Global Home Medical Equipment Market Report and Forecast 2023-2031

Global Home Medical Equipment Market Report and Forecast 2023-2031

Global Home Medical Equipment Market Outlook

The global home medical equipment market value was USD 36.6 billion in 2022, driven by the growing prevalence of chronic diseases across the globe. The market size is anticipated to grow at a CAGR of 6.2% during the forecast period of 2023-2031 to achieve a value of USD 62.9 billion by 2031.

Home Medical Equipment: Introduction

Home medical equipment refers to medical devices and equipment that are intended for use in a patient's home for medical purposes. These devices are used to manage chronic conditions, assist with recovery from surgery or injury, or to improve quality of life for patients with disabilities or mobility impairments. Home medical equipment can range from simple items like walking aids and wheelchairs to more complex devices like oxygen concentrators, nebulizers, and hospital beds.

As healthcare moves toward a more patient-centred model, home medical equipment has become increasingly important in the continuum of care. Patients can receive medical treatment in the comfort of their own homes, reducing the need for hospitalization and the associated costs. In addition, advancements in technology have made it easier for patients to manage their own health at home, giving them more control over their care and improving overall health outcomes.

The home medical equipment market is expected to continue to grow as the population ages and more people require medical care at home. Advances in technology and the development of new, innovative devices will also contribute to market growth. However, regulatory challenges, reimbursement issues, and competition from alternate treatment options are all factors that may impact the growth of the home medical equipment market.

Home Medical Equipment Market Scenario

Home medical equipment (HME) refers to a wide range of devices and supplies that are used in the home setting to treat or manage various medical conditions. These include mobility aids, respiratory therapy devices, blood glucose monitors, enteral feeding pumps, and many others. The growing prevalence of chronic diseases and the rising geriatric population are some of the major factors driving the demand for HME.

The HME market is highly fragmented and includes a large number of players ranging from small manufacturers to multinational corporations. The market is characterized by intense competition, continuous product innovations, and the growing demand for home-based healthcare services. Some of the key players in the market include Invacare Corporation, Hill-Rom Holdings, Inc., Drive DeVilbiss Healthcare, and Medline Industries, Inc.

The COVID-19 pandemic has also had a significant impact on the HME market, with an increasing number of patients opting for home-based care to minimize the risk of exposure to the virus. This has led to a surge in demand for HME devices such as ventilators, oxygen concentrators, and other respiratory therapy equipment.

Overall, the HME market is expected to continue to grow in the coming years, driven by the increasing focus on home-based healthcare services, technological advancements, and the growing prevalence of chronic diseases.

Home Medical Equipment Market Segmentations

Market Breakup by Functionality

• Therapeutic Equipment
• CPAP Machines
• CPAP Accessories
• Oxygen Concentrators
• Home Liquid Oxygen Containers
• Oxygen Cannula
• Patient Monitoring Equipment
• Mobility Assist and Patient Support Equipment
• Others

Market Breakup by Distribution Channel

• Market Overview
• Hospital Pharmacies
• Retail Medical Pharmacies
• Online Stores

Market Breakup by End User

• Hospitals
• Home Care Settings
• Others

Market Breakup by Region

• North America
• United States of America
• Canada
• Europe
• United Kingdom
• Germany
• France
• Italy
• Others
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Australia
• Others
• Latin America
• Brazil
• Argentina
• Mexico
• Others
• Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Key Trends in the Home Medical Equipment Market

Some of the major key trends in the market are as follows:

• Increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory disorders is driving the demand for home medical equipment.
• Technological advancements in the development of home medical equipment, including wireless and portable devices, are enhancing the convenience and comfort of patients.
• Growing demand for home-based healthcare services is boosting the demand for home medical equipment.
• Increasing focus on cost-effective healthcare solutions is leading to the adoption of home medical equipment.
• The COVID-19 pandemic has led to an increased demand for home medical equipment, especially respiratory support devices and telemedicine services.

Home Medical Equipment Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Abbott Laboratories
• Baxter International Inc.
• Becton, Dickinson and Company
• Hill-Rom Holdings, Inc.
• Invacare Corporation
• ARKRAY, Inc.
• B. Braun Melsungen AG
• ConvaTec Inc.
• The Cooper Companies Inc.
• Johnson & Johnson Services
• GF HEALTH PRODUCTS, INC.
• OMRON Corporation

*Please Note:* The report will be completed in 7 business days after order confirmation