Meticulous Research®, a leading global market research company, has recently published an in-depth report titled, "Home Medical Equipment Market by Product (Therapeutic [CPAP, Nebulizer, Ventilator, Dialysis, IV Equipment] Monitoring [Cardiac, Glucose, Temperature, Apnea] Mobility Assist [Walker, Wheelchair, Scooter]) Distribution Channel - Global Forecast to 2030."
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According to this latest publication from Meticulous Research®, the home medical equipment market is projected to reach $62.89 billion by 2030, growing at a CAGR of 6.8% from 2023 to 2030. This growth is driven by the increasing prevalence of chronic diseases, an aging population, technological advancements in home medical equipment, rising healthcare expenditure, and the growing adoption of self-health management practices. Additionally, emerging economies are anticipated to offer significant growth opportunities for the market. However, high costs of medical equipment and the lack of reimbursement for home medical equipment are expected to hinder market growth.
Key Players: The report features an in-depth analysis of key players in the home medical equipment market, including but not limited to Abbott Laboratories (U.S.), Amedisys, Inc (U.S.), Baxter Healthcare (U.S.), Convatec (U.K.), Fisher & Paykel Healthcare (New Zealand), Fresenius Medical Care AG & Co. KGaA (Germany), Becton, Dickinson and Company (U.S.), GE HealthCare (U.S.), Invacare Corporation (U.S.), Medtronic (Ireland), Hill-Rom Holdings, Inc. (U.S.), Smith & Nephew plc (U.K.), and Inogen, Inc. (U.S.).
Market Segmentation: The home medical equipment market is segmented by product, distribution channel, and geography.
Therapeutic Equipment: Includes Home Respiratory Therapeutics Equipment (CPAP machines, CPAP accessories), Oxygen Delivery Equipment (Oxygen Concentrators, Nasal Cannulas, Nebulizers, Ventilators, Humidifiers), Home IV Equipment (IV Pumps, IV Administration, IV Accessories), Home Dialysis Equipment (Home Peritoneal Dialysis Products, Home Hemodialysis Products), and Patient Monitoring Equipment (Cardiac Monitoring, Blood Glucose Monitoring, Temperature Monitoring, Apnea Monitoring).
Mobility Assist & Patient Support Equipment: Includes Wheelchairs (Manual and Powered), Walking Assist Devices (Walkers, Rollers, Canes, Crutches), Bathroom Safety Equipment, Mobility Scooters, Medical Furniture & Accessories.
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In terms of distribution channels, retail medical stores are anticipated to command the largest market share in 2023. The segment's dominance is underpinned by its cost-effective operational model, resulting in competitive pricing of home medical equipment.
Geographically, North America is slated to seize the lion's share of the home medical equipment market in 2023. This hegemony can be attributed to several factors, including the robust presence of key market players, escalating chronic disease prevalence, heightened healthcare expenditure, cost-efficiency of home medical equipment, burgeoning preference for home care setups, and the availability of comprehensive coverage options for patients. Market Insights
Product Insights: The therapeutic equipment segment is projected to dominate the home medical equipment market in 2023, due to the benefits of therapeutic equipment in home care, such as enhancing patient safety, effectively managing chronic conditions, enabling emergency monitoring, and facilitating self-health management.
Distribution Channel Insights: Retail medical stores are expected to hold the largest market share in 2023. The lower operating costs of retail medical stores result in reduced prices for home medical equipment, thereby driving this segment's large market share.
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