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U.S. Home Medical Equipment Market Expected to Reach $20.4 Billion by 2027-Allied Market Research

 

Report Code : A11059

quote growth of the U.S. home medcial equipment market is attributed to rise in prevalence of chronic diseases such as diabetes, and respiratory diseases across the U.S. Furthermore, technological advancements related to home medical equipment, and increase in geriatric population in U.S. are the other factors that contribute to the growth of market. quote

Onkar Sumant
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According to a new report published by Allied Market Research, titled, “U.S. Home Medical Equipment Market by Functionality and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2027," the U.S. home medical equipment market was valued at $11,537 million in 2019, and is projected to reach $20,412 million by 2027 at a CAGR of 5.6% from 2020 to 2027.

Home medical equipment are devices that are used for patients whose care is managed from home settings or even carried out from any other private facility managed by a nonprofessional caregiver or a family member. Furthermore, it is also referred to as durable medical equipment, as it is defined as any medical equipment used in home to help in improving and getting better quality of living. Furthermore, the equipment include devices used for patient monitoring, therapeutic equipment, mobility assisting devices, and other home safety equipment to assist patients. In addition, elderly population as well as patients with certain difficulty in mobility who are in need of mobility assistance require home medical equipment such as wheel chairs. In addition, oxygen-related products in home medical equipment are gaining traction, owing to growth in respiratory disorders such as chronic obstructive pulmonary disease (COPD) and asthma.

Surge in prevalence of chronic diseases such as diabetes and high blood pressure in the U.S. is the major factor that propels the market growth. Furthermore, steep growth in technological advancements such as designing equipment that are portable and easy to access by patients, is expected to help the industry gain traction during the forecast period. In addition, increase in elderly population and individuals who are highly susceptible to injuries or medical conditions that require medical assistance are anticipated to help the industry propel in the coming years. However, high cost associated with the medical equipment is expected to hinder growth of the market.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe diseases. This pandemic has disrupted growth in many economies across various domains. The COVID-19 virus is mostly transmitted through the respiratory routes and supposedly by transfusions. Social-distancing is observed as an effective measure to stop the spread of COVID-19 disease and has triggered the demand for oxygen delivery equipment, ventilators, and oxygen concentrators. The exponential increase in COVID-19 cases across the world requires long-term and short-term respiratory support that increases demand for home ventilators and oxygen delivery equipment. The adoption rate for rechargeable and portable battery-operated therapeutic respiratory devices (TRDs) is high, owing to the unique features provided by these devices such as mobile nature, along with their usage at home and other non-hospital settings. Moreover, technological advancements, increase in awareness about usage of home medical equipment, rise in need to prevent infectious diseases, and increase in healthcare investments significantly contribute toward the development of the market. Hence, the COVID-19 outbreak impacted the home medical equipment segment in a positive manner.

The U.S. home medical equipment market is segmented on the basis of functionality and distribution channel. On the basis of functionality, the market is divided into therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment. 

The therapeutic equipment segment accounted for the largest share in 2019, with around 42.3%, owing to surge in technological advancements in equipment, which are easy to access by patients; and surge in number of geriatric populations.

By distribution channel, the market is classified into hospital pharmacies, retail pharmacies, and online retailers. The retail pharmacies segment is anticipated to witness significant growth during the forecast period, owing to the fact that these stores offer a wide variety of medical devices ranging from small portable medical devices to big sized mobility devices and medical furniture. These retail stores are preferred options for buying medical beds, wheelchairs, and lift chairs.

Key Findings Of The Study 

  • By functionality, the therapeutic equipment segment held largest market share in 2019, and is expected to remain dominant throughout the forecast period.
  • On the basis of distribution channel, the retail pharmacies segment held largest market share in 2019, and is expected to remain dominant throughout the forecast period.

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quote U.S. Home Medical Equipment Market by Functionality (Therapeutic Equipment, Patient Monitoring Equipment, and Mobility Assist & Patient Support Equipment) and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Retailers): Opportunity Analysis and Industry Forecast, 2020–2027 quote

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