U.S. Home Medical Equipment Market Expected to Reach $20,397.76 Million by 2031 | CAGR of 5.1%

According to a new report published by Allied Market Research, titled, “U.S. Home Medical Equipment Market by Functionality, and by Distribution Channel: U.S. Opportunity Analysis and Industry Forecast, 2022–2031," The U.S. home medical equipment market size was valued at $12,380.36 Million in 2021 and is projected to reach $20,397.76 Million by 2031 at a CAGR of 5.1% from 2022 to 2031.

Home medical equipment refers to the medical devices and supplies used by individuals in their homes for the purpose of diagnosis, treatment, and management of various medical conditions. This equipment can range from simple devices such as thermometers and blood pressure monitor to complex equipment such as oxygen concentrators, power wheelchairs, and hospital beds. These devices are used for patient monitoring, therapeutic monitoring, and mobility assisting to help patients.

The major factors driving the growth of U.S. home medical equipment market are rise in prevalence of chronic diseases and increase in demand for these devices for monitoring of patient’s condition. The growth in prevalence of chronic diseases, such as diabetes and heart disease, fosters the demand for home medical equipment as these conditions require ongoing care and management. For instance, according to report of Centers for Disease Control and Prevention 2022, in the U.S., 37.3 million people had diabetes, accounting for 11.3% of population. Thus, rise in number of people suffering from diabetes boosts demand for home medical equipment for continuous monitoring of condition, thereby, driving the growth of market.

Further, home medical equipment is often more cost-effective than inpatient care, as it reduces the need for hospitalization and allows patients to receive care in their own homes. Thus, high preference for home medical equipment is expected to drive the growth of market. In addition, continuous advancements in medical technology leads to the development of more efficient and effective home medical equipment thereby, driving the growth of market. This technology allows healthcare providers to remotely monitor patients using a range of devices such as wearable devices, mobile apps, and other medical equipment. Furthermore, it provides a number of benefits, including improved patient outcomes, reduced healthcare costs, and increased patient satisfaction. For instance, remote patient monitoring can help healthcare providers detect and respond to changes in a patient's health status more quickly, enabling them to provide more timely and effective care.

In addition to remote patient monitoring, there have been significant advancements in the design and functionality of home medical equipment. For instance, medical equipment is designed as compact and lightweight, making it easier for patients to use and transport. Furthermore, there have also been improvements in the ease of use of medical equipment, with many devices now featuring simple setup processes. This is making it easier for patients to manage their own health and receive the support they need in a home setting. Thus, technological advancements in home medical equipment industry drives the growth of market.

In addition, the home medical equipment market growth is being driven by increased insurance coverage. Many insurance plans now cover home medical equipment, making it more affordable and accessible for patients. This is particularly important for older individuals, who may require a range of medical equipment and supplies to support their health needs. Further, the growth of the home medical equipment market is also being driven by consumer demand. As individuals become more aware of the benefits of home medical equipment, they are increasingly seeking out for these products and services. This includes older individuals as well a younger individual who may require medical support due to chronic health conditions.

However, home medical equipment can be complex and difficult to use, leading to difficulties for patients and their caregivers, which might restrain the growth of market. In addition, home medical equipment and supplies are expensive, making it difficult for some patients to afford the necessary items. Another factor that restrains the growth of U.S. home medical equipment market is the lack of standardization in the industry. With so many different products and devices in the market, it can be difficult for patients and healthcare providers to determine which equipment is best suited to their needs. In addition, the lack of standardization can make it difficult to compare products and prices, which can be a barrier to the adoption of medical equipment.

Further, government initiatives aiming to promote home healthcare and expanding insurance coverage for home medical equipment along with rise in regulatory approvals offer lucrative opportunities to key players of the home medical equipment market trends.

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, mobility assist & patient support equipment and personal care.

The mobility assist & patient support equipment segment accounted for the largest home medical equipment market share in 2021, owing to a rise in technological advancements and wide availability of mobility assist & patient support equipment. The therapeutic equipment segment is anticipated to witness highest CAGR during the forecast period owing to surge in technological advancements in equipment, rise in number of key players offering therapeutic equipment for home care, and rise in geriatric population.

On the basis of distribution channel, the market is bifurcated into online channel and offline channel. The offline channel segment accounted for the largest share in 2021 owing to the fact that these offer a wide variety of medical devices ranging from small portable medical devices to big sized mobility devices and medical furniture. This mode is a preferred option for buying medical beds, wheelchairs, and lift chairs. The online channel segment is anticipated to witness the highest CAGR during the forecast period owing to the rise in popularity of online mode and the number of users preferring online mode of purchasing.

Key Findings Of The Study

• On the basis of functionality, the mobility assist & patient support equipment segment accounted for the largest share of the U.S. home medical equipment market in 2021.
• On the basis of distribution channel, the offline segment accounted for the largest share of the U.S. home medical equipment market in 2021.