Home Medical Equipment Market SWOT Analysis, Business Growth Opportunities by 2027

Home Medical Equipment Market SWOT Analysis, Business Growth Opportunities by 2027

The global home medical equipment market size was valued at USD 29,944.8 million in 2020 and is projected to reach USD 43850.0 million by 2027, registering a CAGR of 5.6% from 2021 to 2027. Home medical equipment offers convenient, safe, suitable, and cost-effective treatment to the patients. Home medical equipment comprises several devices that patients or caregivers can easily access at home. These include blood pressure monitors, blood glucose monitors, automated external defibrillators, holter monitors, and several others. Patients carry their day-to-day activities smoothly without the need to visit hospitals and clinics regularly with the help of home care equipment. This saves their time and are proven to be cost-effective. Additional medical equipment used for mobility assistance is widely used by senior citizens and patients with specific mobility difficulties. In addition, products related to oxygen are gaining more profit due to the increase in asthma and chronic disease incidence.

Recently, new technologies are providing proper compliance to the patient. The home medical equipment market is projected to grow during the forecast period due to the advancements in technology and the prevalence of chronic diseases such as diabetes, arthritis, chronic obstructive pulmonary disease, asthma, neurodegenerative ailments, and dementia. With the rise in the aged population, cases of chronic diseases are estimated to increase the demand for mobility-assisted devices, which is projected to drive the market growth. However, the high cost of home medical equipment is anticipated to hamper the market growth.

Get Full PDF Sample Copy of Report: https://www.marketstatsville.com/request-sample/home-medical-equipment-market

According to world population prospects, the number of older people aged 60 years or over has increased considerably in most countries, which is anticipated to accelerate the home medical equipment market.

Global Home Medical Equipment Market Dynamics

Drivers: Rise in prevalence of chronic diseases worldwide

The prevalence of chronic diseases such as chronic obstructive pulmonary diseases, diabetes, respiratory diseases, asthma, and heart failure is rising globally. Such a high prevalence of chronic diseases creates increased demand for diagnosis, treatment, and continuous monitoring of the medical condition, which is predicted to propel the growth of the home medical equipment market. According to the World Health Organization, chronic diseases, such as cardiovascular disease, stroke, cancer, chronic obstructive pulmonary diseases, are the leading reasons for mortality globally, representing 60% of all deaths. The increase in mortality rate owing to chronic diseases increases the demand for home medical equipment.

Restraints: Limited expertise for home-based users

Usage of home medical equipment requires essential expertise to receive quality diagnosis and treatment. It has been witnessed that there is a lack of knowledge to use medical equipment in a homecare setting, which can pose a major restrain to the market growth. Although the prevalence of chronic diseases is on a constant increase worldwide, there is a wide gap between the availability of expertise and the number of patients. This, in turn, increases the demand for experts to control and co-coordinate medical equipment in homecare setups. However, the lack of expertise for accessing the medical equipment as per the protocols may hamper the growth of the home medical equipment.

Opportunities: Rise in demand for home medical equipment

In-home care treatment is often an option for individuals who face a chronic illness, are recovering from surgery, or are treated for infection where hospitalization is unnecessary. Owing to such conditions, there is a steady rise in the demand for home equipment over the medical care provided at hospitals or other healthcare organizations. Further treatment and procedural costs in hospitals and clinics create an increase in demand for home medical equipment. This sector is gaining popularity, especially in developed countries such as the U.S. and other European countries. For instance, respiratory therapy (RT) is the home care service involved in assessing and treating breathing disorders that include chronic lung problems, such as asthma, bronchitis, and chronic obstructive pulmonary disease. The market is in its nascent stage in developing countries such as India and China and is expected to be the future of the home medical equipment market. The emerging destinations can serve to be a potential hub for the manufacturers of home medical equipment due to a large target audience and growth in the geriatric population.

Make an Enquire before Purchase @: https://www.marketstatsville.com/buy-now/home-medical-equipment-market

Scope of the Report

The study categorizes the home medical equipment market based on distribution channel, functionality, and regions.

By Distribution Channel Outlook (Revenue, USD Million, 2017-2027)

• Pharmacy
• Retail stores
• Online retailers

By Functionality Outlook (Revenue, USD Million, 2017-2027)

• Therapeutic equipment
  • Home Respiratory Therapy Equipment
    • Continuous positive airways pressure equipment
    • Oxygen delivery equipment
    • Ventilators
    • Nebulizers
    • Humidifiers
  • Home IV equipment
    • IV pumps
    • IV administration
    • IV accessories
  • Home Dialysis Equipment
    • Home peritoneal dialysis
    • Home hemolysis product
  • Other Home Therapeutic Equipment
    • Home physical therapy equipment
    • Home negative pressure wound therapy devices
    • Home braces & related products
    • Home enteral feeding products
    • Home automated external defibrillators
    • Home muscle & nerve stimulators
• Patient monitoring equipment
  • Blood Glucose Monitors
  • Blood Pressure Monitors
  • Holter Monitors
  • Peak Flow Monitors
  • Apnea Monitors
  • Heart Rate Monitor
  • Baby Monitors
  • Electronic Thermometer
  • Coagulation monitors
• Mobility assist & patient support equipment
  • Wheelchairs
  • Mobility Scooters
  • Walking Assist Device
  • Medical Furniture
  • Bathroom Safety Equipment

By Region Outlook (Revenue, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

By distribution channel, the retail, medical segment is accounted for the largest market share

By distribution channel, the global home medical equipment market is categorized into pharmacy, retail stores and, online retailers. The retail, medical stores segment dominated the distribution channel market in 2020, with a market share of 46.3%, and is anticipated to maintain its dominance during the forecast period. The online retailer is commonly known as an Internet or mail-orders pharmacy. Online retailers operate over the Internet and deliver the desired devices via mail or shipping companies. This makes the distribution path of home medical devices more convenient and increases the accessibility of newly launched gadgets in the market. In addition, online retailers from different countries often offer the equipment at low costs compared to other distribution channels. Hence, this would drive the growth of online retailers for selling home medical equipment.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global home medical equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.8% in the global home medical equipment market during the forecast period. The region includes the countries such as China, Japan, India, South Korea, Southeast Asia, Australia, and the Rest of Asia-Pacific. The online retailer is commonly known as an Internet or mail-orders pharmacy. Online retailers operate over the Internet and deliver the desired devices via mail or shipping companies. This makes the distribution path of home medical devices more convenient and increases the accessibility of newly launched devices in the market. In addition, online retailers from different countries often offer the equipment at low costs compared to other distribution channels. Hence, this would drive the growth of online retailers for selling home medical equipment.

Request for Complete TOC and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/home-medical-equipment-market

An increase in the prevalence of chronic diseases, rise in the aging population, growth in awareness about health, and surge in healthcare expenditure lead to growth in-home medical equipment market. For instance, there is widespread awareness about the spread of disease in Asia-Pacific countries and its impacts on health. Therefore, the governments of all regions have increased their healthcare expenditures to reduce the disease rate in the countries. Asia-Pacific’s geriatric population has grown significantly and is vulnerable to various infectious diseases. According to the U.S. Census Bureau report—An Aging World: 2015—currently, 7.9% of the Asia Pacific population comprises aged 65 and over, and this percentage is predicted to increase nearly 12.1% by 2030. It is anticipated to increase to almost 18.8% by 2050 further. Currently, Asia leads the world in speed of aging and size of the older population and would continue to lead during the forecast period.

Key Market Players

The global home medical equipment market is highly fragmented due to the wide presence of different international and regional players. The top players contributing toward the growth of the home medical equipment market are B Braun, Abbott, Baxter, Becton Dickinson & Company, Medtronic, Invacare, GE Healthcare, Johnson & Johnson, Hill Rom, and Smith & Nephew. The major players in the market focus on technological advancements for the treatment and prevention of medical ailments. Such rapid technological advances result into the high adoption of home medical equipment, which propels the growth of the global home medical equipment market.

Recent Developments

• In January 2017, Abbott acquired St. Jude Medical, Inc.; St. Jude Medical, Inc. offers a diverse portfolio of medical devices.
• In April 2019, Hil Rom announced that they entered into a definitive agreement to acquire Breathe Technologies, Inc. Breathe Technologies, Inc. manufactured wearable, non-invasive ventilation technology that supports improved patient mobility.
• In January 2019, Medtronic announced to launch of Guardian Connect, the world’s first Smart Continuous Glucose Monitoring System, in collaboration with Eris Lifesciences.
• In August 2018, Smith & Nephew launched New PICO 7 negative pressure wound therapy system in Europe. PICO 7 provides a number of enhancements that benefit both the clinical effectiveness and patient experience.

Request For Report Analysis@ https://www.marketstatsville.com/home-medical-equipment-market

Key Issues Addressed

• What is the market size by various segmentation of the home medical equipment by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter’s five forces of the home medical equipment market?
• What are the key opportunities and trends for manufacturers involved in the home medical equipment supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how are regulations, schemes, patents, and policies impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of home medical equipment in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.