Home Medical Equipment Market to Reach $35.18 Bn, Globally, by 2023 at 7.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 27, 2018 /PRNewswire/ --
Increasing prevalence of chronic diseases, spiraling rise in geriatric population, and technological advancements would drive the growth in the global home medical equipment market
Allied Market Research 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) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers detailed analyses of the top investment pockets, drivers & restraints, market size & estimations, key market segments, and competitive landscape. According to the report, the global home medical equipment (HME) market generated $23.36 billion in 2017, and is projected to reach $35.18 billion by 2023, registering a CAGR of 7.1% from 2017 to 2023.
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Increase in incidence of chronic diseases, growth in geriatric population, cost-effectiveness of HME, and technological advancements in the sector drive the growth of the market. However, complications related to HMEs and limited knowledge of home-based users restrain the market growth. On the other hand, increase in demand for HMEs and lucrative potential in emerging economies create new pathways for the industry.
Therapeutic equipment segment to lead throughout the forecast period
Therapeutic equipment contributed nearly two-thirds of the total market share in 2017, owing to increase in incidence of chronic diseases including cancer, respiratory disorder, and kidney failure. This segment is expected to retain its lead throughout the forecast period. However, mobility assist & patient support equipment segment would grow at the highest CAGR of 7.8% from 2017 to 2023, owing to increase in obese population and surge in the number of accidents. The report also analyzes patient monitoring equipment.
North America to maintain its dominance by 2023
North America contributed more than one-third share of the total revenue in 2017 and is expected to remain dominant throughout 2023. This is attributed to the large number of home healthcare equipment providers, better reimbursement policies, improved healthcare infrastructure, and rise in healthcare expenditure. However, Asia-Pacific is expected to register the highest CAGR of 8.3% from 2017 to 2023, owing to rise in the number of road accidents and large geriatric & obese population in the region.
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Leading market players
The key market players analyzed in the report include Abbott Laboratories, Baxter International Incorporated, B Braun Melsungen Ag, General Electric Company, Becton, Dickinson and Company, Johnson & Johnson, Hill-Rom Holdings Incorporated, Medtronic plc, and Smith & Nephew plc. These market players have implemented various strategies including partnerships, collaborations, expansions, joint ventures, and others to gain a strong position in the industry.
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