Home medical equipment includes mobility aids and medical furniture intended for patients undergoing treatment and therapy at home. This includes crucial devices like wheelchairs, walkers, oxygen supplies, and home ventilators that help improve the quality of life. The growing geriatric population suffering from chronic diseases has increased the demand for such home medical devices for post-hospitalization care and ongoing treatment.
The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
A key trend fueling the home medical equipment market is the rising prevalence of chronic diseases globally. Chronic diseases like cardiovascular diseases, diabetes, cancer, chronic respiratory diseases among others are major health issues faced worldwide. As per the World Health Organization (WHO), chronic diseases accounted for approximately 60% of all deaths globally in 2020. The growing patient pool of chronic diseases requires continuous medical supervision and equipment support at home after hospitalization or general physician visits. This continues to drive the demand for home medical equipment like mobility aids, oxygen supplies, and various monitoring devices leading to market growth over the forecast period.
SWOT Analysis
Strength: Home medical equipment helps in decreasing hospital visits and related healthcare costs. It provides safety, independence, and mobility to patients.
Weakness: High costs associated with certain home medical equipment. Lack of proper training for using some advanced equipment.
Opportunity: Growing geriatric population globally increases the demand for home healthcare. Development of portable and affordable medical devices expands the market.
Threats: Reimbursement issues in certain regions hamper the market growth. Medical devices need regular maintenance and upgrades posing challenges.
Key Takeaways
The global home medical equipment market is expected to witness high growth. The market size for 2024 is estimated to be USD 23.5 bn. The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2031.
North America dominates currently due to better healthcare infrastructure and high healthcare spending. Asia Pacific is likely to grow at the fastest pace during the forecast period attributed to rising medical tourism and healthcare reforms. Asia Pacific is anticipated to grow at the highest CAGR during the forecast period majorly due to fast pace of aging, increasing healthcare spending and spread of diseases.
Key players operating in the home medical equipment market are 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. Companies are focusing on developing portable home-use devices to strengthen their market position. Partnerships with local players in emerging nations helps in expanding geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it