Over the past few years, and especially during the pandemic, the home health care medical equipment industry has surged. The global home medical equipment market size—which was valued at $30,545.34 million in 2019—is estimated to reach $56,457.87 million by 2027, registering a compound annual growth rate (CAGR) of 6.1% from 2020 to 2027, according to a report from Allied Market Research.
The therapeutic segment accounted for the majority of the home medical equipment market share in 2019 and is anticipated to continue its dominance throughout the forecast period. The report attributes this to the increased usage of therapeutic products for home care, such as home respiratory therapy products and ventilators.
The recent market transformation reflects the increase in prevalence of various chronic diseases across the globe. Further, oxygen-related products in home medical equipment are gaining high adoption rates, due to the significant increase in chronic obstructive pulmonary disease worldwide.
Numerous devices are used for patient care at home; for example, infusion pumps, wheelchairs, apnea monitors, glucose meters, and cannula. Glucose meters or glucometers are also routinely used at home to assess the level of glucose in blood for diabetics. In addition, new technologies such as needle-free diabetic care, medication administration equipment, and durable medical equipment, such as medical beds and lift chairs, propel the home medical equipment market growth. However, the high cost associated with these devices is anticipated to hamper the growth of home medical equipment market.
“The growth of the global home medical equipment market is driven by the increase in incidence of chronic diseases and considerable rise in geriatric population across the globe,” the report notes. “Furthermore, technological advancements in home care medical equipment such as smaller size, portability, and ease to access contribute to the market growth. However, surge in concerns related to patient safety and difficulty in adapting to medical devices restrain the growth.”
The Asia-Pacific home medical equipment market is anticipated to grow at the fastest rate during the forecast period owing to a surge in disposable income and a rising awareness of the benefits of home medical devices in the region, according to the report. North America accounted for the largest market share and is expected to retain its dominance throughout the forecast period, due to a surge in chronic diseases such as asthma, diabetes, and high blood pressure.