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Home Medical Equipment Market Is Growing with the Growing Geriatric Population

07-27-2021 05:57 PM CET | Health & Medicine

Press release from: Coherent Market Insights

Home Medical Equipment Market Is Growing with the Growing

Home medical equipment refers to cost-effective medical devices that help provide safe and effective treatment to patients in the comfort of their home. It is a group of specialized devices used for patients whose medical care is being administered in a home or other personal setting; managed either by a caregiver or non-medical caregiver. The home medical equipment market growth is mainly driven by the increasing prevalence of chronic diseases and growing geriatric population across the globe. The ageing population tends to have a higher prevalence of chronic diseases worldwide today. According to the World Health Organization (WHO), between 2015 and 2050, the world's population over 60 years will nearly double from 12% to 22%.

This in turn is expected to increase the demand for home medical equipment across the world, especially in the United States and some Asian countries such as China, India, and Japan. It is estimated that around 60.1% of the world's older population lives in the Asia Pacific region, while the region makes up around 59.4% of the world's total population. According to the Rural Health Information Hub (RHIhub), over 46 million people age 65 and older live in the U.S., and the number is expected to double by 2050, around 90 million. Aging population may result in increased medical problems such as strokes, osteoarthritis, coronary artery disease, chronic kidney disease, pulmonary embolism, and other serious and even life-threatening ailments.

In 2019, the global Home Healthcare Equipment market size was USD 17830 million and it is expected to reach USD 25350 million by the end of 2026, with a CAGR of 5.1% during 2021-2026.

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On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into:
Blood Glucose Monitor
Blood Pressure Monitor
Rehabilitation equipment
Others

This in turn is expected to augment the growth of the home medical equipment market. Home healthcare equipment help improve the quality of life by providing them with personalized services and assistance in carrying out daily activities.

Moreover, such equipment are available in both home-use and hospital models, with changing features and capabilities. The term home medical equipment is also applied to products such as artificial limbs, nebulizers, breast pumps and other prosthetic devices. Personal hygiene products, electric toothbrushes, and denture cleaners can also be covered under this broad segment.

Specially trained staff members provide education on the operation, safety, and maintenance of home care equipment.

Active healthcare companies in the markets this week include Lifescan, Medtronic, A&D Company, Limited, Abbott Laboratories, Omron Corporation, Roche, Panasonic, Yuwell and SANNUO

In June 2021, the Quality Council of India (QCI) and the Association of Indian Manufacturers of Medical Devices (AiMeD) launched a new scheme for verification of the quality, safety, and efficacy of medical devices to help Indian products gain a bigger share of the global market. This in turn is expected to increase the demand for safe and efficient home care equipment, augmenting the growth of the home care equipment market, especially in India.

Read more @ https://www.coherentmarketinsights.com/ongoing-insight/home-medical-equipment-market-233

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About Us:
Coherent Market Insights (CMI) is a global market intelligence and consulting organization focused on assisting plethora of clients achieve transformational growth by helping them make critical business decisions. The company is headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. The company’s client base includes players from across various business verticals in over 47 countries globally. It takes pride in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and start-ups looking to establish a foothold in the market.

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