Home Healthcare Equipment Market Size, Outlook, Key Drivers, Report 2024 To 2033

The home healthcare equipment market size has grown strongly in recent years. It will grow from $34.22 billion in 2023 to $36.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to government initiatives for home healthcare, patient preference for home care, cost-effective care, improvement in patient outcomes, awareness and education programs, rural healthcare access, healthcare infrastructure development.

The home healthcare equipment market size is expected to see strong growth in the next few years. It will grow to $50.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to digital health adoption, smart home integration, consumer-driven healthcare, advancements in remote diagnostics, expansion of telemedicine services. Major trends in the forecast period include remote patient monitoring (rpm) technology, smart home healthcare devices, patient-friendly design and user interface, medication management devices, integration of artificial intelligence (ai) and machine learning.

Market Overview -
Home healthcare equipment refers to the equipment that provides a medical purpose, can sustain repeated usage, and is suitable for use at home. Home healthcare equipment is used to serve a medical purpose and is appropriate for use in the home.

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Increasing Aging Population Fuels Growth In The Home Healthcare Equipment Market
The rise in the ageing population is expected to propel the growth of the home healthcare equipment market going forward. Ageing population refers to an increase in the proportion of elderly people due to changes in the age structure of a population. This demographic shift has resulted in an increase in the number and proportion of people over the age of 60. Home healthcare equipment helps the ageing population gain control over their bodies, enhance their strength, prevent injuries, and treat common illnesses and disorders without having to visit the doctor on a regular basis. For instance, in October 2022, according to the World Health Organization, a Switzerland-based specialized health agency, globally, 1 in 6 individuals would be 60 or older by 2030 and is expected to reach 2.1 billion elderly people by 2050. Therefore, the rise in the ageing population is driving the growth of the home healthcare equipment market going forward.

Competitive Landscape -
Major companies operating in the home healthcare equipment market report are LifeScan Inc., Microlife Corporation, A&D Company Limited, Abbott Laboratories, Hoffmann-La Roche AG, Panasonic Corp., Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Sannuo Hong Kong Limited Company, OSIM International Pte. Ltd., Siemens AG, Insulet Corporation, Phonak Holding AG, William Demant Holding AS, Invacare Holdings Corporation, 3M Company, ARKRAY Inc., Accuray Inc., Acelity L.p. Inc., A.P. Extrusion Inc., Apex Ltd., ApiJect Systems Corp., B. Braun Melsungen AG, BAUMANN Springs Ltd., Bavaria Medizin Technologie GmbH, Baxter International Inc., Bayada Home Healthcare Agency, Becton Dickinson and Company, Bigfoot Biomedical Inc., BioLife Solutions Inc., Cantel Medical Corp., Cardinal Health Inc., Cascade Healthcare Inc., Grand Pharmaceutical Group Ltd., Endologix Inc., Fonar Corporation, GE Healthcare Technologies Inc., GenMark Diagnostics Inc., Harvard BioScience Inc., Home Care Delivered Inc., IRadimed Corporation

Technology-Driven Innovations Transform The Home Healthcare Equipment Market
Technological advancements are a key trend gaining popularity in the home healthcare equipment market. Companies operating in the home healthcare equipment market are adopting new technologies to sustain their position in the market. For instance, in October 2022, CommScope, a US-based network infrastructure provider, launched the HomeSight system for healthcare and homecare. This system integrates a TV-connected smart camera with an edge computer, a robust cloud service for data transfer and device administration, environmental sensors, and an LTE connectivity module for households without broadband access or as a backup connection. This enhanced end-user experience improves patient availability, engagement, and uptake of care services, while minimizing the need for in-person appointments or visits.

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Key Segments -

The home healthcare equipment market covered in this report is segmented -

1) By Product: Blood Glucose Monitor, Blood Pressure Monitor, Rehabilitation equipment, Other Product
2) By Service: Rehabilitation, Infusion Therapy, Unskilled Care, Respiratory Therapy, Pregnancy Care, Skilled Nursing, Hospice and Palliative Care
3) By Application: Diagnostics and Monitoring, Therapeutics, Care and Rehabilitation, Other Application
4) By End User: Hospitals or Clinics or Diagnostic Lab, Research and Development Centre, Home Care Settings

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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