Press release
Global Home Medical Equipment Market Set to Double by 2030
The global home medical equipment market is experiencing significant expansion, driven by technological advancements, an aging population, and a shift towards patient-centric care. Valued at USD 2.83 billion in 2023, the market is projected to grow at a CAGR of 10.5% from 2024 to 2030, reaching nearly USD 5.70 billion by the end of the forecast period .
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◉ Competitive Landscape
Key players shaping the home medical equipment market include Medtronic plc, Abbott Laboratories, Hill-Rom Holdings, Inc., Invacare Corporation, and Drive DeVilbiss Healthcare. These companies are investing heavily in the development of technologically advanced medical equipment to meet the growing demand for sophisticated and effective healthcare solutions .
◉ Regional Insights
Higher Demand in North America
North America dominates the global home medical equipment market, with the United States accounting for approximately 80% of the regional market share. This dominance is attributed to an aging population, increasing healthcare costs, and a shift towards patient-centered care .
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◉ Country-Specific Developments
Growth Opportunities in Vietnam
Vietnam is witnessing a surge in demand for home medical equipment, driven by an aging population and increasing prevalence of chronic diseases. The government's focus on improving healthcare infrastructure and promoting home-based care is expected to further boost market growth.
Market Trends in Thailand
Thailand's home medical equipment market is growing steadily, supported by government initiatives to enhance healthcare services and the rising awareness of home-based care solutions among the population.
Consolidation in Japan
Japan's home medical equipment market is characterized by consolidation, with major players expanding their product portfolios through mergers and acquisitions. For instance, Terumo Corporation has been actively acquiring companies to strengthen its position in the medical device sector .
Updation in South Korea
South Korea is experiencing significant advancements in home medical equipment technology. The acquisition of Jeisys Medical by Europe's ArchiMed for $742 million underscores the growing interest in South Korea's medical aesthetics and home healthcare sectors .
Opportunities in Singapore
Singapore's home medical equipment market is expanding, driven by a rapidly aging population and government initiatives to promote home-based healthcare services. The country's strategic location and advanced infrastructure make it an attractive hub for medical device manufacturers.
Growth in the United States
The U.S. home medical equipment market was valued at $25.0 billion in 2023 and is projected to reach $48.5 billion by 2035, registering a CAGR of 5.6% from 2024 to 2035. The growth is driven by a growing geriatric population and the increasing prevalence of chronic diseases .
Market Trends in China
China's home medical equipment market is expanding rapidly, fueled by an aging population, rising healthcare expenditures, and increasing awareness of home-based care solutions. The government's focus on healthcare reform and technological innovation is expected to further propel market growth.
Consolidation in Europe
Europe is witnessing consolidation in the home medical equipment market, with companies like Lojer Oy acquiring Merivaara Corporation to expand their product offerings and strengthen their market presence .
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◉ Home Medical Equipment Market Segmentation
◉ by Equipment Type
Therapeutic Equipment
Patient Monitoring Equipment
Mobility Assist and Patient Support Equipment
The therapeutic home medical equipment segment, determined by the Equipment Type, accounted for the largest revenue share of 26.2 % in. Due to the rising need for home-based healthcare solutions, the segment of therapeutic home medical equipment has been experiencing consistent growth in recent years. The therapeutic home medical equipment market is significantly propelled by the aging demographic, as older individuals frequently deal with chronic health issues that necessitate continual care and treatment. Thanks to technological progress, therapeutic home medical equipment can now be more effective and user-friendly. This has led to a rise in demand for these products from both patients and healthcare providers.
◉ by Distribution Channel
Retail Medical Stores
Online Retailers
Hospital Pharmacies
According to the Distribution Channel, the demand for Home Medical Equipment in the Retail medical stores segment is accelerating rapidly, with a CAGR of 12.3% throughout the forecast period. Home medical equipment is often distributed through retail medical stores. These shops provide a variety of medical supplies and equipment, such as mobility aids, respiratory gear, wound care products, and additional items. Staff in retail medical stores are often knowledgeable and can assist customers in choosing equipment that meets their needs. They can also offer guidance on the proper use and maintenance of the equipment.
For deeper market insights, peruse the summary of the research report: https://www.maximizemarketresearch.com/market-report/home-medical-equipment-market/185659/
◉ Home Medical Equipment Market Key Players
1. B. Braun Melsungen AG
2. Cesco Bio Products
3. Fresenius Medical Care AG & Co. Kgaa
4. Gf Health Products, Inc.
5. Hill-Rom Holdings, Inc.
6. Koninklijke Philips N.V.
7. Mckesson Corp.
8. Medtronic plc
9. Omron Healthcare, Inc.
10. Rotech Healthcare Inc.
11. Siemens Healthcare GmbH
12. Stryker Corp.
13. Sunrise Medical (US) LLC
14. 3M Co.
15. Abbott Laboratories
16. ARKRAY Inc.
17. Baxter International Inc.
18. Becton Dickinson and Co.
19. Boston Scientific Corp.
20. Cardinal Health Inc.
21. General Electric Co.
22. Home Medical Products Inc.
23. Invacare Corp.
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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