The growing elderly population, increasing incidence of various chronic illnesses, and technological advances in the field of home appliances can play a significant role in market growth. In addition, the adoption of medical devices in the home also reduces the cost factors that drive growth further.
The Global Home Medical Equipment Market accounted for $21.91 billion in 2016 and is projected to reach $32.45 billion by 2023, registering a CAGR of 5.7% from 2017 to 2023.
Increase in prevalence of chronic disease across the world, rapid technological advancements, the rise in global geriatric population are the major drivers of the global home medical equipment market. However, limited expertise for home-based users and complications associated with the use of medical equipment hinder market growth. On the contrary, rise in demand for medical equipment over official setups is expected to create lucrative opportunities in the near future.
The market is segmented on the basis of functionality and region. Based on functionality, the market is divided into therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment. Moreover, the therapeutic equipment segment is further divided into home respiratory therapy equipment, home IV equipment, home dialysis equipment, and other home therapeutic equipment.
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The mobility assist & patient support equipment segment is projected to manifest the fastest growth during the forecast period. The segment is further divided into wheelchairs, mobility scooters, walking assist devices, medical furniture, and bathroom safety equipment. Among the mobility assist & patient support equipment segment, the wheelchair segment is estimated to register the fastest CAGR during the study period.
On the basis of geography, the market is analyzed across various regions including North America, Asia-Pacific, Europe, and Latin America, Middle East and Africa (LAMEA). The North America region held the largest share in the market and is expected to continue its dominance through 2023, owing to the high prevalence of chronic diseases and rise in investment for R&D activities in the field of home medical equipment. However, Asia-Pacific region is expected to grow at the fastest rate by 2023. Moreover, in the Asia-Pacific region, Japan is expected to generate the largest revenue.
The report includes in-depth analysis of the major market players that are currently active in the market, including Abbott Laboratories, Baxter International Incorporated, Dickinson and Company, Hill-Rom Holdings Incorporated, Medtronic plc, B Braun Melsungen Ag, Becton, General Electric Company, Johnson & Johnson, and Smith & Nephew plc. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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