Increased prevalence of chronic diseases, surge in geriatric population, and advancements in technology drive the growth of the global home medical equipment market. However, complications associated with use of medical equipment and limited expertise for home-based users hamper the growth of the market. On the contrary, untapped potential in the emerging economies is expected to open lucrative opportunities for the market growth.
According to the report published by Allied Market Research, Global Home Medical Equipment Market Size Was Valued at USD 30.54 billion in 2019, and is Projected to Garner USD 56.45 billion by 2027, witnessing a CAGR of 6.1% from 2022 to 2027.
The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market
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Top Key Players of Home Medical Equipment Market: –
- Abbott Laboratories
- B Braun Melsungen Ag
- Baxter International Incorporated
- Becton, Dickinson and Company
- General Electric Company
- Hill-Rom Holdings Incorporated
- Johnson & Johnson
- Medtronic plc
- Smith & Nephew plc.
Global Home Medical Equipment Market Segmentation –
By functionality, the therapeutic equipment segment held the largest share in 2019, accounting for more than two-fifths of the global home medical equipment market, owing to preferences for homecare equipment over others as they provide better results. However, the mobility assist & patient support equipment segment is projected to manifest the highest CAGR of 7.1% during the forecast period, due to high prevalence rate of chronic diseases and technological advancements.
By distribution channel, the online retailers segment is projected to register the highest CAGR of 7.0% during the forecast period, due to the surge in traction toward e-commerce for medical equipment among consumers and increase in availability of several home medical equipment. However, the retail pharmacy segment held the lion’s share in 2019, contributing to more than two-fifths of the global home medical equipment market, owing to the ease in availability of various kinds of medical equipment such as mobility devices, respiratory devices, and others in the pharmacy.
By region, the market across North America dominated in 2019, accounting for more than two-fifths of the market, owing to availability of advanced technology, affordability along with growth in awareness about the benefits of homecare medical devices, increase in the geriatric population, and rise in prevalence of various life-threatening diseases. However, the global home medical equipment market Asia-Pacific is anticipated to register the highest CAGR of 7.4% from 2020 to 2027, due to the improvement in the purchasing power of patients in countries such as China and Japan.
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By Region Outlook
North America
⦁ U.S.
⦁ Canada
⦁ Mexico
Europe
⦁ UK
⦁ Germany
⦁ France
⦁ Italy
⦁ Russia
⦁ Rest of Europe
Asia-Pacific
⦁ China
⦁ Japan
⦁ India
⦁ Australia
⦁ Rest of Asia-Pacific
LAMEA
⦁ Brazil
⦁ UAE
⦁ Turkey
⦁ Saudi Arabia
⦁ Rest of LAMEA
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