Home medical equipment refers to devices which can provide assistance to patients within the comfort of their homes. It reduces the duration spent at the hospital and the healthcare costs of an individual. The global home medical equipment market report by Market Research Future (MRFR) takes into consideration the various drivers, challenges, and trends and its estimated growth and return rates for the period of 2019 to 2025 (forecast period). The outbreak of the COVID-19 pandemic and its impact on the industry is been discussed at length in the report.
Market Scope
The global home
medical equipment market is expected to cross USD 36,189.9 million by 2025 It
can reach this benchmark at a CAGR of 5.9% over the forecast period.
Technological advances in home medical equipment and awareness among the
populace are major factors driving market demand. The transition from
conventional healthcare models to home healthcare can bode favorably for the
market. Lack of hospital beds due to the outbreak of the COVID-19 pandemic has
led to procurement of hospital equipment for home healthcare and will be
beneficial to hospital equipment manufacturers.
Introduction of insurance
policies covering home medical equipment rental costs is expected to be
lucrative for market players. Prevalence of chronic diseases and rise in
healthcare costs can drive people’s preference towards home healthcare.
But concerns pertaining to
patient safety can hamper the market growth.
Segmentation
The global home medical
equipment market has been segmented by functionality and end user.
Based on functionality,
the market has been segmented into mobility assist & patient support
equipment, patient monitoring equipment, and therapeutic equipment.
On the basis of end user,
the market has been segmented into home care settings, emergency clinics,
hospitals, and others. Hospitals are estimated to be the biggest end user of
the global home medical equipment market due to increased budget for healthcare
in these units, establishment of hospitals, and government initiatives for
encouraging home healthcare for reducing burden on nations.
Regional Analysis
Based on the regions, the global
home medical equipment market is segmented into the Americas, Europe, Asia Pacific
(APAC), and the Middle East & Africa (MEA).
The Americas is the
largest regional market driven by technological advancements, increasing
prevalence of chronic diseases such as diabetes, cancer, etc., and preference
of home care is projected to boost the market growth in this region. Moreover,
presence of mobile applications for consulting with physicians from the comfort
of the homes of patients can bode well for the global home medical equipment
market.
Europe is expected to
register a massive share of the global market due to the increasing public
awareness of home medical equipment. Rise in the prevalence of chronic
disorders, a sizeable patient pool, and disposable income levels are factors
expected to drive the regional demand.
APAC is the
fastest-growing regional market due to a surge in the number of the elderly. Susceptibility
of the elderly and the lack of beds in private and public hospitals combined
with the burden on the healthcare sector can drive market demand. An increasing
need for affordable healthcare delivery systems is also expected to boost the
adoption of home medical equipment. The growth potential in emerging economies
of China, India, Malaysia, Indonesia, and Australia are expected to provide
numerous opportunities for market expansion during the forecast period.
On the other hand, the MEA
held the smallest market share owing to limited healthcare infrastructure and
lack of awareness about home medical equipment.
Competition
GE Healthcare, Invacare
Corporation, Medline Industries Incorporated, Arkray Incorporated, Philips
Healthcare, Abbott, Hoffmann-La Roche Ltd, Omron Corporation, Carefusion
Corporation, Stryker, Resmed Corporation, and Smiths Group PLC are
key players of the global home medical equipment market.
Read More @ https://www.marketresearchfuture.com/reports/home-medical-equipment-market-8486
NOTE:
Our team of researchers are studying Covid19 and its impact on various industry
verticals and wherever required we will be considering covid19 footprints for a
better analysis of markets and industries. Cordially get in touch for more
details.
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