Home Medical Equipment Market - Growth, Trends, COVID-19 Impact, and Forecast(2022 - 2027)

Home Medical Equipment Market - Growth, Trends, COVID-19 Impact, and Forecast(2022 - 2027)

The home medical equipment market is expected to register a CAGR of more than 6% over the forecast period (2022-2027).

The emergence of the COVID-19 pandemic has positively impacted the home medical equipment market. The public health emergency has increased the demand for home medical equipment such as life-supporting and life-sustaining devices since the onset of the pandemic. However, the disruption of conventional manufacturing, supply and distribution channels during the COVID-19 pandemic caused widespread shortages in medical supplies. Therefore, government authorities are adopting measures in response to the disruption of the supply chain of medical devices. For instance, in 2020, the United States Food and Drug Administration (USFDA) stated that it is engaged in monitoring the medical devices supply chain as devices and is working closely with manufacturers for analyzing the risk of disruptions to meet the rising demand for medical equipment for patients. Moreover, the Pan American Health Organization (PAHO) has released a list of priority medical devices, including continuous positive airway pressure (CPAP) machine, vital monitor and pulse oximeter, in response to the COVID-19 pandemic. Furthermore, in June 2021, the World Health Organization (WHO) released a list of priority medical devices for management of cardiovascular diseases and diabetes to assist the countries across the globe in increasing the availability of medical equipment to improve healthcare. Such measures are fueling the usage of medical equipment at home during the ongoing pandemic.

The studied market growth can be largely attributed to the factors such as the increasing prevalence of chronic illnesses, the growing geriatric population and rising adoption of self-health management. These factors are leading to increasing demand for home medical equipment.

Increasing prevalence of chronic illnesses across the globe is boosting the home medical equipment market. As per the 2020 statistics by the International Diabetes Foundation (IDF), in 2019, nearly 463 million adults were suffering from diabetes and the number is projected to reach 700 million by 2045, worldwide. Moreover, as per the 2021 statistics by the World Health Organization (WHO), asthma afflicted an estimated 262 million people in 2019, globally. Patients suffering with chronic diseases such as diabetes and asthma do not always require visiting hospital if the follow-ups and routine checkups can be managed from home. Such patients require therapeutic and monitoring devices to manage their symptoms and conditions at home. For instance, glucometers are widely used at home to assess the level of glucose in blood for diabetics. Also, needle-free diabetic care is widely preferred nowadays. Therefore, the indicated increase in prevalence of diabetes and asthma in the coming years will fuel the demand for home medical equipment. Moreover, several types of heart rate monitors are in huge demand now-a-days to assist patients suffering from arrhythmias in case of a medical emergency at home. Therefore, increasing prevalence of heart rate disorders will further boost the demand for home medical equipment. Moreover, the increase in stress at health care systems such as non-satisfied assistance and extended costs is leading to chronically ill patients to avail treatment from home, thereby propelling the need and demand for home medical equipment.

Additionally, with the rising geriatric population growth rate, the demand for home medical equipment is increasing. The elderly population relies on home health services to a greater extent than any other population due to aging and decreased physical activity. Elderly people are also prone to the risks associated with chronic disorders. Thus, the home healthcare products for the elderly population provide them the independence of living safely with a focus on their health and safety needs.

Also, the rising adoption of self-health management is contributing to the increasing demand for home medical equipment. Self-health management can be defined as the management of self-health and monitoring vital signs such as weight and blood pressure without relying on healthcare providers. A major proportion of population suffering from chronic conditions, worldwide, struggles to manage the symptoms on its own. Thus, several organizations are focusing on self-health management by introducing new programs and guidelines. In July 2021, the National Council of Aging (NCOA), and other program developers have collaborated to disseminate proven programs in-person and online that empower individuals with chronic diseases to manage their own care. The NCOA is engaged in research and development work on evidence-based self-management and patient engagement and introduced the Center's Chronic Disease Self-Management Program (CDSMP). CDSMP is a low-cost program that aims at assisting adults in chronic diseases such as diabetes, arthritis, and hypertension with coping strategies to manage their symptoms. Moreover, in June 2021, the World Health Organization (WHO) released guidelines to promote self-care interventions such as devices and tools to manage self-health. Furthermore, in June 2021, the Global Self-Care Federation (GSCF) announced supporting the new WHO consolidated guidelines for self-care interventions. Such initiatives are anticipated to fuel the demand for home medical equipment by patients for self-health management. Thus, in view of the aforementioned factors, the market is anticipated to witness significant growth over the forecast period.

However, factors such as high cost associated with home medical equipment and stringent regulations are impeding the home medical equipment market growth.

Key Market TrendsPatient Monitoring Equipment is Anticipated to Observe a Significant Growth

Patient monitoring can be defined as repeated or continuous observations or measurements of the patient’s physiological function. The significant factors contributing to the demand for patient monitoring equipment are the increasing prevalence of cardiovascular disorders, diabetes, and sleep disorders among other disorders, and the preference to reduce reliance on healthcare providers.

Patient monitoring equipment such as blood pressure monitors, Holter monitors, and heart rate monitors are used at home to monitor the heart rate of the patient in patients suffering from cardiac arrhythmias including atrial fibrillation and myocardial ischemia. As per the Center for Disease Control and Prevention’s July 2021 update on chronic obstructive pulmonary disease (COPD), around 15 million people in the United States were affected by COPD as of July 2021. An article titled “Effectiveness of remote home monitoring for patients with Chronic Obstructive Pulmonary Disease (COPD): systematic review” published in the journal of BMC Health Services Research in May 2022 indicated that remote home monitoring devices had the potential to improve disease self-management by making patients more aware of day-to-day changes in their symptoms and physical function, thereby improving disease management and reducing the risk of exacerbation. The use of remote patient monitoring in such settings are likely to add to the growth of the market over the forecast period.

Moreover, the increasing prevalence of diabetes is leading to novel product launches. For instance, in November 2020, Abbott launched continuous blood glucose monitoring system FreeStyle Libre for adults and children in India. This will offer patients a choice to check glucose levels anytime and anywhere, thereby improving glucose control. Furthermore, apnea monitors are increasingly used to monitor patients suffering from sleep apnea disorder. These factors are anticipated to contribute to the rising demand for home patient monitoring equipment. Thus, in view of the aforementioned factors, the market is anticipated to grow significantly over the forecast period.

North America is Expected to Hold a Significant Share in the Market and is Expected to do the Same in the Forecast Period

Within North America, the United States has held the major share of the market. The major factors contributing to the market growth are the presence of many market players engaged in manufacturing and expanding the portfolio of home medical equipment. In addition, the increasing prevalence of chronic disorders in the country is contributing to the rising demand for home patient monitoring. For instance, as per the 2022 statistics by the Centers for Disease Control and Prevention (CDC), it is estimated that 7.8% of the population in the United States were suffering from asthma in the year 2020. These factors have fueled the demand and supply of home medical equipment in the country. Furthermore, the introduction of favorable insurance policies pertaining to home care treatment is boosting the market growth.

For instance, Amwins Program Underwriters’ Home Health Care program offers tailored insurance solutions for medical supplies, equipment providers, drug distributors, visiting nurse associations (VNAs), and other agencies. Such insurance solutions contributing to the home medical equipment market growth in the region. Also, the increase in research and development activities in the country is fueling the demand for home medical equipment. Thus, in view of the aforementioned factors, the market will witness a significant growth in the region over the forecast period.

The innovative product launches by several key market players are also adding to the market growth. For instance, in March 2020, Invacare Corporation launched a new brand of power wheelchairs including Invacare AVIVA FX Power Wheelchair to assist patients with mobility disorders at home.

Thus, due to the above-mentioned factors, the studied market is expected to grow significantly in the North American region.

Competitive Landscape

The home medical equipment market is fragmented, and a few companies are currently dominating the market. These companies include Rotech Healthcare Inc., Medline Industries, Inc., Omron Healthcare, Inc., Resmed Corporation, and General Electric Company. The competition in the market is majorly based on technological advances in-home medical equipment. Additionally, the key players have been involved in various strategic alliances such as acquisitions, collaborations along with the launch of advanced products to secure the position in the global market.

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