Customized Europe Home Medical Equipment Market 2022-2028

Customized Europe Home Medical Equipment Market 2022-2028

The European home medical equipment market was valued at around $15.7 billion in 2021 and is projected to reach around $22.9 billion in 2028, growing at a CAGR of 5.5% during the forecast period. Medical device technology is characterized by a constant flow of innovations, which are the results of a high level of research and development within the industry. According to MedTech Europe, in 2021, around 14,000 patent applications were filed with the European Patent Office (EPO) in the field of medical technology representing a 0.9% growth in patent applications compared to the previous year.

In addition, the market growth is attributed to the rising prevalence of chronic diseases coupled with the emergence of new and hassle-free home monitoring devices. A significant rise in the prevalence of chronic diseases such as respiratory diseases, diabetes, and others has surged the demand for homecare medical devices for the treatment of such diseases. According to the World Health Organization (WHO) in 2021, Germany had the highest prevalence of diabetes in Europe among the adult population with 15.3% living with diabetes in 2021.

The European home medical equipment market is segmented on the basis of type and distribution channel. Based on type, the market is segmented into diagnostic and monitoring devices, therapeutic devices, mobility care devices, and medical furniture. Among these, therapeutic devices dominated the market with 44.4% of the share and generated around $7.0 billion in 2021. This value is further projected to reach around $10.1 billion in 2028, growing at a CAGR of 5.3% during the forecast period.

The diagnostic & monitoring devices segment is further segmented into blood pressure monitors, glucose monitoring devices, oxygen & air monitoring devices, temperature monitor, baby monitor, and others. Among these, glucose monitoring devices dominated the market and generated around $2.5 billion in 2021. This value is further estimated to reach around $3.7 billion in 2028, growing at a CAGR of 5.8% during the forecast period. In Europe, the prevalence of diabetes is on a rise among all ages. According to Diabetes UK, in 2021, there were almost 3.7 million people who were diagnosed with diabetes in the country, and it has been estimated that up to 549,000 people have diabetes, which is yet to be diagnosed. Moreover, Germany has a significant burden of chronic diseases. As per a report by the German Diabetes Center (DDZ) in 2021, more than 7.2% of the population in Germany suffer from diabetes, most of them suffering from Type 2 diabetes. The report estimates that the number of individuals with diabetes will increase significantly in the next two decades. With the growing prevalence of diabetes, the demand for blood glucose monitoring devices increases, which in turn, drives the market growth.

The therapeutic devices market was valued at around $7.0 billion in 2021, which is projected to reach around $10.1 billion in 2028. The therapeutic segment further covers the analysis of respiratory equipment, dialysis equipment, cold therapy equipment, insulin devices, and others. Among these, respiratory equipment dominated the market and generated $3.3 billion in 2021. This value is further projected to reach around $5.2 billion in 2021, growing at a CAGR of 6.5% during the forecast period. The rising prevalence of respiratory chronic diseases such as asthma and COPD surges the demand for respiratory devices and hence drives the market growth.
 
Moreover, the mobility care devices segment was valued at around $3.7 billion in 2021, which is projected to reach around $4.9 billion in 2028, growing at a CAGR of 4.3% during the forecast period. This segment covers the analysis of wheelchairs; mobility scooters; and walkers, canes & crutches. Wheelchair dominated the market with around 51.9% of the share and generated around $1.9 billion in 2021. This value is further projected to reach around $2.5 billion in 2028, growing at a CAGR of 4.2% during the forecast period. The segmental growth is attributed to the rising geriatric population pool coupled with the increasing prevalence of diseases such as Parkinson’s, arthritis, and paralysis. The wheelchair is highly preferred as a mobility assistive device among the geriatric and disabled population and hence held a dominant position in the market. Geographically, the report covers the country-level analysis of the UK, Germany, France, Italy, Spain, and the Rest of Europe. The rest of Europe dominated the market with 27.6% of the share and generated around $4.3 billion in 2021. This value is further projected to reach around $6.5 billion in 2028, growing at a CAGR of 6.0% during the forecast period. Switzerland, Denmark, Sweden, and the Netherlands are some of the major economies contributing to the regional growth of the market. Germany follows the Rest of Europe in terms of revenue and generated around $3.9 billion in 2021, growing at a CAGR of 5.9% during the forecast period to reach around $5.9 billion in 2028.

The European home medical equipment market is characterized by the presence of several market players that are catering to a wide range of customers across the region. Some of the key players operating in the market include General Electric Co., Invacare, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd., Omron Corp., and others. These players adopt various strategies to remain competitive in the market and gain a competitive advantage over other players. Mergers and acquisitions, product launches, partnerships and collaborations, and geographical expansion are some of the major activities adopted by the market players. For instance, in July 2021, Invacare launched Dolomite Brass- a lightweight and cost-effective rollator. It is a cost-effective solution, to support individuals with their daily activities.