Home Medical Equipment Market to Garner $56.45 Billion, Globally, by 2027 at 6.1% CAGR, Says Allied Market Research
Increased prevalence of chronic diseases, surge in geriatric population, and advancements in technology drive the growth of the global home medical equipment market.
PORTLAND, Ore., Feb. 9, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Home Medical Equipment Market by Functionality (Therapeutic Equipment [Home Respiratory Therapy Equipment, Home IV Equipment, Home Dialysis Equipment, and Other Home Therapeutic Equipment), Patient Monitoring Equipment [Blood Glucose Monitors, Blood Pressure Monitors, Holter Monitors, Peak Flow Meters, Apnea Monitors, Heart Rate Monitors, Baby Monitors, Electronic Thermometers, and Coagulation Monitors], and Mobility Assist & Patient Support Equipment (Wheelchairs, Mobility Scooters, Walking Assist Devices, Medical Furniture, and Bathroom Safety Equipment) and Distribution Channel (Pharmacies, Retail Medical Stores and Online Retailers): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global home medical equipment industry was pegged at $30.54 billion and is expected to reach $56.45 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
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Major determinants of the market growth
Increased prevalence of chronic diseases, surge in geriatric population, and advancements in technology drive the growth of the global home medical equipment market. However, complications associated with use of medical equipment and limited expertise for home-based users hamper the growth of the market. On the contrary, untapped potential in the emerging economies is expected to open lucrative opportunities for the market growth.
Covid-19 scenario:
- The demand for home medical equipment increased during the pandemic as patients preferred to treat themselves at home and avoided hospital admittance as much as possible.
- However, the lockdown regulations imposed by governments forced manufacturing companies to shutdown all activities, which created the supply-demand gap and challenges in disruption of medical equipment.
The therapeutic equipment segment dominated the market
By functionality, the therapeutic equipment segment held the largest share in 2019, accounting for more than two-fifths of the global home medical equipment market, owing to preferences for homecare equipment over others as they provide better results. However, the mobility assist & patient support equipment segment is projected to manifest the highest CAGR of 7.1% during the forecast period, due to high prevalence rate of chronic diseases and technological advancements.
The online retailers segment to manifest the highest CAGR through 2027
By distribution channel, the online retailers segment is projected to register the highest CAGR of 7.0% during the forecast period, due to the surge in traction toward e-commerce for medical equipment among consumers and increase in availability of several home medical equipment. However, the retail pharmacy segment held the lion's share in 2019, contributing to more than two-fifths of the global home medical equipment market, owing to the ease in availability of various kinds of medical equipment such as mobility devices, respiratory devices, and others in the pharmacy.
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North America held the lion's share
By region, the market across North America dominated in 2019, accounting for more than two-fifths of the market, owing to availability of advanced technology, affordability along with growth in awareness about the benefits of homecare medical devices, increase in the geriatric population, and rise in prevalence of various life-threatening diseases. However, the global home medical equipment market Asia-Pacific is anticipated to register the highest CAGR of 7.4% from 2020 to 2027, due to the improvement in the purchasing power of patients in countries such as China and Japan.
Major market players
- Abbott Laboratories
- B Braun Melsungen Ag
- Baxter International Incorporated
- Becton, Dickinson and Company
- General Electric Company
- Hill-Rom Holdings Incorporated
- Johnson & Johnson
- Medtronic plc
- Smith & Nephew plc.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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