Homecare Medical Equipment Market Size Worth $63.62 Billion by 2032: The Brainy Insights
The global homecare medical equipment market is anticipated to grow from USD 34.18 billion to USD 63.62 billion in 10 years. The increasing incidence of hospital-acquired infections and a heightened awareness of this issue drive the global demand for the homecare medical equipment market. Furthermore, rapid technological advancements are anticipated to open up new opportunities over the coming years. Additionally, the growth prospects in emerging economies are poised to offer numerous opportunities to expand the market during the forecast period.
Newark, Dec. 14, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 34.18 billion in 2022 global Homecare Medical Equipment market will reach USD 63.62 billion by 2032. Integrating AI and IoT into homecare medical equipment presents significant opportunities for advanced remote monitoring and personalized healthcare solutions. The convergence of AI and IoT technologies enhances the capabilities of homecare devices, allowing for real-time data collection, analysis, and decision-making. This integration facilitates more precise monitoring of health metrics and enables healthcare providers to offer tailored interventions based on individualized data. The synergy between AI and IoT in homecare medical equipment represents a transformative leap, providing opportunities for improved patient outcomes, proactive healthcare management, and a more connected and responsive healthcare ecosystem. Furthermore, the growing emphasis on preventive and wellness-oriented homecare devices opens up opportunities for developing innovative solutions that cater to proactive health management. The shift towards a preventive healthcare approach encourages the creation of devices designed for managing existing health conditions and promoting overall well-being. Opportunities abound for integrating features that support health monitoring, lifestyle management, and early intervention, contributing to a holistic approach to healthcare within the home environment. The focus on proactive health management aligns with the evolving needs of consumers and healthcare providers, fostering a market for innovative and preventive homecare solutions.
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Key Insight of the global Homecare Medical Equipment market
Asia Pacific is expected to witness the highest market growth over the forecast period.
Economic growth and expanding the Asia Pacific region’s middle-class population have enhanced affordability and accessibility to homecare medical equipment. The rising economic prosperity and an expanding middle class contribute to increased disposable incomes, enabling individuals to invest in healthcare solutions for home use. This demographic shift towards a more affluent middle class creates a favourable environment for adopting homecare medical equipment, as more people can afford these devices, fostering greater accessibility and utilization across the Asia Pacific region. Furthermore, investments in expanding home healthcare infrastructure in various Asia Pacific nations play a crucial role in developing and utilizing homecare medical equipment. The commitment to enhancing the infrastructure for home-based healthcare services reflects a recognition of the growing importance of providing medical care within the comfort of individuals’ homes. These investments create a supportive ecosystem, facilitating the adoption of advanced medical equipment designed for home use. As a result, the concerted efforts to expand home healthcare infrastructure contribute significantly to the development, accessibility, and utilization of homecare medical equipment across multiple countries in the Asia Pacific region.
In 2022, the therapeutic equipment segment held the largest market share at 44.16% and a market revenue of 15.10 billion.
The type segment is divided into therapeutic equipment (respiratory therapy equipment, dialysis equipment, intravenous equipment and others), patient monitoring equipment (conventional monitors and telemedicine patient monitoring equipment) and mobility assist and patient support equipment (mobility assist equipment, medical furniture and bathroom safety equipment). In 2022, the therapeutic equipment segment held the largest market share at 44.16% and a market revenue of 15.10 billion.
In 2022, the skilled nursing services segment dominated the market with the largest share of 29.36% and revenue of 10.03 billion.
The services segment includes hospice and palliative care services, infusion therapy services, pregnancy care services, rehabilitation therapy services, respiratory therapy services, skilled nursing services and others. In 2022, the skilled nursing services segment dominated the market with the largest share of 29.36% and revenue of 10.03 billion.
In 2022, the retail medical stores segment dominated the market with the largest share of 44.29% and revenue of 15.14 billion.
The distribution channel segment is classified into retail medical stores, online retailers and hospital pharmacies. In 2022, the retail medical stores segment dominated the market with the largest share of 44.29% and revenue of 15.14 billion.
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Advancement in market
In July 2023: Inogen, Inc., a medical technology firm specializing in innovative respiratory solutions for homecare, has officially entered into a definitive agreement to acquire Physio-Assist SAS, a privately-held company based in France. Headquartered in France, Physio-Assist is the developer and manufacturer of Simeox, a technologically advanced airway clearance device with a demonstrated efficacy and safety track record. Currently utilized internationally, Simeox addresses bronchiectasis, a condition characterized by the damage and widening of the bronchi in the lungs, often associated with cystic fibrosis and chronic obstructive pulmonary disease (COPD). The device is employed both in pulmonary rehabilitation centers and for home use. Simeon has obtained CE mark clearance in the European Union and is available for purchase in Europe, Asia, and the Middle East. This strategic acquisition by Inogen aligns with its commitment to expanding its portfolio of respiratory products and underscores its dedication to providing innovative solutions to a global patient base.
In May 2022: GE Healthcare has committed to invest up to USD 50 million in the Israeli start-up Pulsenmore, signalling a significant advance in precision health. The primary focus of this investment is to expedite the worldwide acceptance of Pulsenmore’s homecare ultrasound solutions. Furthermore, the funding will aid Pulsenmore in seeking clearance from the FDA and facilitate its commercial expansion. In complement to this investment, GE will form a collaborative alliance with Pulsenmore to circulate its products in Europe and other markets once they are ready for commercial release. The collaboration will extend to closely cooperating on designing and creating ultrasound-based healthcare offerings tailored to meet the growing demands of the homecare market. This strategic alliance underscores GE Healthcare’s commitment to advancing innovative solutions and reinforcing its position in the evolving landscape of precision health.
Driver: Ageing population.
The growing population of senior citizens is a fundamental driver for expanding the homecare medical equipment sector. As the elderly demographic continues to rise, heightened demand for specialized medical equipment facilitates independent living and addresses the unique healthcare needs associated with ageing. This surge in demand propels innovation in homecare medical devices, fostering the development of solutions tailored to enhance seniors’ comfort, safety, and overall well-being in their homes. As a result, the homecare medical equipment sector experiences sustained growth, driven by the imperative to provide effective and personalized healthcare solutions for the increasing senior population.
Restraint: Limited connectivity and integration.
The seamless integration of homecare devices with existing healthcare systems presents challenges, imposing limitations on their interoperability. Achieving a smooth connection between homecare devices and established healthcare systems involves addressing compatibility issues, standardization, and data exchange protocols. The challenge lies in ensuring that diverse devices communicate effectively with healthcare platforms, enabling the seamless flow of information for comprehensive patient care. Overcoming these interoperability challenges is essential for maximizing the potential of home care devices and integrating them seamlessly into broader healthcare networks. Efforts in standardization and collaborative developments are crucial in addressing these challenges and fostering a more connected and interoperable healthcare ecosystem.
Opportunity: Personalized healthcare solutions.
Opportunities abound for the customization and development of specialized homecare medical equipment, driven by the increasing demand for personalized healthcare solutions. The emphasis on personalized healthcare has created a market demand for tailored devices that cater to individual needs and preferences. This trend allows manufacturers to innovate and create customized homecare medical equipment that addresses specific health conditions, lifestyle choices, and users’ comfort requirements. The development of specialized devices aligned with the principles of personalized healthcare not only meets the evolving needs of consumers but also contributes to the diversification and enrichment of the homecare medical equipment market.
Challenge: Logistical challenges.
Efficient distribution and maintenance of homecare medical equipment face logistical challenges, particularly in remote or underserved areas. The geographical remoteness and limited infrastructure in certain regions obstruct these devices’ seamless supply chain management. Transportation difficulties, longer delivery times, and inadequate maintenance services can impact the timely accessibility and functionality of homecare medical equipment. Addressing these logistical challenges requires strategic planning, investment in infrastructure, and innovative distribution and maintenance solutions to ensure that individuals in remote or underserved areas have equitable access to necessary homecare medical equipment and support services.
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Some of the major players operating in the global Homecare Medical Equipment market are:
• Abbott Laboratories
• Arkray Inc.
• AirSep Corporation
• B. Braun Melsungen AG
• Baxter International Inc.
• Beckton Dickinson
• Caire Inc. (NGK Spark Plug Co. Ltd.)
• Convatec Group plc
• Drive Medical
• GE Healthcare
• Hill-Rom Holdings Incorporated
• Home Medical Products Inc.
• Inogen Inc.
• Invacare Corporation
• Johnson & Johnson
• Koninklijke Philips N.V.
• Medline Industries LP
• Medtronic plc
• OMRON Healthcare Inc. (Omron Corporation)
• O2 Concepts, LLC
• Philips Healthcare
• Prime Medical
• Resmed Inc.
• Rotech Healthcare Inc.
• Sunrise Medical LLA.
• Smiths Group
• Teijin Pharma Limited
Key Segments cover in the market:
• Therapeutic Equipment
o Respiratory Therapy Equipment
o Dialysis Equipment
o Intravenous Equipment
• Patient Monitoring Equipment
o Conventional Monitors
o Telemedicine Patient Monitoring Equipment
• Mobility Assist and Patient Support Equipment
o Mobility Assist Equipment
o Medical Furniture
o Bathroom Safety Equipment
• Hospice and Palliative Care Services
• Infusion Therapy Services
• Pregnancy Care Services
• Rehabilitation Therapy Services
• Respiratory Therapy Services
• Skilled Nursing Services
By Distribution Channel
• Retail Medical Stores
• Online Retailers
• Hospital Pharmacies
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion) and volume (K Units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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