Home Medical Equipment Market Research Report: By Functionality (Therapeutic Equipment, Patient Monitoring Equipment, Mobility Assist & Patient Support Equipment) and By End-User (Hospitals, Emergency Clinics, Homecare Settings) – Forecast to 2027
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Home Medical Equipment Market Influencer
Rising coverage and favorable reimbursement policies of home medical equipment in developing and developed countries is impacting the growth of the home medical equipment market.
Market Highlights
According to MRFR analysis, Home Medical Equipment Market is expected to register a CAGR of 5.9% during the forecast period of 2019 to 2015 and was valued at USD 24,504.33 Million in 2018.
Home medical equipment consists of a broad range of devices intended for use at home or other non-clinical settings. The delivery of healthcare services will see an evident shift from clinical to homecare settings is positively influencing the home medical equipment market.
The rising geriatric population, improving healthcare expenditure, and the need for cost-effective treatment is rising the demand for home medical equipment.
Regional Analysis
On a regional basis, the Americas is anticipated to dominate the global home medical equipment market owing to the rising demand for invasive and non-invasive monitoring devices and the increasing prevalence of chronic diseases in the region. For instance, in 2018, an estimated 1,735,350 cases of cancer were diagnosed in the US. Moreover, the presence of advanced healthcare technologies in the Americas is projected to boost the market growth. Europe accounted for the second-largest share in the market in 2018. This is attributed to improved medical infrastructure and growing patient awareness about home medical equipment.
Asia-Pacific is anticipated to be the fastest-growing region is due to the growing geriatric population, rising interest of major key players in emerging markets, and quality healthcare infrastructure in this region. The Middle East & Africa is expected to account for the least share of the global home medical equipment market. This is attributable to the limited healthcare infrastructure and lack of awareness about home medical equipment in this region.
Key Players
- Carefusion Corporation (US)
- GE Healthcare (US)
- Medline Industries Incorporated (US)
- Omron Corporation (Japan)
- Resmed Corporation (US)
- Stryker (US)
- Arkray Incorporated (Japan)
- Smiths Group PLC (UK)
- Hoffmann-La Roche Ltd (Switzerland)
- Abbott (US)
- Philips Healthcare (US)
- Invacare Corporation (US)
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