According to a new report published by Allied Market Research, titled, Home Medical Equipment Report Market by Functionality: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global home medical equipment market accounted for $21,912 million in 2016, and is estimated to reach $32,451 million by 2023, registering a CAGR of 5.7% from 2017 to 2023. Therapeutic equipment was the highest contributor in the home medical equipment market with three-fifths share in 2016.
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Home care medical equipment are intended for use in any environment outside a professional healthcare setup such as hospitals and clinics. These equipment can be used for both prevention and treatment of various chronic disease such as respiratory disorders, diabetes, and arthritis.
The rise in prevalence of respiratory disorders, growth in geriatric population worldwide, and advancements in the field of home medical devices drive the market growth. In addition, increase in government support encourages the R&D activities for home medical devices, which in turn fuel the growth of the home medical equipment market. However, high risk associated with the usage of medical equipment and growth in reimbursement cuts are expected to restrain the market growth.
Among the functionality segment, mobility assist & patient support equipment segment is expected to be the fastest growing segment to contribute toward the market growth in 2016 and is expected to be a lucrative market due to high prevalence rate of chronic diseases and technological advancements in the area of home medical equipment.
Key Findings of the Home Medical Equipment Report Market:
- The mobility assist & patient support equipment segment is projected to grow at the highest rate during the analysis period.
- Japan generated the highest revenue, and is expected to continue its dominance in the future in the Asia-Pacific region.
- North America dominated the global home medical equipment market, and is projected to continue its dominance in future.
- Among the mobility assist & patient support equipment segment, wheelchairs are expected to grow at the highest CAGR.
- Asia-Pacific is expected to be the fastest growing segment.
In 2016, North America accounted for maximum contribution to the total revenue and is expected to lead during the forecast period, owing to the high prevalence of chronic diseases and increase in investment for R&D activities in the field of home medical equipment. However, Asia Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in prevalence rate of chronic diseases, increase in government initiatives to improve healthcare infrastructure, and rise in healthcare expenditure to improve the medical health of the masses in the region.
The major companies profiled in the report include Abbott Laboratories, B Braun Melsungen Ag, Baxter International Incorporated, Becton, Dickinson and Company, General Electric Company, Hill-Rom Holdings Incorporated, Johnson & Johnson, Medtronic plc, and Smith & Nephew plc. The other companies that provide home medical equipment are Arkray Incorporated, Carefusion Corporation, Invacare Corporation, Medline Industries Incorporated, Omron Corporation, Resmed Corporation, and Smiths Group plc.