Dallas, March 08, 2022 (GLOBE NEWSWIRE) -- Growing practices of technology use for self-health management to reduce the pressure on formal healthcare systems have resulted in increase of demand for home medical equipment. Individuals with chronic illnesses seek the usage of home medical devices to maintain their own health, receive weight maintenance assistance, or help others with health treatment.Chronic diseases, which have a disproportionate effect on older people, lead to disabilities, diminish quality of life and increase the expense of long-term care, thereby opening up a variety of opportunities for different home healthcare firms.The global home medical equipment market is anticipated to grow from USD 31.78 billion in 2020 to USD 53.14 billion by 2028 at a CAGR of 6.16% during the forecast period 2021-2028, according to the new report published by The Brainy Insights.
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Home medical equipment is a form of device utilized for patients whose treatment is handled from a home or another private facility by a non-professional caregiver or family member. This is also referred to as "durable" medical equipment (DME), because it is built for non-professionals or the patient to withstand repeated use and is ideal for home use.These devices provide a secure, convenient, cost-effective and suitable environment for patients within their home. Numerous equipment are used for home patient care, such as infusion pumps, wheelchairs, apnea monitors, glucose meters, and cannula. For example, glucose meters or glucometers are commonly used for measuring blood glucose levels for diabetes in the household.
A major factor in the home medical equipment market growth has been the increasing expense of healthcare cost, which has shifted the emphasis of health care from hospitals to home. Government-led initiatives to support home healthcare further drive the market. Another key factor behind their increasing growth is technical developments in home medical equipment. Because of technical advancements coupled with technological awareness among individuals, usage of home medical equipment is increasingly pacing. Adoption of expensive technologically medical home-use equipment includes one-time costs that offset expenses accrued as a consequence of regular hospital visits.However, minimal insurance coverage for home healthcare equipment and a danger to the safety of patients and home care workers are the factors which may hinder the global home medical equipment market growth.
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Major players operating in the global home medical equipment market include Abbott, B. Braun Melsungen AG, Baxter, Hill-Rom Holdings Incorporated, Medline Industry Inc., Philips Healthcare, ResMed, Stryker and Sunrise Medical LLA among others. The major players are now focusing on introducing strategies such as embracing innovative technologies, product developments, mergers &acquisitions, joint ventures, collaborations and partnerships to enhance their market position in the global home medical equipment industry.
• For instance, in 2019,In August, 2019, ResMed, a developer of cloud-connected sleep and respiratory care devices in over 120 nations, has completed the acquisition of HB Healthcare (HBH) to support millions of South Koreans live with sleep apnea, chronic obstructive pulmonary disorder (COPD) and other respiratory disorders. HBH, a fast-growing, privately held South Korean home medical equipment provider, serves both reimbursed and cash-pay customers of sleep and respiratory care devices. ResMed aims to reach millions of patients through HBH and its wider network of trusted distributor partners.
• For instance, Smiths Medical, a major medical equipment manufacturer, has partnered with Medline Industries to distribute thePortexacapella positive expiratory pressure therapy device. The distribution partnership will aim to offer greater access to Smiths Medical's proprietary acapella devices for patients within home-care settings.
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The therapeutic equipment segment held the largest market share of 40.2% and a market value of around USD 12.77 billion in 2020.
The functionality segment is divided into therapeutic equipment, patient monitoring equipment, mobility assist & patient support equipment. Therapeutic equipment are largely used to aid people in dealing with physical illnesses. Therefore, the therapeutic equipment segment held the largest market share of 40.2% and a market value of around USD 12.77 billion in 2020.
The online stores segment is expected to grow at the highest CAGR of around 7.5% over the forecast period.
The distribution channel segment includes online stores and retail outlets. Due to the growth of the market and the increasing demand for convenience indicate that the potential for healthcare firms to enter the e-commerce field is immense, the online stores segment is expected to grow at the highest CAGR of around 7.5% over the forecast period.
Regional Segment Analysis of the Home Medical Equipment Market
• Europe (Germany, U.K., France, Italy, Spain, Rest of the Europe)
• North America (U.S. , Mexico, Canada)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
• South America (Brazil and Rest of South America)
• Asia-Pacific (China, Japan India, Rest of APAC)
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Because of the popularity of homecare patient environments and developments in healthcare infrastructures, the North America region emerged as the largest market share of 37.4% for the home medical equipment, with USD 11.88 billion market value in 2020. In addition, growing investments in healthcare and government policies are driving the growth of home medical equipment in this region. Moreover, due to rising healthcare expenditure, rising disposable incomes and improved patient awareness, APAC is projected to be the fastest growing home medical equipment market.
About the report:
The global home medical equipment market is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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