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. The growing elderly population, increasing prevalence of chronic diseases, and technological advancements are some of the key factors driving the market growth.
Home medical equipment is used for patient monitoring, diagnosis, and treatment in the comfort of their homes. The range of medical equipment used for home healthcare includes therapeutic and diagnostic devices, such as wheelchairs, oxygen masks, crutches, walkers, and hearing aids.
The increasing elderly population and the prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, are a major factor driving the market. The elderly population is more prone to chronic illnesses, which is why the demand for home medical equipment is increasing.
In addition, the technological advancements in home medical equipment have enabled more accurate diagnosis, monitoring, and treatment. This has further increased the demand for home medical equipment.
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The market is segmented by product into therapeutic, diagnostic, and monitoring equipment. Therapeutic equipment accounted for the largest market share in 2019 due to the increasing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer.
The market is also segmented by end user into hospitals, clinics, and individuals. The hospitals segment held the largest market share in 2020 due to the increasing adoption of home medical equipment in hospitals.
The market is further segmented by region into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America held the largest market share in 2020 due to the increasing prevalence of chronic diseases and the growing elderly population in the region.
The major players in the market are Philips Healthcare, GE Healthcare, Medtronic, Smiths Medical, and Dragerwerk AG & Co. KGaA. These companies are focusing on product launches and collaborations to gain a competitive edge in the market.
For instance, in 2019, Philips Healthcare launched a new home monitoring product called “SmartSleep” that monitors sleep quality and provides personalized insights to improve sleep.