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

Home Medical Equipment Market Size & Forecast

The Home Medical Equipment Market is projected to reach $62.89 billion by 2030, at a CAGR of 6.8% from 2023 to 2030. Home medical equipment is used at home for medical or home care purposes. Home medical equipment enables patients to carry out essential daily activities independently within their homes and facilitates their participation in activities outside their homes. Patients use home medical equipment & services to control several conditions, including respiratory diseases, cardiovascular diseases, mobility disorders, wound care, and diabetes. Home medical equipment is mostly used when a patient or individual requires prolonged care or stays in healthcare facilities.

The increasing prevalence of chronic diseases coupled with the rising geriatric population, technological advancements in home medical equipment, rising healthcare expenditure, and high adoption of self-health management practices are driving the growth of this market. Furthermore, emerging economies are expected to offer significant market growth opportunities. However, the high costs of medical equipment and the absence of reimbursement for home medical equipment are expected to restrain the market's growth.

Increasing Prevalence of Chronic Diseases Coupled with the Rising Geriatric Population Globally Drive the Market for Home Medical Equipment

According to the United Nations World Population Prospects, between 2022 and 2050, the geriatric population is projected to grow at rates exceeding 3% in Central and Southern Asia, Sub-Saharan Africa, Oceania (excluding Australia and New Zealand), Northern Africa, and Western Asia. The expanding elderly population increasingly relies on home medical equipment to address their growing healthcare needs for conditions such as cardiovascular diseases, respiratory diseases, cancer, and diabetes. According to the National Council on Aging (NCOA), around 95% of people over 65 have at least one chronic condition, while 80% have two or more. For instance, in the U.S., diabetes in older individuals is a serious and growing public health issue, and it is estimated that 40% of people with diabetes are above the age of 65 when they are first diagnosed.

Thus, the rise in the elderly population and the subsequent increase in the prevalence of chronic diseases are expected to boost the demand for home medical equipment, driving the growth of this market.

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Technological Advancements in Home Medical Equipment to Drive the Demand for Home Medical Equipment

Technological advancements in home healthcare medical equipment have revolutionized the healthcare sector. Technologies like artificial intelligence help with diagnosis and treatment planning, telemedicine allows patients to get medical care remotely through video conferencing technology, remote monitoring systems allow patients to be monitored from their homes, and wearable devices can track vital signs and other health data. These advancements are making it easier for patients to get home care, improving the efficiency & accuracy of medical treatments.

Moreover, wireless technologies are revolutionizing home medical equipment, enabling significant improvements in patient mobility both within hospitals and at home. By integrating wireless protocols such as 802.11b into patient monitors, individuals can now leave the confines of the hospital while still being continuously monitored for vital signs such as blood pressure, electrocardiogram readings, and temperature. These advancements in wireless technologies increased the demand for healthcare services in the comfort of one's home. The introduction of portable, compact, and easily accessible home medical equipment has played a crucial role in driving the growth of the home medical equipment market.

Key Findings in the Home Medical Equipment Market Study: 

In 2023, the Therapeutic Equipment Segment to Account for the Largest Share of the Home Medical Equipment Market

Based on the product, the home medical equipment market is segmented into therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment. The therapeutic equipment segment is further sub-segmented into home respiratory therapeutics equipment, oxygen delivery equipment, home IV equipment, and home dialysis equipment. In 2023, the therapeutics segment is expected to account for the largest share of the home medical equipment market. The large market share of this segment is attributed to the growing demand for devices such as home dialysis equipment, ventilators, and nebulizers used in home care settings to manage chronic diseases like respiratory disorders.

The E-commerce Channels Segment to Offer Lucrative Growth Opportunities for Players in this Market

Based on the distribution channels, the home medical equipment market is segmented into retail medical stores, hospital pharmacies, and e-commerce channels. The e-commerce channels segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the rising penetration of e-commerce retailers in the home medical equipment market. Furthermore, E-commerce platforms offer numerous advantages, such as swift home delivery, convenient payment options, flexible return and refund policies, robust system security, and privacy measures. Additionally, E-commerce channels allow patients to make purchases anytime and from anywhere, eliminating the need for physical visits to medical stores.

Asia-Pacific: Fastest-growing Regional Market

Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to growing investments in home healthcare in emerging countries like China, Japan, and India, the rising preference for home-based treatments due to higher hospitalization costs, government initiatives promoting home care, and the growing prevalence of chronic diseases due to the aging population.

Home Medical Equipment Market: Competitive Analysis

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2023. The key players profiled in the home medical equipment market report are 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.).

Home Medical Equipment Market Report Summary:

Key questions answered in the report: