Portland, OR, June 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the U.S. Home Medical Equipment Market was accounted for $11.53 billion in 2019, and is expected to reach $20.41 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027.
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Increase in prevalence of chronic diseases, surge in geriatric populations, and technological advancements drive the growth of the U.S. home medical equipment market. However, limited expertise for home-based users and complications associated with use of medical equipment hinder the market growth. On the contrary, surge in demand for home medical equipment is expected to open new opportunities for the market players in the coming years.
Covid-19 scenario:
- Since the Covid-19 outbreak, the medical equipment industry has witnessed positive growth. The rise in self-isolation treatments in home has increased the demand for home medical equipment in the U.S. In addition, the devices such as oxygen delivery equipment, continuous positive airway pressure equipment, oxygen concentrators, ventilators, blood glucose monitors, and blood pressure monitor witness increased demand.
- Increase in technological advancements such as medical beds, stair lifts, and lift chairs for mobility assistance fueled the market growth.
The U.S. home medical equipment market is segmented on the basis of functionality and distribution channel.
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Based on functionality, the therapeutic equipment is expected to register the highest CAGR of 6.3% during the forecast period. Moreover, the segment held the lion’s share in 2019, contributing to more than two-fifths of the market. The report includes an in-depth analysis of the other segments such as patient monitoring equipment and mobility assist & patient support equipment.
Based on distribution channel, the online retailers segment is projected to portray the highest CAGR of 6.3% during the forecast period. However, the retail pharmacies segment held the largest share in 2019, accounting for nearly half of the total market revenue.
The U.S. home medical equipment market includes an in-depth analysis of the prime market players such as Baxter International Inc., Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen AG, Hill-Rom Holdings, Inc., General Electric Company (GE Healthcare), Johnson & Johnson (Depuy Synthes), Invacare Corporation, Medtronic Plc., and Smith & Nephew Plc.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.