Home Medical Equipment Market to Reach $53.14 Billion by 2028: The Brainy Insights

NEWARK, N.J., Aug. 4, 2022 /PRNewswire/ -- The global home medical equipment market is anticipated to grow from USD 31.78 billion in 2020 to USD 53.14 billion by 2028, at a CAGR of 6.16% over the forecast period 2021-2028. A vast rise in the prevalence of chronic illnesses has spurred home healthcare practices. Individuals suffering from chronic illnesses such as hypertension and diabetes are searching for cost-effective medical treatment that will not affect the quality of care and safety.  

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Home medical equipment approved by regulatory authorities gained wide acceptance regarding cost factors and ease, thereby boosting the global home medical equipment market growth. The equipment also gained much demand due to technological developments and technical knowledge of using these machines.  

The therapeutic equipment segment held the largest market value of around USD 12.77 billion in 2020.

The functionality segment is divided into therapeutic equipment, patient monitoring equipment, mobility assist & patient support equipment. The therapeutic equipment segment held the largest market value of around USD 12.77 billion in 2020, which is used to aid people dealing with physical illnesses.

The online stores' segment is expected to grow at the highest CAGR of around 7.5% over the forecast period.

The distribution channel segment includes online stores and retail outlets. The online stores' segment is expected to grow at the highest CAGR of around 7.5% over the forecast period. The growth of the market and the increasing demand for convenience indicate that the potential for healthcare firms to enter the e-commerce field is immense.

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Regional Segmentation Analysis:

The regions evaluated for the global home medical equipment market include North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The North American region emerged as the largest market for home medical equipment, with USD 11.88 billion in 2020. The popularity of homecare patient environments and developments in healthcare infrastructures made this region a market dominant. In addition, growing investments in healthcare and government policies are driving the growth of home medical equipment in this region. Moreover, APAC is projected to be the fastest growing market due to rising healthcare expenditure, rising disposable incomes, and improved patient awareness.

Competitive Analysis:

Key players in the global home medical equipment market are Abbott, B. Braun Melsungen AG, Baxter, Hill-Rom Holdings Incorporated, Medline Industry Inc., Philips Healthcare, ResMed, Stryker, and Sunrise Medical LLA among others.

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This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global abrasives market based on below segments:

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Global Abrasives Market by Type:

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About the report:

The global home medical equipment market is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

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