Home Medical Equipment Market Valued at $62.89 Billion by 2030

Redding California, February 9, 2024- Meticulous Research®, a leading force in market research, proudly announces the publication of its in-depth report, 'Home Medical Equipment Market by Product (Therapeutic [CPAP, Nebulizer, Ventilator, Dialysis, IV Equipment] Monitoring [Cardiac, Glucose, Temperature, Apnea] Mobility Assist [Walker, Wheelchair, Scooter]) Distribution Channel - Global Forecast to 2030.' This groundbreaking study, published in May 2023, propels the home medical equipment market towards an impressive valuation of $62.89 billion by 2030, showcasing a robust Compound Annual Growth Rate (CAGR) of 6.8% from 2023 to 2030.

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Meticulous Research® attributes the projected growth of the home medical equipment market to several key factors. The escalating prevalence of chronic diseases, coupled with an expanding geriatric population, technological advancements in home medical equipment, rising healthcare expenditure, and the increasing adoption of self-health management practices collectively drive the market's trajectory. Moreover, emerging economies are anticipated to provide significant growth opportunities. However, challenges such as the high costs of medical equipment and the absence of reimbursement for home medical equipment are expected to restrain the market's overall growth.

Key players identified in the home medical equipment market report include Abbott Laboratories (U.S.), Amedisys, Inc (U.S.), Baxter Healthcare (U.S.), Convatec (U.K.), Fisher & Paykel Healthcare (New Zealand), Fresenius Medical Care AG & Co. KGaA (Germany), Becton, Dickinson and Company (U.S.), GE HealthCare (U.S.), Invacare Corporation (U.S.), Medtronic (Ireland), Hill-Rom Holdings, Inc. (U.S.), Smith & Nephew plc (U.K.), and Inogen, Inc. (U.S.).

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Home Medical Equipment Market: A Glimpse into the Future
The comprehensive segmentation of the home medical equipment market includes various product categories such as therapeutic equipment, monitoring equipment, and mobility assist and patient support equipment. The distribution channels encompass retail medical stores, hospital pharmacies, and e-commerce channels. Geographically, the market is studied across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

In 2023, the therapeutic equipment segment is poised to dominate the market, offering a myriad of benefits such as increased patient safety, effective management of chronic conditions, emergency monitoring, and facilitation of self-health management. Among the distribution channels, the retail medical stores segment is expected to hold the largest share, leveraging lower operating costs that translate into more affordable home medical equipment.

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Geographically, North America is anticipated to command the largest market share in 2023. This can be attributed to factors like the presence of prominent market players, the rising prevalence of chronic diseases, substantial healthcare expenditure, cost-effectiveness of home medical equipment, and the availability of commercial and public coverage for patients.

Mr. Khushal Bombe
Meticulous Market Research Inc.
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This release was published on openPR.