Homecare Medical Devices Market holds a forecasted share of USD 133650.67 million in 2022 and is likely to surpass USD 312328.055 million by 2032, moving ahead with a CAGR of 8.9% during the forecast period.
Home medical equipment provides patients with a safe, convenient, cost-effective, and comfortable environment within their own homes. The home medical equipment market has transformed as chronic diseases have become more prevalent worldwide.
Moreover, oxygen-related home medical equipment is gaining popularity due to the significant rise in chronic obstructive pulmonary disease (COPD) worldwide. Patients receive various care devices at home, including infusion pumps, wheelchairs, glucose meters, and cannulas. For example, glucose and glucometers are routinely used to measure diabetes blood sugar levels.
| Report Attribute | Details |
|---|---|
| Homecare Medical Devices Market Value (2022) | USD 133650.67 million |
| Homecare Medical Devices Market Anticipated Forecast Value (2032) | USD 312328.055 million |
| Homecare Medical Devices Market Projected Growth Rate (2022 to 2032) | 8.9% |
Home medical equipment market growth is also accelerated by new technological advances such as needle-free diabetic care, medication administration equipment, and durable medical equipment, such as medical beds and lift chairs. However, the high cost associated with these devices is expected to hinder the home medical equipment market's growth.
As chronic diseases and aging increase worldwide, the global home medical equipment market is expected to grow. In addition, technological advances in home care medical equipment contribute to the market's growth, such as smaller sizes, portability, and ease of access.
As a result of rising concerns regarding patient safety and difficulty in adapting to new medical devices, the market is expected to grow at a moderate pace over the forecast period. But as a result of the growth potential of emerging economies in the Asia Pacific, market expansion opportunities could be numerous during the forecast period.
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Drivers:
Increasing Geriatric Population: As the geriatric population grows, market players have been forced to develop medical devices that are effective, precise, efficient, and user-friendly. Consequently, older people increasingly need monitoring devices, mobility aids, and therapeutic devices, thereby leveraging market growth.
Advancement in the Medical Device Industry: Due to technological advancements, remote patient monitoring has become an excellent growth strategy for medical device companies. Several players have integrated the internet of things (IoT) with medical devices through technological advancements, which facilitate patient-provider communication. Telemedicine and mHealth technologies have been adopted thanks to the built-in connectivity of medical devices through mobile applications, cloud services, and machine-to-machine connections.
Rise in Healthcare Costs: As healthcare costs continue to rise, the home medical equipment market is expected to expand, as home medical equipment saves patients from spending money on clinical diagnostic procedures or continuous monitoring, allowing this industry to flourish in economically disadvantaged areas.
Opportunities:
Developing cost-effective homecare medical devices for better patient assistance is the key opportunity for the players operating in the homecare medical devices market. The key players will also be able to grow significantly over the forecast period due to innovative marketing strategies.
Furthermore, government initiatives related to reimbursement policies for home healthcare devices will further improve the demand for homecare medical devices, providing key players in this market with lucrative growth opportunities.
Restraints:
High-cost Medical Devices: Despite the promising prospects of the homecare medical devices market, the high prices of these devices place a significant burden on this market.
Lack of Insurance Coverage: There is a lack of insurance coverage for home healthcare devices and a risk to patients' and home care workers' safety, which deters homecare medical device sales.
North America is estimated to capture 33.2% of the overall homecare medical devices market, owing to the increasing elderly population in various states. Additionally, the rise in respiratory diseases, COPD, and chronic diseases such as asthma, diabetes, and blood pressure would be contributing factors to the growth of this market.
Europe is predicted to hold a significant market share of 30.1% of the global homecare medical devices market. In the healthcare sector, the proliferation of innovation and AI is driving the growth of the European homecare medical devices domain, which is set to be a growth-proliferating aspect for the sector.
Considering that healthcare aid and health & wellness are becoming the top priorities in the modern world, rapid and innovative developments in the healthcare sector are opening up new opportunities for homecare medical devices. This is likely to result in significant growth in the overall technology-driven prospects market.
SMEs and startups are taking advantage of cutting-edge technologies such as artificial intelligence, 3D printing, and wearable devices to design, test, and develop medical devices that solve health problems and boost the industry to a whole new level.
There are several startups, including EzeRx, JANITRI Innovations, Niramai, Dozee, Tricog Health, InnAccel, Pandorum Technologies, AgVa and Biodesign. In addition to this, many private healthcare players are also looking to push startups to develop medical devices.
To support health technology startups in developing scientific and commercial solutions, Bengaluru-based Aster DM Healthcare and investment firm Life Science Vision Capital have established India's first incubator and accelerator, XHealth Innovation Lab, in partnership with social entrepreneurship startup Social Alpha.
Homecare Medical Devices Market: Key Contracts/ Agreements/ Acquisitions/ Recent Developments
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| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.9% from 2022 to 2032 |
| Base Year for Estimation | 2022 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product, Distribution Channel, Region |
| Regions Covered | North America; Latin America; The Asia Pacific; MEA; Europe |
| Key Countries Profiled | The USA, Canada, Brazil, Argentina, Germany, The UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC, South Africa |
| Key Companies Profiled | AirSep; SeQual; Drive Medical; Graham-Field; Inogen, Invacare; Meyra; Nordic / Handicare / Permobil; O2Concepts Oxlife; Philips Respironics; Pride; Sunrise Medica; Teijin and TiLite |
| Customization | Available Upon Request |
The homecare medical devices market’s growth potential can be valued at USD 312328.055 Million by 2032.
The market size of the global homecare medical devices market is projected to grow by USD 133650.67 Million in 2022.
North America is expected to hold the highest share in the global homecare medical devices market.
The homecare Medical Devices market is expected to grow at a CAGR of 8.9% from 2022 to 2032.
| Estimated Market Size (2024E) | USD 38.5 billion |
|---|---|
| Projected Market Value (2034F) | USD 84.8 billion |
| Value-based CAGR (2024 to 2034) | 8.2% |
| Industry Value in 2023 | USD 59.28 billion |
|---|---|
| Industry Value in 2033 | USD 163.84 billion |
| Industry CAGR (2023 to 2033) | 10.7% |
| Market Size (2023) | USD 799.8 million |
|---|---|
| Market Size (2033) | USD 3.6 billion |
| Market CAGR (2023 to 2033) | 16.3% |
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