Global Home Medical Equipment Market to Reach US$ 67.0 Billion by 2032, Accelerated by Rising Prevalence of Chronic Diseases

April 17, 2023 | Healthcare

As per the latest report by IMARC Group, titled "Home Medical Equipment Market Report by Equipment Type (Therapeutic Equipment, Patient Monitoring Equipment, Mobility Assist and Patient Support Equipment), Distribution Channel (Retail Medical Stores, Online Retailers, Hospital Pharmacies), and Region 2024-2032," the global home medical equipment market size reached US$ 40.0 Billion in 2023. Home medical equipment are designed to provide medical support to patients requiring ongoing care at home. This includes oxygen concentrators, high-pressure cylinders, nebulizers, respiratory assist devices, and continuous positive airway pressure (CPAP) machines. Home medical equipment allows patients to receive high-quality medical care at home, which is especially beneficial for patients with chronic conditions or injuries that require ongoing care. Caregivers extensively utilize devices, such as pulse oximeters, blood glucose monitors, and blood pressure monitors, to regularly check and report on the patient's health status, allowing for timely interventions and adjustments to the treatment plan. Furthermore, home medical equipment enhances the safety of patients by reducing the risks associated with hospitalization, such as hospital-acquired infections, medication errors, and falls. By receiving care at home, patients can stay in a familiar and comfortable environment, which can promote faster healing and better overall health outcomes.

Global Home Medical Equipment Market Trends:

The global market for home medical equipment is being driven by various factors, including the growing prevalence of chronic diseases such as cancer, stroke, arthritis, diabetes, influenza, pneumonia, septicemia, and kidney, heart, respiratory, and Alzheimer's disease. In addition to this, there has been a rising demand for oxygen-related products in home medical equipment owing to the increasing incidence of chronic obstructive pulmonary disease (COPD), which, in turn, is fueling the market growth. Moreover, the development of innovative home medical equipment, such as needle-free diabetic care, medication administration equipment, medical beds, and lift chairs, and the growing geriatric population are boosting the market growth. Apart from this, the rapidly expanding healthcare industry and the rising awareness about the benefits of home medical equipment are other factors driving the market growth. Furthermore, key players in the market are investing heavily in research and development (R&D) activities to incorporate advanced technologies, such as wearable devices, telehealth, and mobile health software in home medical equipment, which is expected to positively influence the market growth. Looking forward, the market value is projected to reach US$ 67.0 Billion by 2032, expanding at a CAGR of 5.8% during 2024-2032.

Market Summary:

By the equipment type, the market is divided into therapeutic equipment (respiratory therapy equipment, dialysis equipment, intravenous equipment, and others), patient monitoring equipment (conventional monitors and telemedicine patient monitoring equipment), and mobility assist and patient support equipment (mobility assist equipment, medical furniture, and bathroom safety equipment).
On the basis of the distribution channel, the market is segregated into retail medical stores, online retailers, and hospital pharmacies.
Based on the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the industry has also been examined with some of the key players being Abbott Laboratories, Arkray Inc., B. Braun Melsungen AG, Baxter International Inc., Caire Inc. (NGK Spark Plug Co. Ltd.), Inogen Inc., Invacare Corporation, Koninklijke Philips N.V., Medline Industries LP, Medtronic plc, OMRON Healthcare Inc. (Omron Corporation) and Resmed Inc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Equipment Type, Distribution Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Abbott Laboratories, Arkray Inc., B. Braun Melsungen AG, Baxter International Inc., Caire Inc. (NGK Spark Plug Co. Ltd.), Inogen Inc., Invacare Corporation, Koninklijke Philips N.V., Medline Industries LP, Medtronic plc, OMRON Healthcare Inc. (Omron Corporation) and Resmed Inc.
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Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Home Medical Equipment Market to Reach US$ 67.0 Billion by 2032, Accelerated by Rising Prevalence of Chronic Diseases

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