Global Home Medical Equipment Market Growth Aspects
An increase in the incidence of chronic diseases, an aging population, and rising healthcare expenditure are some of the major factors driving the growth of the global home medical equipment market. Furthermore, rising awareness of the benefits and cost-effectiveness of home medical equipment, an increase in patient preference for home-based care, an increase in the insured population as a result of the Affordable Healthcare Act, technological advancements such as wearable devices, tele-health, mobile health software, and many others, as well as various government initiatives to encourage home healthcare are all contributing to the growth of the home medical equipment market. Besides this, changing insurance policies, limited healthcare coverage, threats to the lives and health of home health professionals, and rising patient safety concerns are just a few of the primary factors that could stymie market growth throughout the forecast period.
The rise of technology for self-health management to reduce the financial strain on traditional healthcare systems has increased the demand for home medical equipment. Individuals with chronic diseases use home medical devices to receive health management assistance, manage their own health, or assist others with healthcare. Cost-effective home healthcare solutions are mostly viable for chronic diseases such as high blood pressure and osteoporosis, which require lifelong medical care. However, these medical care solutions must be both safe and convenient. In such cases, home medical equipment is being used as the ideal option, which is driving the market.
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Increase in prevalence of chronic diseases
People are becoming more sedentary as the middle class grows and urbanization accelerates. As a result, the prevalence of obesity and chronic diseases such as diabetes is increasing. Chronic disease incidence is predicted to surpass 56% by 2020, according to the World Health Organization. However, the rising prevalence of chronic diseases has prompted the adoption of home healthcare practices. Individuals suffering from chronic diseases such as diabetes and hypertension seek cost-effective medical care that does not jeopardize the safety or care quality. Because of its convenience and low cost, government-approved home medical equipment is gaining popularity. As a result, the global market for home medical equipment is expanding.
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Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa are the regional classification of the global home medical equipment market. The Asia-Pacific home medical equipment market is expected to expand rapidly during the forecast period, owing to an aging population that is prone to a variety of disorders such as cardiovascular, orthopedic, and others. Furthermore, rising health-care expenditures in emerging countries such as India and China, which are expected to be the fastest-growing countries in the Asian home medical equipment market over the forecast period, will increase awareness about the convenience and cost-effectiveness offered by these home medical devices. Besides that, the rising prevalence of chronic diseases such as cancer and diabetes will drive regional market growth. Furthermore, rising health expenditure and the region's rising geriatric population will benefit the Asia-Pacific home medical equipment market.
Similarly, due to an aging population, a high prevalence of diabetes and cardiovascular problems, and increased healthcare investments by the European government, Europe remains the second share of the total home medical equipment market.
Major Players
Somekey players covered global in the home medical equipment industry are Abbott Laboratories, Baxter International Inc, General Electric Company, Invacare Corporation, B. Braun Melsungen AG, Medtronic PLC, Drive Devilbiss Healthcare, Becton, Dickinson And Company, Hill-Rom Holdings, Inc, Johnson Johnson (Depuy Synthes),Smith Nephew PLC, and Caire Inc.
Market Segmentation
The global home medical equipment market has been segmented by Acumen Research and Consulting based on equipment type, and distribution channel. Based on the equipment type, the market is divided into therapeutic equipment, patient monitoring equipment, and mobility assist and patient support equipment. Based on distribution channel, the market split into retail medical stores, hospital pharmacies, and online retailers.
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