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Home medical equipment refers to medical devices and equipment that support patients in their home for various medical needs associated with injury, disease or medical conditions. This includes mobility equipment such as wheelchairs, walkers and crutches; bathroom safety devices; medical supplies; monitoring equipment to check vital signs such as blood pressure, pulse, oxygen levels and other devices to support long-term care at home. With rising healthcare costs, preference for home-based care and demand for better quality of life, home medical equipment has been witnessing strong demand.
The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the home medical equipment market has been growth in home healthcare solutions. There has been a growing preference for home-based medical care and monitoring over hospital stays due to increased healthcare costs and preference for better quality of life. This has led to development of advanced home healthcare solutions that allow remote patient monitoring, disease management and delivery of complex medical services at home. Companies are launching integrated, interoperable solutions that include connected medical devices, mobile applications, telehealth solutions and digital healthcare platforms to deliver complete care at home. Furthermore, supportive regulations, availability of reimbursement for home healthcare services and focus on preventing hospital readmissions are expected to further drive this trend over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the home medical equipment market requires high initial investments and regulatory compliances.
Bargaining power of buyers: The bargaining power of buyers is high as the market has numerous global as well as regional players providing similar products.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as home medical equipment have limited substitutes.
Competitive rivalry: The competitive rivalry is high among the major players in the market.
Key Takeaways
The global Home Medical Equipment market is expected to witness high growth. The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2030.
Regional analysis: North America is projected to hold the largest share of the home medical equipment market during the forecast period. This is attributed to growing geriatric population, presence of advanced healthcare infrastructure, and favorable reimbursement policies.
Key players: Key players operating in the home medical equipment market are AstraZeneca, B. Braun Melsungen AG, Baxter, GE Healthcare, F. Hoffmann-La Roche Ltd, Stryker, Sunrise Medical LLC, ResMed, Philips Healthcare., Medline Industry, CareFusion Corporation, and Abbott Laboratories.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
