Home Medical Equipment Market Highlights
Home medical equipment refers to devices which can provide assistance to patients within the comfort of their homes. It reduces the duration spent at the hospital and the healthcare costs of an individual. The global home medical equipment market report by Market Research Future (MRFR) takes into consideration the various drivers, challenges, and trends and its estimated growth and return rates for the period of 2019 to 2025 (forecast period). The outbreak of the COVID-19 pandemic and its impact on the industry is been discussed at length in the report.
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Home Medical Equipment Market Scope
The global home medical equipment market is expected to cross USD 36,189.9 million by 2025 It can reach this benchmark at a CAGR of 5.9% over the forecast period. Technological advances in home medical equipment and awareness among the populace are major factors driving market demand. The transition from conventional healthcare models to home healthcare can bode favorably for the market. Lack of hospital beds due to the outbreak of the COVID-19 pandemic has led to procurement of hospital equipment for home healthcare and will be beneficial to hospital equipment manufacturers.
Introduction of insurance policies covering home medical equipment rental costs is expected to be lucrative for market players. Prevalence of chronic diseases and rise in healthcare costs can drive people’s preference towards home healthcare.
But concerns pertaining to patient safety can hamper the market growth.
Home Medical Equipment Market Segmentation
The global home medical equipment market has been segmented by functionality and end user.
Based on functionality, the market has been segmented into mobility assist & patient support equipment, patient monitoring equipment, and therapeutic equipment.
On the basis of end user, the market has been segmented into home care settings, emergency clinics, hospitals, and others. Hospitals are estimated to be the biggest end user of the global home medical equipment market due to increased budget for healthcare in these units, establishment of hospitals, and government initiatives for encouraging home healthcare for reducing burden on nations.
Home Medical Equipment Market Regional Analysis
Based on the regions, the global home medical equipment market is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is the largest regional market driven by technological advancements, increasing prevalence of chronic diseases such as diabetes, cancer, etc., and preference of home care is projected to boost the market growth in this region. Moreover, presence of mobile applications for consulting with physicians from the comfort of the homes of patients can bode well for the global home medical equipment market.
Europe is expected to register a massive share of the global market due to the increasing public awareness of home medical equipment. Rise in the prevalence of chronic disorders, a sizeable patient pool, and disposable income levels are factors expected to drive the regional demand.
APAC is the fastest-growing regional market due to a surge in the number of the elderly. Susceptibility of the elderly and the lack of beds in private and public hospitals combined with the burden on the healthcare sector can drive market demand. An increasing need for affordable healthcare delivery systems is also expected to boost the adoption of home medical equipment. The growth potential in emerging economies of China, India, Malaysia, Indonesia, and Australia are expected to provide numerous opportunities for market expansion during the forecast period.
On the other hand, the MEA held the smallest market share owing to limited healthcare infrastructure and lack of awareness about home medical equipment.
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Home Medical Equipment Market Competition
GE Healthcare, Invacare Corporation, Medline Industries Incorporated, Arkray Incorporated, Philips Healthcare, Abbott, Hoffmann-La Roche Ltd, Omron Corporation, Carefusion Corporation, Stryker, Resmed Corporation, and Smiths Group PLC are key players of the global home medical equipment market.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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