Home Medical Equipment Market is gaining significant traction with Biobeat launching wearable continuous ambulatory blood pressure monitoring device
Market Overview
Home medical equipment refers to a category of medical devices used for patients whose care is being managed at home or other private facilities and monitored by nonprofessional caregivers. These devices include a blood glucose monitor, blood pressure monitor, thermometer, etc.
Market Dynamics
Increasing geriatric population and high prevalence of chronic diseases such as cardiovascular diseases are expected to drive growth of the global home medical equipment market during the forecast period. According to the World Health Organization (WHO), by 2050, the global population aged 65 years and above is expected to reach around 2 billion increasing from 900 million in 2015. According to the same source, around 17.9 million people die each year from cardiovascular disease worldwide. As a result of this, a large pool of patients is increasingly adopting different types of home medical equipment such as pulse oximeter, patient lift, oxygen concentrators, blood pressure monitors, blood glucose monitors, and thermometers.
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However, high costs associated with home medical equipment and strict regulatory policies are expected to restrain growth of the global home medical equipment market during the forecast period.
Impact of COVID-19
Since the outbreak of the COVID-19 pandemic, the demand for different home medical equipment has increased significantly. Following the outbreak in China, the virus has spread across the globe with hospitals witnessing a tremendous surge of patients. According to the WHO, as of November 2021, over 258 million cases of COVID-19 have been confirmed with over 5 million people dying due to the same. As a result of this, the adoption of different home medical equipment such as pulse oximeters, blood pressure monitors, blood glucose monitors, and thermometers increased massively during the pandemic. These devices allowed caregivers to monitor patients constantly and get medical treatment in case of emergency.
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Key Takeaways
- The global home medical equipment market is expected to witness significant growth. This is owing to technological advancements in healthcare and diagnostic equipment. For instance, in May 2021, Biobeat launched wearable continuous ambulatory blood pressure monitoring (ABPM) device.
- Among regions, North America is expected to witness significant growth in the global home medical equipment market during the forecast period. This is owing to growing prevalence of chronic diseases in the region. According to the Centers for Disease Control and Prevention (CDC), in 2019, around 360,900 people died due to coronary heart disease in the U.S.
- Key companies involved in the global home medical equipment market are Abbott, Medline Industries, Inc., General Electric Company, Medtronic, Omron Healthcare, Inc., Invacare Corporation, Beckton, Dickinson and Company, Stryker Corporation, Rotech Healthcare Inc., and Smiths Group plc.
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Table of Contents:
- Research Objective and assumption
o Research Objectives
o Assumptions
o Abbreviations - Market Overview
o Report Description
• Market Definition and Scope
o Executive Summary
• Market Snippet By Product Type
• Market Snippet By Application
• Market Snippet By Technology
• Market Snippet By End User
• Market Snippet By Region
o Coherent Opportunity Map (COM) - Market Dynamics, Regulations, and Trends Analysis
o Market Dynamics
• Drivers
• Restraints
• Market Opportunities
o Technological Trends
o PEST Analysis
o Impact Analysis - Global Home Medical Equipment Market, By Product Type, 2021 – 2028 (US$ Million)
o Introduction
• Market Share Analysis, 2016 and 2028 (%)
• Y-o-Y Growth Analysis, 2021 – 2028
• Segment Trends
o Reagents & Consumables
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
o Software’s
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
o Instruments
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million) - Global Home Medical Equipment Market, By Application, 2021 – 2028 (US$ Million)
o Introduction
• Market Share Analysis, 2016 and 2028 (%)
• Y-o-Y Growth Analysis, 2021 – 2028
• Segment Trends
o Genomics
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
o Proteomics
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
o Diagnostics
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
o Drug Discovery
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million) - Global Home Medical Equipment Market, By Technology, 2021 – 2028 (US$ Million)
o Introduction
• Market Share Analysis, 2016 and 2028 (%)
• Y-o-Y Growth Analysis, 2021 – 2028
• Segment Trends
o Microarrays
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
o Microfluidics
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million) - Global Home Medical Equipment Market, By End User, 2021 – 2028 (US$ Million)
o Introduction
• Market Share Analysis, 2016 and 2028 (%)
• Y-o-Y Growth Analysis, 2021 – 2028
• Segment Trends
o Hospitals
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
o Diagnostic Labs
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
o Academic & Research Institutes
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
o Biotechnology & Pharmaceutical Companies
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2021 – 2028, (US$ Million)
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