Market Snapshot:
Home Medical Device are the equipment which are used by a patients at home. This includes devices intended for use in both professional healthcare facilities and homes. Home Medical Device is frequently referred to as "durable" medical equipment (DME) because it is suitable for use at home and made to survive repeated usage by patients or non-professionals. The majority of home medical device is only covered by insurance if a patient has a prescription from their doctor for it.
Highlights from Home Medical Device Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The key Players profiled in the report are Medtronic (Ireland), Johnson & Johnson (United States), Abbott (United States), Philips (Netherlands), Quipt Home Medical (United States), Fresenius Medical Care (Germany), GE HealthCare (United States), Becton, Dickinson and Company (United States), Stryker Corporation (United States) and Siemens Healthineers (Germany). Additionally, other players that are part of this comprehensive study are Argon Medical Devices (United States), Cardinal Health, Inc (United States), Baxter International Inc (United States) and Terumo Corporation (Japan).
Geographic Breakdown and Segment Analysis
The Global Home Medical Device market presents a comprehensive analysis of the Home Medical Device market by product type (Assistive Technology Devices, Durable Medical Equipment, Respiratory Equipment, Telehealth Equipment, Medication Administration Equipment and Other), by end-user/application (Diagnosis, Patient Monitoring, Blood Pressure Check, Body Temperature and Other), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Home Medical Device industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Home Medical Device market
Analyst at AMA have segmented the market study of Global Home Medical Device market by Type, Application and Region.
Influencing Trend:
Technological Penetration in Home Medical Device Manufacturing, Innovation of Smart Home Medical Device and Rapid Uses of AI in Home Medical Device
Market Growth Drivers:
Rising Demand in Disease Treatment, Surge in Demand in Geriatric Population, Demand in Regular Health Checkups at Home and Surge in Demand of Disabled and Handicapped Population
Challenges:
Lack of Knowledge Regarding Home Medical Device to a Caregiver, Government Regulations on the Uses of Medical Devices at Home and Availability of Cheap Medical Devices as a Substitute at Market
Restraints:
Increasing Cost of Medical Devices and Lack of Empathy in Doctor-Patient Interactions
Opportunities:
Growth in Healthcare Device Manufacturing and Widespread Availability of Medical Devices on Ecommerce Platform
Market Developments Activities:
Regulatory Insights:
FDA's Center for Devices and Radiological Health (CDRH) is responsible for regulating firms who manufacture, repackage, relabel, and/or import medical devices sold in the United States. In addition, CDRH regulates radiation-emitting electronic products (medical and non-medical) such as lasers, x-ray systems, ultrasound equipment, microwave ovens and color televisions.
The market for Home Medical Device is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as product innovation and using various marketing strategies to gain a higher market share.
Key Target Audience
Home Medical Device Manufacturers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others