The global home medical equipment market is dominated by the North American region. Increasing incidences of chronic diseases is driving the market for home medical equipment. There is a significant increase in the number of people suffering from diabetes, high blood pressure, and asthma, among others. These diseases do not always require visiting hospitals if follow-ups and routine checkups can be managed from home. Rising geriatric population growth rate increases the demand for home medical equipment. Aged people are more prone to the risks associated with chronic disorders. The aged population significantly relies on home health services than any other population due to ageing and decreased physical activity. These products encourage them to focus on their health and safety needs, coupled with the independence of living safely. Technological advancements in-home care medical equipment, such as smaller size, portability, and ease of access, accelerates the demand for home medical equipment. Factors like high healthcare expenditure, high disposable income, and superior healthcare infrastructure, also fuels the market growth. Rising adoption of self-health management is contributing to the increasing demand for home medical equipment. Government and other organisations are encouraging the importance of self-health management. The COVID-19 pandemic had a positive impact on home medical equipment market. The rise in self-isolation treatments has increased the demand for home medical equipment. Demand for devices such as oxygen delivery equipment, continuous positive airway pressure equipment, oxygen concentrators, ventilators, and blood glucose monitors, among others increased during pandemic. However, factors such as stringent regulations, high cost associated with home medical equipment are disrupting the growth of home medical equipment market.
The rising competition among the key players is also providing an impetus to the market growth. In September 2021, Baxter International Inc. (NYSE: BAX) launched premix Norepinephrine Bitartrate in 5% Dextrose Injection (norepinephrine). It is the first and only manufacturer-prepared premix formulation of norepinephrine available in 4 mg/250 mL and 8 mg/250 mL strengths. It offers a variety of storage options under refrigeration and at room temperature, allowing drugs to be placed closer to patient care settings. Ready-to-use format ensures less chance of compounding errors and touch contamination associated with compounded drug formulations.
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Market Analysis by Functionality, Distribution Channel, and Regions:
- Based on functionality, the industry can be divided into therapeutic equipment, CPAP machines, CPAP accessories, oxygen concentrators, home liquid oxygen containers, oxygen cannula, patient monitoring equipment and mobility assist and patient support equipment, among others.
- On the basis of its distribution channel, the market can be divided into hospital pharmacies, retail medical stores, and online retailers.
- The regional markets for home medical equipment include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- Increase in incidence of chronic diseases and increase in geriatric population is driving the growth of home medical equipment market.
- Technological advancements in-home care medical equipment, such as smaller size, portability, and ease of access, boost the demand for home medical equipment.
- Rising elderly population and need to expand home healthcare access is fuelling the demand for home medical equipment.
- Factors like high healthcare expenditure, high disposable income, and superior healthcare infrastructure are also propelling the market growth.
Key Offerings of the Report:
- The EMR report gives an overview of the global home medical equipment industry for the periods (2018-2023) and (2024-2032).
- The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the functionality, distribution channel, and regions of home medical equipment.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global home medical equipment industry include Abbott Laboratories, Baxter International Inc., Becton, Dickinson and Company, Hill-Rom Holdings, Inc., and Invacare Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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