Global Home Medical Equipment Market to be Driven by Rising Incidence of Chronic Diseases in the Forecast Period of 2022-2027

The new report by Expert Market Research titled, ‘Global Home Medical Equipment Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global home medical equipment market, assessing the market based on its segments like functionality, distribution channel, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

Historical Market Size (2021): USD 34.44 Billion
Forecast CAGR (2022-2027): 6.20%
Forecast Market Size (2027): USD 49.42 Billion
Increase in prevalence of various chronic diseases globally is driving the market growth. Rising numbers of baby boomers and increase in the population of elderly population also assist the market growth. There are various benefits provided by these equipments. Some of them are cost effectiveness, ease of use, safety and convenience, among others. Adoption of expensive technologically medical equipment for home use involves a one-time investment that counterbalances cost incurred by repeated hospital visits. Developing countries are providing lucrative growth opportunities for expansion of home medical equipment market. Factors like high healthcare expenditure, high disposable income, and superior healthcare infrastructure, also boosts the market growth. The COVID-19 pandemic has also positively impacted the market growth. Demand for these devices increased due to restrictions and threat of getting contaminated with coronavirus.

Industry Definition and Major Segments

Home medical equipment are medical devices that are safe to use at home or private place and do not require professional supervision. These devices are often referred to as durable medical equipment as they are intended to be used repeatedly by non-professionals caretakers or patients and are suitable for home use. The home medical equipment market has transformed within recent years. These devices are also covered in insurance.

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By functionality, the market is divided into:

Therapeutic Equipment
CPAP Machines
CPAP Accessories
Oxygen Concentrators
Home Liquid Oxygen Containers
Oxygen Cannula
Patient Monitoring Equipment
Mobility Assist and Patient Support Equipment
On the basis of distribution channel, the industry is divided into:

Hospital Pharmacies
Retail Medical Stores
Online Retailer
The global markets of logistics automation can be divided into:

North America
Asia Pacific
Latin America
The Middle East and Africa
Market Trends

Home health technologies are undergoing major changes driven by the latest health innovations. Technological innovation is providing new and advanced devices. Technologies like needle-free diabetic care, medication administration equipment, and durable medical equipment, augment the growth. The advancements led to additional technologies and increased not only the capabilities of home health caretakers but also improved the quality of home-centred care. The Internet of Things (IoT) has made it possible for healthcare to be controlled remotely through smart phones. Medical care can be handled to extend direct patient care outside of a brick-and-mortar hospital, doctor’s office, or nursing facility. Increasing practices of use of technology for self-health management have led to growth in demand for home medical equipment.

Key Market Players

The major players in the market are Abbott Laboratories, Baxter International Inc., Becton, Dickinson and Company, Hill-Rom Holdings, Inc., and Invacare Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

Media Contact

Company Name: Claight Corporation
Contact Person:- Shira Ellis, Business Consultant
Email: [email protected]
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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