Market overview
Home medical equipment are the medical devices that provide safe, convenient and cost-effect medical solutions for patients that are staying at home. It helps to provide a safe environment for self-health management and reduces the dependence on the formal healthcare facilities. With the growing number of chronic disease cases, patients are preferring to seek medical help while staying at home, with all the assistance for their health management.
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The utilization of home medical equipment is reducing the burden on the formal healthcare systems and is providing cost-effective healthcare solutions in the home settings for various diseases and ailments. The increasing use of technology for self-health and the rising adoption of home medical equipment is raising the demand for self-care. These equipment help to handle the chronically ill patients with ease and are mostly required where lifelong medical care is needed.
The global home medical equipment market represents a huge market share that is expected to cross USD 36,189.9 million by the year 2025 at a surging CAGR of 5.9%. The technological advancements along with the awareness in the use of such equipment by the individuals is contributing to the adoption of home medical equipment. This shift from the conventional medical settings is showing promising results.
Market segmentation
With the rise in demand and sales of the home medical equipment, the global market shows the augmentation of these equipment and as per the report, it has been segmented on the basis of functionality and end-user.
On the basis of functionality, the overall home medical equipment market can be split into:
- Therapeutic equipment
- Patient monitoring equipment
- Mobility assist and patient support equipment
As mentioned in the report, the therapeutic equipment section can be further split into:
- Home respiratory therapy equipment
- Home dialysis equipment
- Home IV equipment
- Home dialysis equipment
- Others
And on the basis of end-user, the global market can be divided into:
- Emergency clinics
- Hospitals
- home care settings
- Others
Regional analysis
As seen on a global level, the American region showcases the largest regional market share with the increasing technological awareness and advancements. In this region there has been a rising prevalence in the number of chronic diseases that includes diseases such as cancer, diabetes, arthritis, etc. that is expected to boost the demand for home medical equipment. In addition to it, Europe is also a rising market followed by Asia-Pacific that will be witnessing a surge in the number of geriatric individuals. A lot of growth potential can be seen in the developing countries such as in the Middle East and Africa.
The report presents the numerous opportunities for the expansion of the global home medical equipment market during the aforementioned forecast period.
Industry news
There has been an increase in the demand and production of Elyria-based medical equipment provided by Invacare Corporation that is satisfying a large demand for oxygen concentrators and medical beds amid the coronavirus pandemic. The sales of these equipment has become four to eight times higher than the usual rates.
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