Increased prevalence of chronic diseases, surge in geriatric population, and advancements in technology drive the growth of the global home medical equipment market.
PORTLAND, Ore., Feb. 9, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Home Medical Equipment Market by Functionality (Therapeutic Equipment [Home Respiratory Therapy Equipment, Home IV Equipment, Home Dialysis Equipment, and Other Home Therapeutic Equipment), Patient Monitoring Equipment [Blood Glucose Monitors, Blood Pressure Monitors, Holter Monitors, Peak Flow Meters, Apnea Monitors, Heart Rate Monitors, Baby Monitors, Electronic Thermometers, and Coagulation Monitors], and Mobility Assist & Patient Support Equipment (Wheelchairs, Mobility Scooters, Walking Assist Devices, Medical Furniture, and Bathroom Safety Equipment) and Distribution Channel (Pharmacies, Retail Medical Stores and Online Retailers): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global home medical equipment industry was pegged at $30.54 billion and is expected to reach $56.45 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
Download Detailed COVID-19 Impact Sample Report at: https://www.alliedmarketresearch.com/request-for-customization/4424?reqfor=covid
Major determinants of the market growth
Increased prevalence of chronic diseases, surge in geriatric population, and advancements in technology drive the growth of the global home medical equipment market. However, complications associated with use of medical equipment and limited expertise for home-based users hamper the growth of the market. On the contrary, untapped potential in the emerging economies is expected to open lucrative opportunities for the market growth.
Covid-19 scenario:
- The demand for home medical equipment increased during the pandemic as patients preferred to treat themselves at home and avoided hospital admittance as much as possible.
- However, the lockdown regulations imposed by governments forced manufacturing companies to shutdown all activities, which created the supply-demand gap and challenges in disruption of medical equipment.
The therapeutic equipment segment dominated the market
By functionality, the therapeutic equipment segment held the largest share in 2019, accounting for more than two-fifths of the global home medical equipment market, owing to preferences for homecare equipment over others as they provide better results. However, the mobility assist & patient support equipment segment is projected to manifest the highest CAGR of 7.1% during the forecast period, due to high prevalence rate of chronic diseases and technological advancements.
The online retailers segment to manifest the highest CAGR through 2027
By distribution channel, the online retailers segment is projected to register the highest CAGR of 7.0% during the forecast period, due to the surge in traction toward e-commerce for medical equipment among consumers and increase in availability of several home medical equipment. However, the retail pharmacy segment held the lion's share in 2019, contributing to more than two-fifths of the global home medical equipment market, owing to the ease in availability of various kinds of medical equipment such as mobility devices, respiratory devices, and others in the pharmacy.
For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/4424
North America held the lion's share
By region, the market across North America dominated in 2019, accounting for more than two-fifths of the market, owing to availability of advanced technology, affordability along with growth in awareness about the benefits of homecare medical devices, increase in the geriatric population, and rise in prevalence of various life-threatening diseases. However, the global home medical equipment market Asia-Pacific is anticipated to register the highest CAGR of 7.4% from 2020 to 2027, due to the improvement in the purchasing power of patients in countries such as China and Japan.
Major market players
- Abbott Laboratories
- B Braun Melsungen Ag
- Baxter International Incorporated
- Becton, Dickinson and Company
- General Electric Company
- Hill-Rom Holdings Incorporated
- Johnson & Johnson
- Medtronic plc
- Smith & Nephew plc.
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
Similar Reports:
Nuclear Medicine Equipment Market - Global Opportunity Analysis and Industry Forecast, 2020-2027
Patient Mechanical Lift Handling Equipment Market - Global Opportunity Analysis and Industry Forecast, 2019-2027
Operating Room Equipment Market - Global Opportunity Analysis and Industry Forecast, 2019-2027
Surgical Equipment Market - Global Opportunity Analysis and Industry Forecast, 2019-2027
Eye Testing Equipment Market - Global Opportunity Analysis and Industry Forecast, 2019-2027
Dental Equipment Market - Global Opportunity Analysis and Industry Forecast, 2019-2027
Laboratory Equipment Services Market - Global Opportunity Analysis and Industry Forecast, 2019-2027
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web:https://www.alliedmarketresearch.com
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
