Global Home Medical Equipment Market - 2024-2031

Overview

The global home medical equipment market reached US$ 43.75 billion in 2023 and is expected to reach US$ 65.05 billion by 2031, growing at a CAGR of 6.8% during the forecast period 2024-2031.

Home medical equipment includes a wide range of electronic devices developed for patients who require treatment at home. This category includes products designed for long-term use and can sustain repeated use outside of professional healthcare settings. Home medical equipment is critical for those who require continuing medical care, allowing them to properly manage their health issues while being independent in their own homes.

The increasing geriatric population is the driving factor that drives the market over the forecast period. For instance, For instance, according to the United Nations, The number of people aged 65 years or older worldwide is projected to more than double, rising from 761 million in 2021 to 1.6 billion in 2050. The number of people aged 80 years or older is growing even faster. Population aging is an irreversible global trend.

Market Dynamics: Drivers & Restraints

Growing geriatric population

The rising burden and increasing geriatric population is expected to be a significant factor in the growth of the global home medical equipment market. The expanding geriatric population has a substantial impact on the global home medical equipment market, owing to older persons' specific healthcare needs. As people age, they are more likely to develop chronic diseases that require continuing medical treatment and monitoring. This demographic transition has resulted in increased demand for home medical technology that allows seniors to properly manage their health conditions from the comfort of their own homes. Blood glucose monitors, oxygen therapy equipment, and mobility aids are becoming more important tools for senior patients, allowing them to remain independent while receiving critical medical care.

For instance, according to WHO, in 2050, 80% of older people will be living in low- and middle-income countries. The pace of population aging is much faster than in the past. In 2020, the number of people aged 60 years and older outnumbered children younger than 5 years. Between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. By 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.

High cost of medical equipment

Factors such as the high cost of medical equipment with home medical equipment are expected to hamper the global home medical equipments market. As healthcare systems migrate toward home-based care options, the affordability of medical devices becomes critical. Many people, particularly those with low incomes or limited insurance coverage, struggle to buy required home medical equipment. This financial hardship might cause delayed treatment or insufficient management of chronic diseases, affecting patient health outcomes.

Segment Analysis

The global home medical equipment market is segmented based on therapeutic equipment, mobility assist and patient support equipment, patient monitoring equipment, end-users and region.

Patient monitoring equipment segment is expected to dominate the global home medical equipment market share

Patient monitoring equipment segment is expected to dominate the global home medical equipment market share. The Patient Monitoring Equipment segment is expected to lead the worldwide home medical equipment market due to a number of interconnected variables that represent the changing face of healthcare. As chronic diseases become more common, there is an increased demand for ongoing health monitoring, particularly among older persons and those with long-term health concerns. This shift toward proactive health management stresses the relevance of patient monitoring devices, which enable people to follow vital signs and other health metrics from home, allowing for more prompt interventions and lowering the need for hospital visits.

For instance, in August 2024, Dexcom announced the launch of over-the-counter continuous glucose monitor. Dexcom's Stelo monitors blood glucose levels constantly via a wearable sensor and an application on the user's smartphone or other smart device. Moreover in June 2024, Prevounce Health, a leading provider of remote care management software, devices, and services, has announced the launch of its first remote blood glucose monitoring device, Pylo GL1-LTE. The blood glucose meter has been scientifically tested and links to numerous cellular networks to guarantee more dependable data transmission across the United States. The GL1-LTE is compatible with the Prevounce remote care management platform and may be integrated with other health software using the Pylo cloud API. Prevounce's Pylo cellular-connected gadgets include blood pressure monitors and weight scales.

Geographical Analysis

North America is expected to hold a significant position in the global home medical equipment market share

North America is expected to hold a significant portion of the global home medical equipment market. North America will likely dominate the global home medical equipment market, owing to a combination of demographic, economic, and technical factors. The region benefits from a well-established healthcare infrastructure that encourages the use of home healthcare solutions. As the geriatric population and frequency of chronic diseases increases, so does the demand for home medical equipment that enables patients to properly manage their health conditions from the comfort of their own homes. This trend to home-based treatment not only improves patient comfort but also decreases the pressure on healthcare facilities, making it a popular choice among many individuals and families.

For instance, according to urban.org, the number of Americans aged 65 and older will more than double over the next 40 years, reaching 80 million in 2040. The number of adults ages 85 and older, the group most often needing help with basic personal care, will nearly quadruple between 2000 and 2040. For an instance, according to America Health Ranking.org, 17.3% of the entire US population is geriatric population. There are major players present in this region which makes this region the most dominating. For instance, in November 2024, Medtronic received U.S. Food and Drug Administration (FDA) approval for its new InPen smartphone software and announced the release of its new Smart MDI system. Smart MDI was created to give users real-time information into multiple daily injection (MDI) therapy.

Asia Pacific is growing at the fastest pace in the global home medical equipment market

The Asia Pacific region is experiencing strong expansion in the worldwide home medical equipment market, owing to a number of major factors reflecting the changing healthcare landscape. One of the most major contributions to this growth is the rising prevalence of chronic diseases in the population and increasing geriatric population. Diabetes, cardiovascular diseases, and respiratory ailments are growing increasingly prevalent as people's lifestyles change and urbanization accelerates. The rise in chronic diseases demands continual monitoring and management, making home medical devices crucial for individuals who prefer to manage their health at home rather than visit healthcare facilities.

The increasing geriatric population is one of the driving factors in this region making it the fastest growing region. For instance, according to the UNFPA India, he current elderly population of 153 million (aged 60 and above) is expected to reach a staggering 347 million by 2050.

Competitive Landscape

The major global players in the global home medical equipment market include Invacare Corporation, Karman Healthcare Inc., Ottobock, Pride Mobility Products Corp., Medtronic, Koninklijke Philips N.V, GE HealthCare, Abbott, Nihon Kohden Corporation, Danaher Corporation among others.

Emerging Players

Livongo, Tyto Care, iRhythm Tech among others

Key Developments

• In August 2024, Hong Kong-based health tech start-up Libpet is into designing smart robot wheelchairs not just for the physically challenged but for everyone. Through innovation, its inclusive device for mobility and productivity helps minimize physical effort, making life so much easier.
• In November 2023, DuPont announced that DuPon Liveo Healthcare Solutions is collaborating with STMicroelectronics, a global leader in semiconductor technology serving customers across the spectrum of electronics applications, to develop a new smart wearable device concept for remote biosignal monitoring.

Why Purchase the Report?

• To visualize the global home medical equipment market segmentation based on therapeutic equipment, mobility assist and patient support equipment, patient monitoring equipment, end-users and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global home medical equipment market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global home medical equipment market report would provide approximately 53 tables, 47 figures, and 176 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies