The global home medical equipment market size was valued at USD 29,944.8 million in 2020 and is projected to reach USD 43850.0 million by 2027, registering a CAGR of 5.6% from 2021 to 2027. Home medical equipment offers convenient, safe, suitable, and cost-effective treatment to the patients. Home medical equipment comprises several devices that patients or caregivers can easily access at home. These include blood pressure monitors, blood glucose monitors, automated external defibrillators, holter monitors, and several others. Patients carry their day-to-day activities smoothly without the need to visit hospitals and clinics regularly with the help of home care equipment. This saves their time and are proven to be cost-effective. Additional medical equipment used for mobility assistance is widely used by senior citizens and patients with specific mobility difficulties. In addition, products related to oxygen are gaining more profit due to the increase in asthma and chronic disease incidence.
Recently, new technologies are providing proper compliance to the patient. The home medical equipment market is projected to grow during the forecast period due to the advancements in technology and the prevalence of chronic diseases such as diabetes, arthritis, chronic obstructive pulmonary disease, asthma, neurodegenerative ailments, and dementia. With the rise in the aged population, cases of chronic diseases are estimated to increase the demand for mobility-assisted devices, which is projected to drive the market growth. However, the high cost of home medical equipment is anticipated to hamper the market growth.
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According to world population prospects, the number of older people aged 60 years or over has increased considerably in most countries, which is anticipated to accelerate the home medical equipment market.
Global Home Medical Equipment Market Dynamics
Drivers: Rise in prevalence of chronic diseases worldwide
The prevalence of chronic diseases such as chronic obstructive pulmonary diseases, diabetes, respiratory diseases, asthma, and heart failure is rising globally. Such a high prevalence of chronic diseases creates increased demand for diagnosis, treatment, and continuous monitoring of the medical condition, which is predicted to propel the growth of the home medical equipment market. According to the World Health Organization, chronic diseases, such as cardiovascular disease, stroke, cancer, chronic obstructive pulmonary diseases, are the leading reasons for mortality globally, representing 60% of all deaths. The increase in mortality rate owing to chronic diseases increases the demand for home medical equipment.
Restraints: Limited expertise for home-based users
Usage of home medical equipment requires essential expertise to receive quality diagnosis and treatment. It has been witnessed that there is a lack of knowledge to use medical equipment in a homecare setting, which can pose a major restrain to the market growth. Although the prevalence of chronic diseases is on a constant increase worldwide, there is a wide gap between the availability of expertise and the number of patients. This, in turn, increases the demand for experts to control and co-coordinate medical equipment in homecare setups. However, the lack of expertise for accessing the medical equipment as per the protocols may hamper the growth of the home medical equipment.
Opportunities: Rise in demand for home medical equipment
In-home care treatment is often an option for individuals who face a chronic illness, are recovering from surgery, or are treated for infection where hospitalization is unnecessary. Owing to such conditions, there is a steady rise in the demand for home equipment over the medical care provided at hospitals or other healthcare organizations. Further treatment and procedural costs in hospitals and clinics create an increase in demand for home medical equipment. This sector is gaining popularity, especially in developed countries such as the U.S. and other European countries. For instance, respiratory therapy (RT) is the home care service involved in assessing and treating breathing disorders that include chronic lung problems, such as asthma, bronchitis, and chronic obstructive pulmonary disease. The market is in its nascent stage in developing countries such as India and China and is expected to be the future of the home medical equipment market. The emerging destinations can serve to be a potential hub for the manufacturers of home medical equipment due to a large target audience and growth in the geriatric population.
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Scope of the Report
The study categorizes the home medical equipment market based on distribution channel, functionality, and regions.
By Distribution Channel Outlook (Revenue, USD Million, 2017-2027)
- Pharmacy
- Retail stores
- Online retailers
By Functionality Outlook (Revenue, USD Million, 2017-2027)
- Therapeutic equipment
- Home Respiratory Therapy Equipment
- Continuous positive airways pressure equipment
- Oxygen delivery equipment
- Ventilators
- Nebulizers
- Humidifiers
- Home IV equipment
- IV pumps
- IV administration
- IV accessories
- Home Dialysis Equipment
- Home peritoneal dialysis
- Home hemolysis product
- Other Home Therapeutic Equipment
- Home physical therapy equipment
- Home negative pressure wound therapy devices
- Home braces & related products
- Home enteral feeding products
- Home automated external defibrillators
- Home muscle & nerve stimulators
- Home Respiratory Therapy Equipment
- Patient monitoring equipment
- Blood Glucose Monitors
- Blood Pressure Monitors
- Holter Monitors
- Peak Flow Monitors
- Apnea Monitors
- Heart Rate Monitor
- Baby Monitors
- Electronic Thermometer
- Coagulation monitors
- Mobility assist & patient support equipment
- Wheelchairs
- Mobility Scooters
- Walking Assist Device
- Medical Furniture
- Bathroom Safety Equipment
