENTATION

By Type

By type, market is segmented into wheelchairs, scooters, oxygen treatment equipment, accessibility beds, lifts, toilets and others. The wheelchairs segment will dominate the market in the coming years.

By Application

Based on applications, the market is classified into home tests, patient monitoring and others. The home tests growth segment will lead the global share through forecast period.

DRIVING FACTORS

"Increasing Aging Population and Expansion of Medical Sector to Propel the Market Demands"

The market for home medical devices is anticipated to expand rapidly as a result of major reasons such the aging population and the expansion of the medical device sector. Remote patient monitoring has become an ideal growth strategy for medical device companies as a result of the rapid advancement of technology. The need for user-friendly, effective, efficient, and accurate medical equipment in a homecare environment has been fueled by the expanding elderly population, which has benefited market participants. As a result, older people's need for monitoring gadgets, mobility aids, and treatment equipment has greatly grown, which has aided the market's expansion.

"Introduction of Telemedicine to Boost the Market"

Thanks to telemedicine, home healthcare professionals may still have an impact even if they are not present physically. It enables continuous patient monitoring and allows for the early detection of impending crises. The field of telehealth include services including virtual medical care, health, and educational programs. The state of a patient can be evaluated by nurses or doctors using audio-visual technology during virtual sessions to determine the best course of action, which may include providing care, writing a prescription, or, in certain cases, referring the patient for additional treatment. These benefits make telehealth more and more appealing to patients.

RESTRAINING FACTORS

"Lack of Insurance to Impede the Market"

Insurance does provide coverage for home medical equipment, but only for firms who provide home healthcare that has been approved by Medicare. Equipment used for multi-parameter monitoring, telemetry, rehabilitation, or remote monitoring is not covered by insurance. Both European and North American countries have varying levels of insurance coverage for this equipment. In Asian countries like India, insurance companies only pay for in-home healthcare services if they are post-hospitalization therapy; they do not reimburse in-home healthcare services for the elderly or chronic conditions.

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HOME MEDICAL DEVICE MARKET REGIONAL INSIGHTS

"North America’s Home Medical Device Market’s Share to Grow Exponentially with the Forecast Period."

Due to the growing older population in various nations, North America is predicted to have the largest share of the global market for homecare medical equipment. Asthma, COPD, and other chronic illnesses including diabetes, blood pressure, and diabetes would also be on the rise, which would support this market's expansion.

According to forecasts, Europe will account for a sizeable market share of 30.1% of the worldwide market for homecare medical equipment. The rise of the European homecare medical devices domain, which is expected to be a growth-proliferating component for the industry, is being driven by the proliferation of innovation and Al in the healthcare sector. Rapid and creative innovations in the healthcare industry are creating new prospects for homecare medical devices since health and wellness are rising to the top priorities in the current world. The market for technology-driven prospects as a whole is projected to experience tremendous development as a result.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Top Home Medical Device Companies

• Procter & Gamble (U.S.)
• Syntron (U.S.)
• GE Healthcare (U.S.)
• Philips Healthcare (Netherlands)
• Spacelabs Healthcare (U.S.)
• Schiller (U.S.)
• 3M Healthcare (U.S.)
• Alere (U.S.)
• Quidel (U.S.)
• Prestige Brands (U.S.)
• Church & Dwight (U.S.)
• Geratherm Medical (Germany)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.