Global Home Medical Equipment Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
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May 2023
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This report was compiled by Trishita Deb Trishita Deb is an experienced market research and consulting professional with over 7 years of expertise across healthcare, consumer goods, and materials, contributing to over 400 healthcare-related reports. Correspondence Team Lead- Healthcare Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page
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MarketResearch.biz delivers in-depth insights on the global home medical equipment market in its upcoming report titled, “Global Home Medical Equipment Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global home medical equipment market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global home medical equipment market report has been segmented on the basis of type, distribution channel, and region.
Medical devices used by patients at their residence are referred to as home medical equipment (HME). HME can include but are not limited to devices such as blood pressure monitors, blood glucose monitors, portable oxygen cylinders, wheelchairs, breast pumps, etc. HME’s are known to provide patients with convenient, safe, and efficient treatment in a familiar environment so as to help in speedy recovery of the patient. Also, home medical equipment (HME) helps in reducing overall cost and saves time spent in hospitals and clinics by individuals.
Increasing incidence of chronic diseases, growing adoption of medical devices by households, and rising demand for home medical treatment by individuals in developed and developing economies are major factors driving growth of the global home medical equipment market. In addition, growing geriatric population, increasing disposable income, and technological advancements in portable medical equipment are other factors expected to fuel growth of the global home medical equipment (HME) market over the forecast period.
However, increasing number of problems associated with self-use of medical equipment and lack of proper reimbursement policies are key factors restraining growth of the global home medical equipment (HME) market. Additionally, limited insurance coverage for home healthcare equipment use and growing safety concerns are other factors anticipated to hamper growth of the global home medical equipment market over the forecast period.
A major and rising trend in the global market is increasing investment by manufacturers for development of technologically advanced medical equipment that is easy to use and offers cost-effective and accurate diagnosis for patients. This is further projected to aid in growth of the global home medical equipment market to a significant extent.
Currently, the market in North America dominates the global home medical equipment market in revenue terms owing to high adoption of home medical equipment and high disposable income in countries in the region. The market in Europe accounted for second-highest revenue share in the global home medical equipment market, due to high healthcare expenditure by governments of countries, and increasing adoption of HME among individuals, followed by markets in Asia Pacific, Latin America, and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to presence of a large geriatric population and growing awareness about home medical equipment (HME) in emerging economies such as China, Japan, and India.
Global home medical equipment market segmentation:
By type:
- Home tests and patient monitoring equipment
- Home therapeutic equipment
- Patient support equipment
By distribution channel:
- Pharmacies
- Hypermarkets/Supermarkets
- Online stores
- Others
By region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn -
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- Hoffmann-La Roche Ltd.
- Braun Melsungen AG
- GE Healthcare
- AstraZeneca
- Abbott
- Baxter
- Hospira, Inc.
- Philips Healthcare
- Sunrise Medical (US) LLC
- Medline Industry, Inc.
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