Increase in prevalence of chronic diseases, surge in geriatric populations, and technological advancements drive the growth of the U.S. home medical equipment market. However, limited expertise for home-based users and complications associated with use of medical equipment hinder the market growth. On the contrary, surge in demand for home medical equipment is expected to open new opportunities for the market players in the coming years.
According to the report published by Allied Market Research, the U.S. Home Medical Equipment Market was accounted for $11.53 billion in 2019, and is expected to reach $20.41 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, growth of the U.S. home medcial equipment market is attributed to rise in prevalence of chronic diseases such as diabetes, and respiratory diseases across the U.S. Furthermore, technological advancements related to home medical equipment, and increase in geriatric population in U.S. are the other factors that contribute to the growth of market.
Surge in prevalence of chronic diseases such as diabetes and high blood pressure in the U.S. is the major factor that propels the market growth. Furthermore, steep growth in technological advancements such as designing equipment that are portable and easy to access by patients, is expected to help the industry gain traction during the forecast period. In addition, increase in elderly population and individuals who are highly susceptible to injuries or medical conditions that require medical assistance are anticipated to help the industry propel in the coming years. However, high cost associated with the medical equipment is expected to hinder growth of the market.
Covid-19 scenario:
- Since the Covid-19 outbreak, the medical equipment industry has witnessed positive growth. The rise in self-isolation treatments in home has increased the demand for home medical equipment in the U.S. In addition, the devices such as oxygen delivery equipment, continuous positive airway pressure equipment, oxygen concentrators, ventilators, blood glucose monitors, and blood pressure monitor witness increased demand.
- Increase in technological advancements such as medical beds, stair lifts, and lift chairs for mobility assistance fueled the market growth.
The U.S. home medical equipment market is segmented on the basis of functionality and distribution channel.
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Key Findings Of The Study
- By functionality, the therapeutic equipment segment held largest market share in 2019, and is expected to remain dominant throughout the forecast period.
- On the basis of distribution channel, the retail pharmacies segment held largest market share in 2019, and is expected to remain dominant throughout the forecast period.
The U.S. home medical equipment market includes an in-depth analysis of the prime market players such as Baxter International Inc., Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen AG, Hill-Rom Holdings, Inc., General Electric Company (GE Healthcare), Johnson & Johnson (Depuy Synthes), Invacare Corporation, Medtronic Plc., and Smith & Nephew Plc.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.