The global home medical equipment market is projected to reach USD 53.14 billion by 2028, at a CAGR of 6.16% from 2021 to 2028.
NEWARK, UNITED STATES, NEW JERSEY, November 16, 2021 /EINPresswire.com/ — As per the report published by The Brainy Insights, the global home medical equipment market is projected to grow from USD 31.78 billion in 2020 to USD 53.14 billion by 2028, at a CAGR of 6.16% over the forecast period 2021-2028. The North America region emerged as the largest market for the home medical equipment, with a 37.4% share of market revenue in 2020. Technological advancements, high disposable income and awareness amongst people regarding the availability of home medical care are main reasons behind the region's growing demand for home medical equipment.
Key players in the global home medical equipment market are Abbott, B. Braun Melsungen AG, Baxter, Hill-Rom Holdings Incorporated, Medline Industry Inc., Philips Healthcare, ResMed, Stryker and Sunrise Medical LLA among others. Growing healthcare expenses and rising incidences of chronic disorders further fuel the market. In addition, the need for affordable treatment choices in healthcare is also projected to fuel market growth over the forecast period.
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The product segment is divided into therapeutic equipment, patient monitoring equipment, mobility assist & patient support equipment. The functionality segment is divided into therapeutic equipment, patient monitoring equipment, mobility assist & patient support equipment. The therapeutic equipment segment held the largest market share of around 40.2% in 2020. This is attributed to the usage of home care medical equipment such as products for home respiratory therapy, and ventilators. The distribution channel segment includes online stores and retail outlets. The online stores segment is expected to grow at the highest CAGR of around 7.5% over the forecast period as market growth and growing need for convenience mean that there is tremendous opportunity for healthcare firms to enter the e-commerce market.
A key factor behind the growing adoption is technological developments in home medical equipment. Because of technological advancements coupled with technological awareness among individuals, usage of home medical equipment is increasingly pacing. Adoption of expensive technologically medical home-use equipment involves one-time costs that offset expenses incurred as a consequence of regular hospital visits.
Another major driver of the global home care medical equipment is the rising prevalence of chronic obstructive pulmonary disease (COPD) and other respiratory problems in which oxygen can dramatically enhance the quality of life. Portable devices have become affordable, and even while on oxygen support a mobile lifestyle. However, limited expertise for home users and issues relating to the usage of medical equipment could hamper the growth of the global home medical equipment market.
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Source: EIN Presswire