Business news

Home Medical Equipment Market | Technological Advancements and Compliance Benefits to Boost Growth

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.

View For More Information Click: https://www.thebrainyinsights.com

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.

Santosh S

Santosh is a research analyst with an active portfolio of around 300 research reports. With an experience of more than 15 years, he is passionate about studying global companies and economies to analyze market trends and generate forecasts. He contributes his knowledge to some of the leading websites like PRNewswire, MarketWatch, GlobeNewswire, DigitalJournal, etc.

Share
Published by
Santosh S

Recent Posts

The Best Google Workspace Alternatives For Your Business

  Google Workspace, formerly known as G Suite, is arguably one of the best, if…

2 hours ago

4 Ways Automated Dashboards Boost Data-Driven Sales Enablement

Business owners are constantly looking to scale up how they can transform their respective business…

3 hours ago

10 Stand-out Features Of Small Business Accounting Software

Managing your business finances is a job that requires specialized tools, and small business accounting…

3 hours ago

Blockchain-Based Financial Services Ecosystem For Traditional And Cryptocurrency Payments; Interview with Kathy Roberts, CEO of Switch Reward Card

Switch Reward Card offers a blockchain-powered financial services ecosystem with debit payment solutions for both…

5 hours ago

History Of Gangster King and Queen Tattoos

One of the arts in this field that got its start quite early is tattooing.…

6 hours ago

Understand the World of MTG Proxy and How They Work?

The secondary market is playing a crucial part in the Magic of the Gathering world.…

6 hours ago