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Home Medical Equipment Market (2017-2023) Focus to Boost Revenue with Massive Growth

02-06-2020 08:05 AM CET | Health & Medicine

Press release from: Allied Market Research

Home Medical Equipment Market

Home Medical Equipment Market

The rise in geriatric population, increase in the incidence of various chronic diseases, and advancement in technology in the area of home equipment may play a crucial role in the growth of the market. Further, the adoption of medical equipment at home also reduces the cost factor which further assists growth.

Home Medical Equipment Market projected 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 a three-fifths share in 2016.

Home care medical equipment is intended for use in any environment outside a professional healthcare setup such as hospitals and clinics. This equipment can be used for both prevention and treatment of various chronic diseases such as respiratory disorders, diabetes, and arthritis.
The rise in prevalence of respiratory disorders, growth in the geriatric population worldwide, and advancements in the field of home medical devices drive the market growth.

In addition, an 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 is expected to restrain market growth.

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Among the functionality segment, the 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 the high prevalence rate of chronic diseases and technological advancements in the area of home medical equipment.

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.

Key Findings of the Home Medical Equipment Report Market:
o The mobility assist & patient support equipment segment is projected to grow at the highest rate during the analysis period.
o Japan generated the highest revenue and is expected to continue its dominance in the future in the Asia-Pacific region.
o North America dominated the global home medical equipment market and is projected to continue its dominance in the future.
o Among the mobility assist & patient support equipment segment, wheelchairs are expected to grow at the highest CAGR.
o Asia-Pacific is expected to be the fastest-growing segment.

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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 an 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 a rise in the prevalence rate of chronic diseases, an increase in government initiatives to improve healthcare infrastructure and a rise in healthcare expenditure to improve the medical health of the masses in the region.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975

help@alliedmarketresearch.com

About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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