Home Medical Equipment Market Size to Hit USD 62.1 Bn by 2030 - GlobeNewswire

Ottawa, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The global home medical equipment market size was valued at USD 35.7 billion in 2021. The rising prevalence of various chronic diseases such as cancer, COPD, diabetes, and cardiovascular diseases coupled with the rising demand for the home healthcare services among the population is significantly driving the growth of the home medical equipment market.

The growing geriatric population is directly proportional to the healthcare expenditure. Old age people require continuous monitoring as they are more susceptible to various diseases and bone fractures.

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According to the United Nations, the global geriatric population is estimated to reach at around 2 billion by 2050. Moreover, the growing awareness regarding the hospital acquired infections among the population is expected to drive the demand for the home healthcare services, which in turn would fuel the demand for the home medical equipment market.

Key Insights:

  • The therapeutic equipment segment has accounted 43% of total market share in 2021.
  • The retail pharmacy distribution channel segment has captured 45% revenue share in 2021.
  • North America region has accounted 41% market share in 2021.
  • Asia-Pacific is growing at a notable CAGR of 7.8% from 2022 to 2030.

Regional Snapshot

North America dominated the global home medical equipment market in 2020. The increased disposable income, higher healthcare expenditure, rising geriatric population, and increased prevalence of various chronic diseases are the primary drivers of the home medical equipment market. Moreover, the increased awareness regarding the various home medical equipment is driving the demand. The increasing number of cancer survivors and rising number of diabetic population is necessitating the need for continuous monitoring. According to the US National Cancer Institute, the cancer survivor population in US is expected to reach over 22 million by 2030. The cancer survivors need to be monitored frequently. The majority of the US population is suffering from at least one chronic disease. The improved access to home healthcare services in the US has boosted the growth of the home medical equipment market in the North America.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is witness rapid development of the healthcare infrastructure and rising penetration of the various retail pharmacies. The presence of numerous home equipment manufacturers in the region like China and India is further driving the market growth. The rising prevalence of various chronic diseases and rising number of road accidents is fueling the demand for the wheelchairs and other mobility solutions. According to the WHO, around 93% of the road traffic accidents occur in the low and middle income nations. Moreover, rising awareness regarding the home healthcare solutions coupled with rising healthcare expenditure is expected to drive the growth of the market in Asia Pacific.

Report Highlights

  • Based on the equipment type, the patient monitoring equipment is estimated to be the most opportunistic segment during the forecast period. The need for continuously monitoring blood pressure, diabetes, and cardiovascular conditions is rising. Therefore, the availability of various advanced home medical devices is fueling the adoption of the home medical equipment that allows the patients to regularly monitor their health condition.
  • Based on the distribution channel, the retail medical stores dominated the market in 2020. This is attributed to the increased penetration and higher popularity of these traditional retail medical stores across the globe. It serves as a popular medium of buying medical equipment for at-home use.

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Scope of the Report

Report AttributesDetails
Market Size in 2021USD 35.7 Billion
Revenue Forecast by 2030USD 62.1 Billion
CAGR6.34% from 2022 to 2030
Fastest Growing RegionAsia Pacific
Largest MarketNorth America
Base Year2021
Forecast Year2022 to 2030
Key PlayersAbbott, B. Braun SE, General Electric, Hill-Rom Services, Inc., Baxter, BD, Smith & Nephew, Invacare Corporation, Medtronic, Johnson & Johnson and Others.

Market Dynamics

Driver

Increasing prevalence of various chronic diseases and HAIs

  • The growing burden of various diseases coupled with the rising demand for the home healthcare services because of the comfort and conveniences it offers is driving the growth of the home medical equipment market. According to the IDF, the diabetic population across the globe is estimated to reach at 700 million by 2045. Moreover, the rising awareness regarding the hospital acquired infection is another driving factor. As per the WHO, around 7% of the hospital admissions in developed countries and 10% in the developing nations have higher risks of getting hospital acquired infections.

Restraints

Stringent government regulations and high cost of equipment

  • The cost of the acquisition associated with the home medical equipment is high. The low affordability of the people in the low- and middle-income countries are unable to acquire the home healthcare services. Moreover, the stringent government norms related to the medical equipment is making the marketing activities difficult for manufacturers. Therefore, these factors may hinder the market growth.

Opportunities

Developmental strategies adopted by the market players

  • The market is fragmented with the presence of several manufacturers and the various developmental strategies adopted by them highly impacts the market. For instance, in March 2020, Invacare Corporation introduced AVIVA FX Power Wheelchair, new brand of power wheelchairs that provides the mobility solutions at home. Moreover, the rising investments in the research and development for making innovative home medical solutions is expected to provide new growth aspects in the upcoming future.

Challenges

Unfavorable reimbursement policies

  • Most of the patients are dependent on the reimbursements for receiving treatment. However, majority of the reimbursement policies do not cover the expenses of the medical equipment that may negatively impact the market growth.

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Market Segmentation

By Equipment Type

  • Therapeutic Equipment
    • Respiratory Therapy Equipment
    • Dialysis Equipment
    • Intravenous Equipment
    • Other Therapeutic Equipment
  • Patient Monitoring Equipment
    • Conventional Monitors
    • Telemedicine Patient Monitoring Equipment
  • Mobility Assist & Support Equipment
    • Mobility Assist Equipment
    • Medical Furniture
    • Bathroom Safety Equipment

By Distribution Channel

  • Retail Medical Stores
  • Hospital Pharmacies
  • Online Retailers

By End Users

  • Hospitals
  • Home Care Settings
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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