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Home Medical Equipment Market estimate to reach $32,451 Mn by 2023

10-01-2018 03:03 PM CET | Health & Medicine

Press release from: Allied Market Research

Home Medical Equipment Market

Home Medical Equipment Market

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.

Home care medical devices are intended for use in all environments outside specialized medical institutions such as hospitals and clinics. This equipment can be used for the prevention and treatment of various chronic diseases such as respiratory diseases, diabetes and arthritis.

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Increased respiratory disease outbreaks, a growing population of elderly people around the world, and advances in home medical devices are driving market growth. In addition, with the increase of government support, research and development activities of home medical devices are promoted and the growth of home medical device market is accelerating. However, high risk due to reduced medical device use and repayments is expected to curb 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 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.

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The major companies profiled in the Home Medical Equipment Market 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.

About us

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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