Home Medical Equipment Market Accelerating the Pace of Health System Transformation by 2023
According to Allied Market Research 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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The increase in the prevalence of respiratory disorders, the growth of the geriatric population around the world and the advances in the field of medical devices for the home drive the growth of the market. In addition, the increase in government support encourages R & D activities for medical devices for the home, which in turn stimulate the growth of the medical equipment market for the home. However, it is expected that the high risk associated with the use of medical equipment and the growth in reimbursement cuts will restrain the growth of the market.
Among the functionality segment, the segment of mobility assistance and patient assistance teams is expected to be the fastest growing segment to contribute to market growth in 2016 and is expected to be a lucrative market due to the high rate of prevalence of chronic diseases and technological advances in the area of medical equipment at home.
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• Abbott Laboratories
• B Braun Melsungen Ag
• Baxter International Incorporated
• Dickinson and Company
• General Electric Company
• Hill-Rom Holdings Incorporated
• Johnson & Johnson
• Medtronic plc
Key Findings of the Home Medical Equipment Report Market:
• It is expected that the mobility assistance and patient support equipment segment will grow at the highest rate during the analysis period.
• Japan generated the highest revenues, and it is expected to continue its dominance in the future in the Asia-Pacific region.
• North America dominated the global market for medical equipment for the home and is projected to continue its dominance in the future.
• Among the mobility assistance and patient support equipment segment, wheelchairs are expected to grow to the highest CAGR.
• Asia-Pacific is expected to be the fastest growing segment.
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