Home Medical Equipment Market to Witness $32,451 Mn by 2023 : Allied Market Research

"An increase in the elderly population, an increase in the incidence of various chronic diseases, and technological advances in the home appliance sector can play a decisive role in market growth. Adoption of medical devices at home also reduces the cost of supporting growth."

New report "Home Medical Equipment Report Market by Functionality: Global Opportunity Analysis and Industry Forecast, 2017-2023", by Allied Market Research published. 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.

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Home care medical devices are designed for use in all environments outside specialized medical institutions such as hospitals and clinics. This equipment can be used to prevent and treat various chronic diseases such as respiratory diseases, diabetes and arthritis.

Proliferation of respiratory disorders, increase in elderly population, progress of market growth in the field of home medical devices. In addition, the increase in government support encourages R & D activities of home medical devices, which stimulates the growth of the home medical device market. However, the high risk of reducing 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 Report 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 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.

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