Market Overview:
Home medical equipment consists of durable medical devices that are used for medical purposes in residential settings such as homes, rather than hospitals or medical facilities. This equipment includes home respiratory therapy devices, home dialysis equipment, home telehealth solutions, and home patient support equipment.
The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the home medical equipment market is the increasing preference for home healthcare over hospital care. This is mainly due to rising healthcare costs and growing preference for convenience and ease of treatment at home. Home healthcare reduces healthcare costs significantly compared to hospital stays and also provides comfort of treatment at home. Thus, it has gained popularity in recent times.
SWOT Analysis
Strength: The home medical equipment market is witnessing high demand due to shifting preference of patients towards home healthcare. Home medical equipment offer convenience of treatment at home without visiting hospitals frequently.
Weakness: Availability of low-quality and counterfeit home medical equipment in the market can impact patient health negatively. Moreover, lack of proper training to use sophisticated home medical equipment is also a challenge.
Opportunity: Growing geriatric population worldwide who require long-term care is driving the demand for home medical equipment. Furthermore, increasing health insurance coverage for home medical devices has opened new opportunities.
Threats: Stringent regulatory guidelines and certification process for new home medical equipment increase the cost of the equipment. Lack of proper reimbursement policies in some countries also restrict the market growth.
Key Takeaways
The global home medical equipment market size was valued at USD 23.5 billion in 2023. The market is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing preference for home healthcare among patients and growing geriatric population worldwide.
Regional analysis
North America dominated the global home medical equipment market in 2023 and is expected to remain the largest market during the forecast period as well. This is attributed to factors such as rising healthcare expenditure, favorable reimbursement policies, and increasing awareness about home medical equipment in the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to growing medical tourism, improving access to healthcare facilities, and rising disposable incomes in developing countries of the region.
Key players
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. These companies are focusing on new product launches and strategic collaborations to strengthen their foothold in the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it