July 23, 2024

Home Medical Equipment Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Chronic Diseases And Rising Geriatric Population

The Home Medical Equipment Market is estimated to be valued at US$ 23.5 billion in 2023 and is expected to exhibit a CAGR of 6.20% over the forecast period of 2023 to 2032, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Home Medical Equipment market includes a range of products designed to provide medical care in the home setting. This market offers various devices and equipment such as blood glucose monitors, respiratory therapy equipment, mobility aids, and therapeutic equipment. These products play a crucial role in improving the quality of life for patients with chronic diseases and the elderly population by allowing them to receive necessary medical care and assistance in the comfort of their own homes. The growing prevalence of chronic diseases, such as diabetes and respiratory disorders, coupled with the increasing geriatric population, is driving the demand for home medical equipment.

Market Dynamics:

The Home Medical Equipment market is driven by two key factors, namely the increasing prevalence of chronic diseases and the rising geriatric population. The growing incidence of chronic diseases, such as cardiovascular diseases, diabetes, and respiratory disorders, is fueling the demand for home medical equipment. This is primarily due to the convenience and cost-effectiveness offered by home healthcare, compared to hospital visits. Additionally, the aging population is more susceptible to developing various health conditions, which further drives the demand for home medical equipment. The ability to receive medical care in the comfort of their own homes allows the elderly to maintain their independence while ensuring access to necessary healthcare services.

Segment Analysis:

The home medical equipment market can be segmented based on product type, end-user, and region. In terms of product type, the dominating segment is mobility assist devices. This can be attributed to the rising geriatric population and the increasing prevalence of mobility-related disorders such as arthritis and paralysis. Mobility assist devices include wheelchairs, crutches, walkers, and mobility scooters, among others. These devices enable individuals with limited mobility to move around independently, thereby enhancing their quality of life. Additionally, advancements in technology have led to the development of innovative and more user-friendly mobility assist devices, further driving the growth of this segment.

PEST Analysis:

Political: The home medical equipment market is subject to various political factors such as government regulations and policies related to healthcare, reimbursement policies, and funding for medical equipment.

Economic: The economic factors influencing this market include healthcare expenditure, affordability of home medical equipment, and reimbursement policies by insurance companies.

Social: Changing demographics, such as an aging population and increasing prevalence of chronic diseases, are driving the demand for home medical equipment.

Technological: Technological advancements in home medical equipment, such as remote monitoring devices and wearable sensors, are revolutionizing the market by providing more accurate and convenient healthcare solutions.

Key Takeaways:

The Global Home Medical Equipment Market Demand is expected to witness high growth, exhibiting a CAGR of 6.20% over the forecast period. This growth can be attributed to the increasing aging population, rising prevalence of chronic diseases, and advancements in medical technology. Mobility assist devices, such as wheelchairs and walkers, are expected to dominate the market due to the growing need for mobility solutions among the elderly and individuals with disabilities. Regionally, North America is anticipated to be the fastest-growing and dominating region, driven by high healthcare expenditure, favorable reimbursement policies, and a well-established healthcare infrastructure. Some of the key players operating in the home medical equipment market include AstraZeneca, B. Braun Melsungen AG, Baxter, GE Healthcare, F. Hoffmann-La Roche Ltd, Stryker, Sunrise Medical LLC, ResMed, Philips Healthcare, Medline Industry, CareFusion Corporation, and Abbott Laboratories. These companies are actively engaged in product development, mergers and acquisitions, and collaborations to gain a competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it