About Home Medical Equipment
Home medical equipment is a medically necessary device used for patients whose care is being managed from a home or other private facility managed by a nonprofessional caregiver or family member. It is ordered or prescribed by a physician. It may involve wheelchairs (manual and electric), hospital beds, traction equipment, canes, crutches, walkers, kidney machines, ventilators, oxygen, monitors, pressure mattresses, lifts, nebulizers, bili blankets and bili lights.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.77% |
The future of the home medical equipment market is promising, with continuous advancements promising even more effective and user-friendly devices to empower patients to receive quality care in the comfort of their homes. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Home Medical Equipment market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Johnson and Johnson (United States), Medtronic (Ireland), Arkray (Japan), Abbott Laboratories (United States), Omron (Japan), Roche Holding AG (Switzerland), Panasonic (Japan), B Braun (Germany), Baxter (United States) and Becton, Dickinson and Company (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Siemens AG (Germany), General Electric Company (United States), Smith & Nephew plc (United Kingdom) and Microlife Corporation (Taiwan).
Segmentation Overview
AMA Research has segmented the market of Global Home Medical Equipment market by Type (Home Respiratory Therapy Equipment, Patient Monitoring Equipment, Mobility Assist & Patient Support Equipment and Others), Application (Diagnostics and Monitoring, Therapeutics, Care and Rehabilitation and Others) and Region.
On the basis of geography, the market of Home Medical Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Pharmacies will boost the Home Medical Equipment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Advancements in the Medical Equipments
Market Growth Drivers:
Increased Geriatric Population Worldwide and Rise in the Chronic Diseases
Challenges:
Less Knowledge about Medical Equipment Handling
Restraints:
Fluctuations in the Raw Material Prices
Opportunities:
Growth in the Healthcare Industry and Rising Demand for Home Medical Equipment
Market Leaders and their expansionary development strategies
In February 2023, Stryker Corporation acquired Physio-Control. Physio-Control is a leading provider of defibrillators and other life-saving equipment, strengthening Stryker's presence in the cardiopulmonary resuscitation space
In Janauary 2023, Abbott Laboratories announced a strategic partnership with Toshiba Medical Systems Corporation to focus on collaborative efforts in cardiovascular diagnostics. This partnership aimed to leverage each company's strengths in the field
Key Target Audience
Home Medical Equipment Manufacturers, Raw Material Suppliers, Distributors and End-users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.