According to the latest report by IMARC Group, titled “Home Medical Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global home medical equipment market analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global home medical equipment market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 53.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Home medical equipment refer to medical devices used in a home care setting. They comprise reservoirs, high-pressure cylinders, oxygen accessories and supplies, concentrators, home invasive mechanical ventilators, continuous positive airway pressure (CPAP) machines, respiratory assist devices (RAD), oxygen conserving appliances, intermittent positive pressure breathing (IPPB) instruments, and nebulizers. Home medical equipment monitor the health of patients regularly and provide a detailed report to the caregiver. They also increase the safety of the patient while offering enhanced healthcare. As a result, home medical equipment are extensively available across hospital pharmacies, online retailers, and medical stores.
Industry Definition and Application:
The escalating prevalence of serious illnesses, such as arthritis, diabetes, influenza, pneumonia, cancer, stroke, septicemia, and kidney, heart, respiratory, and Alzheimer’s disease, is among the primary factors driving the home medical equipment market. Besides this, the growing demand for oxygen-related products, owing to the increase in the incidence of chronic obstructive pulmonary disease (COPD) across the globe, is further augmenting the market growth. Moreover, the rising utilization of innovative home medical equipment, including needle-free diabetic care, medication administration tools, medical beds, and lift chairs, is also catalyzing the global market. Apart from this, the elevating geriatric population and the expanding healthcare industry are acting as significant growth-inducing factors.
Additionally, the increasing awareness among the masses about the benefits of home care instruments is also stimulating the market growth. Furthermore, the inflating number of investments by the leading players in research and development (R&D) activities to integrate advanced technologies, such as wearable devices, telehealth, and mobile health software, are expected to bolster the home medical equipment market in the coming years.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Abbott Laboratories, Arkray Inc., B. Braun Melsungen AG, Baxter International Inc., Caire Inc. (NGK Spark Plug Co. Ltd.), Inogen Inc., Invacare Corporation, Koninklijke Philips N.V., Medline Industries LP, Medtronic plc, OMRON Healthcare Inc. (Omron Corporation) and Resmed Inc.
The report has been segmented the market into following categories:
Breakup by Equipment Type:
- Respiratory Therapy Equipment
- Dialysis Equipment
- Intravenous Equipment
Patient Monitoring Equipment
- Conventional Monitors
- Telemedicine Patient Monitoring Equipment
Mobility Assist and Patient Support Equipment
- Mobility Assist Equipment
- Medical Furniture
- Bathroom Safety Equipment
Breakup by Distribution Channel:
- Retail Medical Stores
- Online Retailers
- Hospital Pharmacies
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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