Home medical equipments are defined as medical devices that offer safe, cost-effective, convenient, and suitable environment to patients at their residence. These devices help in efficient recovery of patients and improves the recovery time. Type of home medical equipment consists therapeutic equipment, mobility assist equipment, patient monitoring equipment, and other patient support equipment. Home medical devices helps in reducing time spent in hospitals, nursing homes and clinics as well as saves costs on healthcare for an individual.
The global home medical equipment market has transformed from past few years, due to the increase in prevalence of various chronic diseases worldwide. Further, oxygen-related products in home medical equipment are gaining high adoption, owing to significant rise in incidence of chronic obstructive pulmonary disease (COPD) across the globe. Various devices are used for patient care at home, for instance, wheel chair, infusion pumps, apnea monitors, glucose meters, and cannula. For instance, glucose meters or glucometers are routinely used at home to assess the level of glucose in blood for diabetics. Also, new technologies like needle-free diabetic care, medication administration equipment, and durable medical equipment, including medical beds & lift chairs, fuel the global home medical equipment market growth.
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The growth of the home medical equipment market is propelled by the rise in incidence of chronic diseases and considerable increase in geriatric population across the world. In addition, technological advancements in home care medical equipment like portability, smaller size, and ease to access accelerate the market growth during this forecast period. The growth potential in the emerging countries of Asia-Pacific is expected to provide numerous opportunities for market expansion throughout the forecast period.
High cost associated with these devices is expected to hamper the growth of home medical equipment across the globe. Also, surge in concerns related to patient safety as well as difficulty in adapting to medical devices restrain the global home medical equipment market growth over the forecast period.
The global home medical equipment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds the largest market share in home medical equipment market followed by Europe due to large patient pool with various diseases & the increase in geriatric population that require more number of home medical equipment. The Asia Pacific is expected to exhibit high growth, due to the increase in investments by governments of emerging economies in the healthcare sector in this region.
Market Key Players
Numerous key operating players are listed in this report such as Abbott Laboratories, Baxter International Incorporated, B Braun Melsungen Ag, Becton, Dickinson and Company, General Electric Company, Johnson & Johnson, Hill-Rom Holdings Incorporated, Medtronic plc, Smith & Nephew plc. Arkray Incorporated, etc.
By Distribution Channel
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