Home Medical Equipment Market Size

Home Medical Equipment Market Analysis

The home medical equipment market is expected to register a CAGR of more than 6% over the forecast period.

The COVID-19 pandemic has positively impacted the home medical equipment market owing to the increased demand for home medical equipment such as life-supporting and life-sustaining devices during the pandemic. However, the disruption of conventional manufacturing, and supply chain during the COVID-19 pandemic led to shortages in various medical supplies and equipment. To overcome the shortages of medical supplies the government framed several measures to closely monitor the reason for the disruption as well as to increase the procurement of several medical equipments. Also, the demand for respiratory devices such as ventilators, oxygen concentrators, and other have increased which urged companies to increase their production as well as launch different products during the pandemic. For instance, in April 2021, Philips Respironics launched a new and improved auto CPAP machine named DreamStation 2 CPAP in the United States. Hence, the COVID-19 pandemic has significantly impacted the market during the initial phases of the pandemic, but with resumed services, the demand for home medical equipment has increased and the market has witnessed significant growth.

Factors such as the increasing prevalence of chronic disorders and the rising geriatric population as well as the growing adoption of self-health management are major factors driving the market growth.

The high burden of chronic diseases is the key factor driving the demand for the home medical equipment market. For instance, according to 2022 statistics published by the International Diabetes Federation, about 537 million people were living with diabetes in 2021, globally, and this number is projected to reach 643 million and 784 million by 2030 and 2045, respectively. The high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries. This is anticipated to rise the need for monitoring glucose levels, blood pressure, and other activities, hence bolstering the demand for medical equipment such as monitoring devices that can provide data to physicians to help them more effectively evaluate patient conditions and react quickly to any abnormalities. Also, as per the German Heart Surgery 2021 report, about 92,838 heart surgeries were performed in Germany, including 36,714 isolated heart valve procedures, 27,947 isolated coronary artery bypass grafting procedures, and 329 isolated heart transplantations in 2021. Thus, the high number of patients with cardiac surgeries requires regular and ongoing monitoring, which increases the demand for patient monitoring equipment, thereby propelling the market growth.

Additionally, the utilization and adoption of self-health management has increased owing to the large proportion of the population suffering from chronic conditions, worldwide, and struggles to manage the symptoms on their own. This has further increased the focus of organizations and companies to launch self-health management programs and applications, respectively. For instance, in March 2022, MFine launched a new feature of heart rate monitoring on its phone-based application called MFine-Pulse and this function uses a camera and flash of the smartphone to detect blood volume changes. Also, in March 2022, Alinche Lifesciences launched a healthcare application for chronic kidney disease (CKD) patients that offers a wide range of information like kidney health, exercises, and daily health routine, in India.

Furthermore, the increasing company activities in adopting various key strategies such as collaborations, partnerships, and new product launches are also expected to increase the availability of novel equipment in the market. For instance, in October 2022, DexCom, Inc launched Dexcom G7 Continuous Glucose Monitoring (CGM) System, for people with diabetes aged two years and older in Germany. Also, in July 2022, OMRON Healthcare launched a portable oxygen concentrator to help home care workers manage the therapy and daily needs of patients with COPD and respiratory diseases.

Therefore, owing to the aforementioned factors, such as the high burden of chronic diseases among the population and the increasing adoption of self-health management, the studied market is expected to grow over the forecast period. However, the high cost associated with home medical equipment and stringent regulations is likely to hinder the growth of the home medical equipment market over the forecast period.