Market Overview:
Home medical equipment refers to various devices and consumables used for post-acute medical treatment at home. This includes oxygen delivery equipment, wheelchairs, infusion pumps, and wound care equipment among others. These devices help in monitoring health conditions, performing diagnostic tests, and facilitating treatment at home. The use of home medical equipment provides better treatment outcome and quality of life to patients.
The Home Medical Equipment Market is estimated to be valued at US$ 23.5 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the home medical equipment market is driven by increased awareness about home healthcare services among patients and healthcare providers. According to studies, patients recover faster and experience less complications when treated at home as compared to hospitals. Further, home healthcare helps in reducing medical costs and is more preferred by geriatric population who require long-term care. Additionally, technological advancement in home medical devices such as portable oxygen concentrators, wireless vital sign monitoring devices, and infusion pumps are aiding the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires high capital investments and there are established players with brand recognition and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high as there are many available substitutes and buyers can negotiate on price.
Bargaining power of suppliers: Bargaining power of suppliers is moderate given the presence of many suppliers and availability of substitute components.
Threat of new substitutes: Threat from new substitutes is high given the versatility of products and continuous technological advancements.
Competitive rivalry: Competition is intense among existing players.
SWOT Analysis
Strength: Wide product portfolio, strong brand reputation and global presence of key market players. Skilled R&D capabilities allow continuous product innovation.
Weakness: High dependency on insurance and reimbursement policies. Rising price pressures due to growing substitutes.
Opportunity: Growing geriatric population and the subsequent increase in the prevalence of chronic diseases. Untapped growth opportunities in developing markets due to increasing healthcare investments.
Threats: Stringent regulatory framework and recalls. Threat from refurbished and rented home medical equipment.
Key Takeaways
The global Home Medical Equipment Market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing prevalence of chronic diseases. North America dominates the global market due to rising healthcare expenditure and presence of major players in the region. The Asia Pacific is expected to be the fastest growing region owing to rapidly improving healthcare infrastructure and growing medical tourism industry.
Key players operating in the Home Medical Equipment market are AstraZeneca, B. Braun Melsungen AG, Baxter, GE Healthcare, F. Hoffmann-La Roche Ltd, Stryker, Sunrise Medical LLC, ResMed, Philips Healthcare., Medline Industry, CareFusion Corporation, and Abbott Laboratories. Growing focus on development of technologically advanced products and expansion in emerging markets through strategic partnerships/acquisitions are the key strategies adopted by major players.
Expanded efforts in the battle against chronic ailments, for example, cancer, kidney disorders, and respiratory diseases will support the requirement for home restorative devices.
Request For Report Sample: https://www.researchreportinsights.com/report/upsample/120124710/Home-Medical-Equipment-MarketTechnological advancement, cost-saving benefits, increase in disposable income of customers and growing healthcare expenditure are moreover a few of the key aspects driving the expansion of the global market for home medical equipment.
On the other hand, effectiveness and safety issue are a few of the key indicators restraining the expansion of the global market for home medical equipment.The home medical equipment market has changed amid an ongoing couple of years, attributable to oxygen-related products in the market are gaining high acceptance, because of increment in the frequency of chronic obstructive pulmonary disease (COPD) cases.
Various devices are utilized for patient care at home, for instance, wheelchair, infusion pumps, glucose meters, apnea monitors, and cannula.
For example, glucometers or glucose meters are routinely utilized at home to assess the glucose level for diabetics in blood.
As a result, home health care services displays best potential alternative rendering less costly quality care.
