Impact of COVID-19 on Home Medical Equipment Market : Key Growth Factors and Opportunity Analysis by 2026
Home care medical equipment are intended for use in any environment outside a professional healthcare setup such as hospitals and clinics. This equipment can be used for both the prevention and treatment of various chronic diseases such as asthma, respiratory disorders, diabetes, heart failure, and arthritis. Significant rise in prevalence of the chronic diseases such as asthma, COPD, and others has enhanced the demand for these devices. A variety of home medical equipment are being used by the patients such as therapeutic equipment, patient monitoring equipment and mobility assist & patient support equipment. Manufacturers are continuously focusing toward increasing their homecare medical equipment product portfolio. For instance, Smith & Nephew launched new PICO 7 negative pressure wound therapy system in Europe.
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Recently, new technologies that provide proper compliance to the patient are being developed. The market for home medical equipment is expected to witness a significant growth during the forecast period due to advancements in technology and increase in prevalence of chronic diseases such as chronic obstructive pulmonary disease, diabetes, arthritis, dementia, asthma, and neurodegenerative ailments. With the rise in aging population, the cases of chronic diseases are expected to increase the demand for mobility assisted devices, which is expected to drive the market growth. However, high cost of the home medical equipment is anticipated to hamper the market growth.
The therapeutic equipment segments dominated the global homecare medical equipment market, and is expected to continue its dominance throughout the forecast period. Among the therapeutic equipment segment, the home dialysis equipment segment is the largest contributor toward the market growth and home respiratory therapy equipment segment is anticipated to be a lucrative market due to the positive results for these homecare equipment preferences over other medical equipment.
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 2018 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.
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Key Findings of the Study:
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 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.
In 2018, 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.
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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