Home Medical Equipment Market Set to Surpass $62.89 Billion by 2030

Redding California, March 8, 2024- Meticulous Research®, a prominent market intelligence provider, announces the release of its exclusive report titled "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." The report predicts a substantial growth trajectory for the home medical equipment market, projecting it to reach $62.89 billion by 2030, with a remarkable Compound Annual Growth Rate (CAGR) of 6.8% from 2023 to 2030.

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Home medical equipment serves a crucial role in meeting patients' healthcare needs within the comfort of their homes. Primarily employed in cases of prolonged care or extended stays in healthcare facilities, these devices include therapeutic equipment, mobility assistive tools, and patient support equipment. Used to manage conditions like respiratory diseases, mobility disorders, and cancer, home medical equipment plays a vital role in enhancing patient care and convenience.

Key Players in the Home Medical Equipment Market:
The report profiles key players driving innovation and growth in the home medical equipment market. Some prominent names 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.).

Driving Forces and Market Dynamics:
The home medical equipment market is propelled by technological advancements, a rising global geriatric population, increasing prevalence of chronic diseases, growing adoption of self-health management practices, and escalating healthcare expenditures. These factors collectively contribute to the market's robust growth. Despite these opportunities, challenges such as the high costs of medical equipment and the absence of reimbursement for home medical equipment are anticipated to temper the market's expansion.

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Rising Healthcare Expenditure: A Catalyst for Market Growth:
The report highlights the pivotal role of rising healthcare expenditure in driving demand for home medical equipment. Increased healthcare spending is observed globally, with notable figures such as USD 4.3 trillion in the U.S. in 2021 and USD 560.95 billion (EUR 474.1 billion) in Germany during the same period. Brazil is projected to witness a rise in healthcare expenditure to approximately 12.6% of GDP by 2040, compared to 9.6% in 2019 (Source: OECD).

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Geriatric Population and Home Medical Equipment Adoption:
The global geriatric population is on the rise, nearly doubling from 12% to 22% between 2015 and 2050, as per World Health Organization data. This demographic shift, particularly in Asia-Pacific countries like Japan, South Korea, and Hong Kong, drives the demand for home medical equipment. The elderly, often unable to visit hospitals regularly, rely on convenient home medical equipment for managing conditions like diabetes, chronic obstructive pulmonary disease, cardiovascular diseases, and cancer.

Home Medical Equipment Market Segmentation and Outlook:

The home medical equipment market is meticulously segmented based on product, distribution channel, and geography, providing comprehensive insights into its dynamics. Therapeutic equipment, patient monitoring equipment, and mobility assist & patient support equipment are the primary product categories. Retail medical stores, hospital pharmacies, and e-commerce channels are pivotal distribution channels.

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Geographical Landscape:
North America is poised to dominate the home medical equipment market, driven by factors such as a growing aging population, prevalence of chronic diseases, ongoing healthcare infrastructure development, and rising healthcare expenditures. The market's reach extends to Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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