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Home Medical Equipment Market is Expected to Grow US $ 32,451 Million by 2023 | Prominent Leaders Becton, Medtronic, Johnson & Johnson, Smith & Nephew

03-20-2019 08:58 AM CET | Health & Medicine

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Home Medical Equipment Market is Expected to Grow US $ 32,451

Home care medical equipment are intended for use in any environment outside a professional healthcare setup such as hospitals and clinics. These equipment can be used for both prevention and treatment of various chronic disease such as respiratory disorders, diabetes, and arthritis.

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.

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Major Key Players:

• Becton
• Dickinson and Company
• General Electric Company
• Hill-Rom Holdings Incorporated
• Johnson & Johnson
• Medtronic plc
• Smith & Nephew plc.

The rise in prevalence of respiratory disorders, growth in geriatric population worldwide, and advancements in the field of home medical devices drive the market growth. In addition, increase in government support encourages the R&D activities for home medical devices, which in turn fuel the growth of the home medical equipment market. However, high risk associated with the usage of medical equipment and growth in reimbursement cuts are expected to restrain the 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.

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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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