PUBLISHER: The Business Research Company | PRODUCT CODE: 1425542
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425542
Home Healthcare Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on home healthcare equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for home healthcare equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The home healthcare equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Home healthcare equipment comprises devices designed to serve a medical purpose, capable of sustained and repeated usage, and suitable for use in a home setting. These devices are intended to provide medical support within the home environment.
Key products within home healthcare equipment include blood glucose monitors, blood pressure monitors, rehabilitation equipment, and various others. For instance, a blood glucose monitor is a device that automatically tracks blood glucose levels throughout the day and night. Home healthcare services cover rehabilitation, infusion therapy, unskilled care, respiratory therapy, pregnancy care, skilled nursing, hospice, and palliative care. These services find applications in diagnostics and monitoring, therapeutics, care and rehabilitation, among other areas. Different end-users of home healthcare equipment include hospitals, clinics, diagnostic labs, research and development centers, as well as home care settings.
The home healthcare equipment market report is one of a series of new reports from The Business Research Company that provides home healthcare equipment market statistics, including home healthcare equipment industry global market size, regional shares, competitors with a home healthcare equipment market share, detailed home healthcare equipment market segments, market trends and opportunities, and any further data you may need to thrive in the home healthcare equipment industry. This home healthcare equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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, and 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 projected growth in the forecast period can be attributed to the increasing adoption of digital health technologies, integration with smart home systems, the rise of consumer-driven healthcare, advancements in remote diagnostics, and the expansion of telemedicine services. Major trends expected in this period include the adoption of remote patient monitoring (RPM) technology, the development of smart home healthcare devices, a focus on patient-friendly design and user interfaces, the proliferation of medication management devices, and the integration of artificial intelligence (AI) and machine learning in healthcare solutions.
The home healthcare equipment market is poised for substantial growth, propelled by the rise in the aging population globally. The aging population phenomenon, characterized by an increasing proportion of elderly individuals, has resulted from shifts in population age structures. Home healthcare equipment plays a pivotal role in empowering the aging population, providing tools to enhance physical control, strength, injury prevention, and self-management of common illnesses and disorders. A notable projection by the World Health Organization underscores the significance of this trend, estimating that by 2030, 1 in 6 individuals globally will be 60 or older, with an anticipated reach of 2.1 billion elderly people by 2050. This demographic shift serves as a key driver for the growth of the home healthcare equipment market.
The home healthcare equipment market is anticipated to experience significant growth due to the high burden of chronic diseases. Chronic diseases, characterized by long-lasting medical conditions requiring continuous care, pose a substantial healthcare challenge. Home healthcare equipment emerges as a critical component in managing chronic diseases, offering patients the necessary tools and devices to monitor their conditions, administer treatments, and enhance their overall quality of life within the comfort of their homes. The National Center for Biotechnology Information (NCBI) reports a projected surge of 99.5% in individuals aged 50 years and older with at least one chronic illness by 2050, underscoring the escalating burden of chronic diseases and its role in driving the demand for home healthcare equipment.
Technological advancements are a prominent trend influencing the home healthcare equipment market. Industry players are embracing innovative technologies to maintain their competitive edge and enhance the overall quality of healthcare at home. An illustrative example is CommScope's introduction of the HomeSight system, specifically tailored for healthcare and home care. This comprehensive system integrates smart camera technology, edge computing, cloud services for data transfer, environmental sensors, and LTE connectivity. The HomeSight system aims to elevate the end-user experience, fostering increased patient availability, engagement, and the adoption of care services while minimizing the need for in-person visits.
Major companies operating in the home healthcare equipment market are strategically focusing on the development and introduction of advanced airway pressure devices to gain a competitive advantage. Advanced airway pressure devices are instrumental in delivering controlled and adjustable pressure to support respiratory function, particularly in conditions such as sleep apnea and respiratory failure. An example is ResMed Inc.'s launch of the AirSense 11 PAP series, representing a next-generation positive airway pressure (PAP) device. This device, designed to treat sleep apnea and related breathing disorders, boasts advanced features and connectivity options to enhance patient comfort and treatment effectiveness. The incorporation of digital features aims to simplify therapy setup for patients and streamline care delivery for clinicians, positioning such devices as key contributors to the evolving landscape of home healthcare equipment.
In December 2021, Paradigm, a US-based company specializing in addressing catastrophic and complex healthcare challenges with a focus on improving lives, successfully acquired HomeCare Connect for an undisclosed amount. This strategic move is anticipated to broaden Paradigm's specialized network and clinical solution sets while extending the accountable care management concept into the home healthcare sector. The acquisition adds a highly complementary set of offerings to Paradigm's product line, representing a logical extension into the growing home health industry. HomeCare Connect, based in the US, is known for its involvement in manufacturing home health and durable medical equipment (DME), along with related services.
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.
North America was the largest region in the home health care equipment market in 2023. The regions covered in the home healthcare equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the home healthcare equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The home healthcare equipment market consists of sales of hospital bed, backrest, nebulizer, multipara monitor. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.