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Home Medical Equipment Market
Home Medical Equipment Market was valued at USD 201.9 billion in 2021, and forecast to touch USD 326.7 billion in 2029, growing at a CAGR of 6.2% from 2022-2029.
The factors driving the growth of Home Medical Equipment Market includes rising prevalence of chronic diseases such as diabetes, cancer, and heart related diseases around the world, growing geriatric population and increasing awareness amongst consumers about the benefits of home medical equipment. As per the report published by World Health Organization (WHO), around 422 million people worldwide are affected by diabetes and almost 1.5 million deaths are reported every year due to diabetes, which is pushing the demand for home medical equipment. Moreover, technological innovations in the home medical equipment devices, rise in consumers spending on healthcare services and growing penetration of telemedicine across the globe, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, mergers and acquisitions between key industry players, rapid urbanization, rising disposable incomes, improvements in living standards and high population growth rates, are further contributing to the market growth.
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However, the growth of Home Medical Equipment Market is hindered due to rising concerns related to safety of the patients.
The major players operating in the Home Medical Equipment Market are BAYADA Home Health Care, A&D Company, Limited, Abbott, Linde, Medtronic, Omron Healthcare, Inc., General Electric Company, BAYADA Home Health Care, Fresenius Medical Care AG & Co. KGaA and F. Hoffmann-La Roche Ltd, among others.
Based on Product, the Therapeutic segment is predicted to expand at a significant CAGR during the forecast period
Growing focus on developing advanced therapeutic equipment, rising prevalence of diabetes, and increasing demand for insulin delivery devices, are some of the factors responsible for the segment’s growth.
Based on Distribution Channel, the Retail Medical Stores segment is projected to grow at a robust CAGR over the forecast period
Home medical equipment are easily available at retail medical stores and growing demand for home medical equipment, are propelling the growth of the segment.
Based on Region, the North America region is anticipated to expand at a remarkable CAGR during the forecast period
Rise in the prevalence of cancer and heart related diseases, increase in consumer spending on the healthcare services, improved living standards, growing geriatric population and high per capita incomes, are some of the important factors augmenting the Home Medical Equipment Market size in North America.
Key Development
In 2020, Fresenius Medical Care AG & Co. KGaA, integrated NxStage portfolio which helped them to enhance its product offering in Europe, the Middle East, and Africa region.
In 2020, Invacare Corporation introduced an AVIVA™ FX – MPS Maxx multi-position power standing system wheelchair, which is available by a division of Invacare called Motion Concepts, this wheelchair offers a comfortable, smooth, and stable ride to the consumers.
Market Segmentation
Segmentation by Product
Testing, Screening, & Monitoring Products
Hearing Aids
Blood Glucose Monitors
ECG/EKG Devices
Blood Pressure Monitors
Ovulation & Pregnancy Test Kits
Others
Therapeutic
Wound Care Products
Dialysis Equipment
Sleep Apnea Therapeutic Devices
Oxygen Delivery Systems
Insulin Delivery Devices
Others
Home Healthcare Mobility Care Products
Mobility Scooters
Wheelchairs
Walkers & Rollators
Others
Segmentation by Distribution Channel
Hospital Pharmacies
Online Retailer
Supermarkets & Hypermarkets
Retail Medical Stores
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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