U.S. Home Medical Equipment Market Growing at 5.1% CAGR, Set to Reach USD 20.39 Billion By 2031

Increase in prevalence of chronic diseases, surge in geriatric populations, and technological advancements drive the growth of the U.S. home medical equipment market. Based on distribution channel, the online retailers segment is projected to portray the highest CAGR of 5.6% during the forecast period.

According to a new report published by Allied Market Research, titled, "U.S. Home Medical Equipment Market: Opportunity Analysis and Industry Forecast, 2024-2033," The U.S. home medical equipment market size was valued at $25.0 billion in 2023 and is estimated to reach $48.5 billion by 2035, exhibiting a CAGR of 5.6% from 2024 to 2033. The durable medical equipment segment is expected to register the highest CAGR of 5.7% during the forecast period.

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Home medical equipment refers to medical devices and supplies designed for use in residential settings to support the diagnosis, treatment, and management of various medical conditions. These devices range from basic tools such as thermometers and blood pressure monitors to more advanced equipment such as oxygen concentrators, power wheelchairs, and hospital beds. Home medical equipment plays a crucial role in patient care by enabling health monitoring, delivering therapeutic treatments, and providing mobility assistance. It is often prescribed by healthcare professionals to enhance patient comfort, independence, and quality of life, while reducing the need for frequent hospital visits. Proper usage and maintenance of such equipment are essential for ensuring safety and effectiveness in managing health conditions.

Rise in the prevalence of chronic diseases and the growing geriatric population are key factors driving the U.S. home medical equipment market. Chronic diseases such as asthma, chronic obstructive pulmonary disease (COPD), and hypertension are increasingly common, placing a significant demand on home medical equipment. For instance, according to the American Lung Association, over 35 million people in the U.S. are living with chronic lung diseases like asthma and COPD, conditions that often require ongoing management with equipment like oxygen concentrators and nebulizers. Similarly, the Centers for Disease Control and Prevention (CDC) highlights a concerning trend in hypertension prevalence. The National Health and Nutrition Examination Survey reported that, during the period from August 2021 to August 2023, 47.7% of adults in the U.S. were affected by hypertension. This condition is more prevalent in men (50.8%) than women (44.6%), and its frequency increases with age, affecting 23.4% of individuals aged 18-39, 52.5% of those aged 40-59, and 71.6% of individuals aged 60 and older.

The aging population further drives the need for chronic disease management products. As people live longer, they often experience multiple chronic conditions simultaneously, increasing the reliance on home medical devices for daily monitoring and care. Rise in demand for effective at-home care solutions, including blood pressure monitors, respiratory devices, and glucose monitors, is driving the market growth. Thus, the prevalence of chronic diseases and an aging population create substantial opportunities for the home medical equipment market, fostering growth as patients seek to manage their health at home.

In addition, rise in initiatives by key players is significantly contributing to the market growth. For example, in March 2022, Owens & Minor, Inc. acquired Apria, Inc. for approximately $1.6 billion, strengthening its position in the home medical equipment market. This acquisition combines Owens & Minor's Byram Healthcare business with Apria, enhancing patient, provider, and payer experiences. In addition, the merger will create one of the most extensive portfolios of complementary products, addressing both chronic and non-chronic conditions. It also expands the product delivery and distribution model, enabling better accessibility and efficiency in serving patients. Such strategic acquisitions and investments by key industry players improve market offerings, enhance service delivery, and meet the growing demand for home healthcare solutions, thereby driving the market growth and innovation.

The U.S. home medical equipment market is segmented on the basis of type, and distribution channel. By type, the market is divided into durable medical equipment, and other home medical equipment. The durable medical equipment segment dominated the market share in 2023 and is expected to register the highest CAGR during the forecast period, owing to the growing prevalence of chronic diseases and rise in demand for home-based care solutions. Advanced therapeutic devices, such as CPAP machine, oxygen concentrators and nebulizers, address increase in need for effective treatment at home, improving patient outcomes and convenience. CPAP & BiPAP devices, in particular, play a crucial role in managing sleep apnea by ensuring consistent airflow and enhancing patients' quality of life. In addition, technological advancements and supportive healthcare policies enhance the adoption of these devices, further driving growth in the therapeutic equipment segment.

Depending on distribution channel, the market is segmented into online channel and offline channel. The offline channel segment dominated the market share in 2023, owing to strong reliance on in-person interactions for purchasing home medical equipment. Many patients prefer consulting with healthcare professionals or visiting retail stores to assess and receive proper guidance on equipment usage. In addition, offline channels offer personalized customer service, which builds trust and ensures the proper fitting and understanding of medical devices, further driving the segment's dominance.

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However, the online channel segment is expected to register the highest CAGR during the forecast period. This is attributed to rise in consumer preference for the convenience of shopping from home. E-commerce platforms offer a wider range of home medical equipment, competitive pricing, and doorstep delivery, making them an attractive option. In addition, enhanced online support services, product reviews, and easy return policies further drive the growth of online sales.

Competition Analysis:

Competitive analysis and profiles of the major players in the U.S. home medical equipment industry, such as Abbott Laboratories, Baxter International Inc., B. Braun Melsungen AG, Beckton Dickson and Company, General Electric (GE Healthcare), Invacare Corporation, Johnson & Johnson, Medtronic Plc., ResMed Inc., Smith & Nephew Plc, Medline Industries, LP and SP Ableware - Maddak are provided in this report. Major players have adopted product launch, acquisition, product approval, and partnership as key developmental strategies to improve the products of the U.S. home medical equipment market.

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