Home Medical Equipment Market Size, Share, Growth, and Industry Analysis, By Type (Home Respiratory Therapy Equipment, Patient Monitoring Equipment, Mobility Assist & Patient Support Equipment and Others), By Application (Diagnostics and Monitoring, Therapeutics, Care and Rehabilitation and Others) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

HOME MEDICAL EQUIPMENT MARKET REPORT OVERVIEW

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The global home medical equipment market size was USD 32700 million in 2019 and will touch 47760 million by 2026, exhibiting a CAGR of 5.5% during the forecast period.

The Home Science Tool (HME) consists of a huge variety of devices designed to offer assist to humans with particular clinical conditions or disabilities inside the comfort of their own domestic. These aids are crucial for reinforcing independence, enhancing a fulfilling life-style and addressing persistent ailments. Common examples of HME consist of mobility aids along with wheelchairs, walkers and canes, similarly to shielding structures for lavatories together with handrails and bathe chairs. In addition, breathing gadget consisting of oxygen concentrators and nebulizers, in conjunction with monitoring aids that include stress cuffs and blood glucose meters, are essential to people handling commonplace conditions. The availability of HME allows patients to receive vital care which reduces the need for health centre visits and promotes general nicely-being.

The use of HME has become increasingly common with the growing elderly population and rising costs of persistent disease. As healthcare structures continue to evolve towards more disability-centred care, there is an increasing emphasis on home care and management. This shift has spurred advancement in HME technology, leading to more efficient and user-friendly gadgets. With the growing thrust of telemedicine and remote monitoring, HME plays an important function in facilitating the transport of virtual healthcare, permitting healthcare carriers to remotely survey patients' health status and regulate treatment plans as wished. Regardless of the benefits of HME, however, challenges remain, along with price barriers, coverage barriers, and the need for proper schooling. Addressing these issues is critical to ensuring equitable access to HME and to optimizing its effectiveness in improving outcomes for people with disabilities and improving overall health care delivery.

COVID-19 IMPACT: Telemedicine Adoption to Boost Market Growth Significantly

The global COVID-19 pandemic has been unprecedented and staggering, with the cell phone loudspeakers market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The medical devices for smart home are in the process of development. This range of devices includes connectivity features that can be used for syncing with smartphones or other devices thus helping to provide the personalized health data and insights. An illustration of such devices consist of intelligent blood pressure monitors, glucometers and medication dispensers that provide ease of use and real-time monitoring for both patients and caregivers.

The development of telemedicine technology and equipment in the home-care industry has already shown impressive trends and efforts. Remotely monitor patients' physiological signs and health conditions by devices such as wearable devices and the connected health platforms that enable providers to do so in real-time hence enhancing patient care and reducing the number of frequent visits. The market is anticipated to boost the home medical equipment market growth following the pandemic.

LATEST TRENDS

"Smart Home Medical Devices to Drive Market Growth"

The improvement of smart home medical gadgets is gaining momentum. These devices are prepared with connectivity capabilities, enabling them to sync with smartphones or different devices to offer customized health facts and insights. Examples include smart blood stress video display units, glucometers, and medication dispensers, which offer convenience and actual-time tracking abilities for patients and caregivers. The integration of the telemedicine era with domestic scientific devices continues to be a prominent fashion. Remote affected person tracking gadgets, along with wearable sensors and connected fitness structures, allow healthcare service providers to remotely reveal sufferers' essential symptoms and health conditions in actual time, enhancing patient care and reducing the want for common in-person visits. These latest developments are anticipated to boost the home medical equipment market share.

HOME MEDICAL EQUIPMENT MARKET SEGMENTATION

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By Type                  

Based on type the global market can be categorized into Home Respiratory Therapy Equipment, Patient Monitoring Equipment, Mobility Assist & Patient Support Equipment and Others.

• Home Respiratory Therapy Equipment: Respiratory care home healthcare is offered to sub-due respiratory tract infections and assist individuals with respiratory ailments to relieve their discomforts and increase lung functions in the comfort of their own homes.

• Patient Monitoring Equipment: Devices for patient monitoring comprise those that monitor the patient's vital signs, physiological indexes, and fitness indicators within their home environments. A good example would be blood pressure meter stations that consist of a digital blood pressure monitor and a blood pressure tracker amongst others.

• Mobility Assist & Patient Support Equipment: Assistive Mobility Devices and Assistive Devices are devices created to improve the home environment for individuals with limited mobility and people who are disabled thus ensuring their independence as well as their accessibility and comfort at home.

By Application

Based on application the global market can be categorized into Diagnostics and Monitoring, Therapeutics, Care and Rehabilitation and Others.

• Diagnostics and Monitoring: Estimated procedures with modern technologies and devices in the current market are sensitive to early privacy of the health of the patient and to check the unhealthy, disease progress and treatment effectiveness of patients.

• Therapeutics: One of the sources for medical applications in the market at present are medical devices and therapies that are used to treat, alleviate, or prevent medical conditions and diseases.

• Care and Rehabilitation: Care and rehabilitation services in the moment market with medical devices and services pursuing the purpose of supporting the patients’ physical and psychological health, finding patients' independence, and fostering recovery and rehabilitation.

DRIVING FACTORS

"Prevalence of Chronic Diseases & Aging Population to Boost the Market"

The growing incidence of chronic illnesses, which include diabetes, cardiovascular illnesses, and breathing problems, contributes to the call for domestic medical devices. Patients with persistent situations regularly require continuous monitoring, medicine control, and remedy at home, leading to the adoption of devices like glucometers, blood pressure monitors, CPAP machines, and nebulizers. As human beings age, they frequently require greater medical care and assistance with daily activities. The home scientific device permits older adults to preserve independence and get hold of vital care within the comfort of their homes, driving the calls for devices consisting of mobility aids, home tracking structures, and assistive gadgets.

"Preference for Home-Based Care to Expand the Market"

There is a developing preference amongst patients and healthcare companies for domestic-based care because of its comfort, cost-effectiveness, and ability to reduce the risk of hospital-acquired infections. The home medical equipment enables patients to acquire necessary hospital treatment, rehabilitation therapy, and help services at home, fostering a shift away from traditional health facility-based care settings. Shifts toward patient-centric care fashions and value-based healthcare drive the demand for the domestic medical system. Patient-focused care emphasizes personalized treatment plans, shared choice-making, and empowering patients to manage their fitness at home using clinical gadgets and self-care gear, riding the adoption of home-based care solutions. These factors are anticipated to drive the home medical equipment market share.

RESTRAINING FACTOR

"High Cost of Equipment to Potentially Impede Market Growth"

The high price of home medical device, particularly superior gadgets with advanced functions and connectivity abilties, can be a huge barrier for patients, caregivers, and healthcare providers. Affordability issues may additionally prevent people from accessing necessary devices or result in delays in obtaining essential devices, impacting affected person outcomes and satisfaction of care. Limited repayment for domestic scientific equipment by means of healthcare payers and insurance agents can avert patients access to vital devices. Inconsistent compensation regulations, coverage boundaries, and high out-of-pocket prices for patients may also deter people from purchasing or the use of domestic clinical equipment, particularly for steeply-priced devices or remedies not covered by means of insurance. The factors are anticipated to hinder the growth of the home medical equipment market growth.

HOME MEDICAL EQUIPMENT MARKET REGIONAL INSIGHTS

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"North America is Dominating the Market with Advanced Healthcare Infrastructure and Healthcare Reforms and Policies"

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America, specifically america and Canada, boasts advanced healthcare infrastructure with properly-installed healthcare structures, great networks of healthcare centers, and a excessive degree of medical technology adoption. This infrastructure helps the development, production, distribution, and adoption of domestic clinical gadget, making it simply reachable to patients and healthcare companies. Healthcare reforms and rules in North America, inclusive of initiatives to sell home-based care, help aging in place, and improve care coordination, have contributed to the boom of the HME marketplace. Reforms along with the Affordable Care Act (ACA) inside the United States and government-funded home care applications in Canada have increased access to domestic clinical devices and related offerings, riding marketplace growth.

KEY INDUSTRY PLAYERS

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

The home medical equipment market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, materials, and smart features in home medical equipment, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Johnson & Johnson [U.S.]
• Medtronic [Ireland]
• Arkray [Japan]
• Abbott Laboratories [U.S.]
• Omron [Japan]

INDUSTRIAL DEVELOPMENT

March 2021: Oxygen concentrators are instruments used for providing breath support to lung patients who may suffer from Chronic Obstructive Pulmonary Disease(COPD)or severely ailing pneumonia since the addition of extra Oxygen would be required for the partial pressure of Oxygen in the bloodstream. Philips Respironics Company is among those that produce concentrators with unremarkable features including adjustable flow, user-oriented controls, quiet operation, and alarmation in cases of power failure or medical intervention.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.