U.S. Home Medical Equipment Market Insight (2022-2031)
The U.S. home medical equipment market size was valued at $12,380.36 Million in 2021 and is projected to reach $20,397.76 Million by 2031 at a CAGR of 5.1% from 2022 to 2031. Home medical equipment refers to medical devices and supplies that are used in the home setting to treat illnesses, injuries, and disabilities. This equipment can range from simple items such as crutches and blood glucose meters, to more complex items such as oxygen concentrators and powered wheelchairs. The equipment is designed to improve the quality of life for individuals and help them manage their health conditions effectively from the comfort of their own homes. Home medical equipment is often prescribed by healthcare providers and can be obtained through various sources such as pharmacies, medical supply companies, and online retailers.
“The U.S. home medical equipment market was positively impacted during the lockdown period owing to a surge in demand for home medical equipment such as oxygen concentrators, blood glucose monitors, and blood pressure monitors. In addition, findings suggest an increase in the prevalence of heart-related conditions and chronic diseases boost the demand for home medical equipment.”
Market Dynamics
Growth & innovations in the pharmaceutical industry for the launching of home medical equipment owing to a massive pool of health-conscious consumers creates an opportunity for the U.S. home medical equipment market. Rise in the launch of various U.S. home medical equipment and surge in investments for manufacturing of advanced home medical equipment by various key players across the U.S., are set to affect the market growth positively. In addition, rise in the adoption of home medical equipment owing to the rise in number of chronic diseases is expected to propel the growth of the U.S. home medical equipment market. The major factors driving the growth of market are increase in geriatric population suffering from chronic disease and rise in awareness regarding home medical equipment. For instance, according to report of National Association of Chronic Disease Directions 2022, in U.S., 40% adults suffer from multiple chronic conditions such as diabetes and hypertension. Thus, rise in number of chronic disorders is expected to drive the market growth.
In addition, rise in prevalence of heart diseases and stroke have resulted in demand for advanced home medical equipment. For instance, according to article of American Heart Association 2022, approximately 1 of every 19 deaths in the U.S., occur due to stroke, thus rise in prevalence of heart disorders drive the growth of market. Along with the factors mentioned above, technological advancements in the field of home medical equipment such as the product launches and product approval are also expected to aid in the growth of market. Furthermore, various key players are adopting key strategies such as acquisition and expansion for advancements in home medical equipment and offer accurate monitoring devices. For instance, in December 2021, Baxter International Inc., a global medtech leader, announced that it has completed its acquisition of Hillrom. The rise in the incidence of cardiovascular diseases boosts the demand for advanced home medical equipment, thereby significantly influencing the demand in the market.
Various organizations along with the government are counselling physicians regarding home medical equipment and applications of it. Factors such as rise in adoption of U.S. home medical equipment and surge in chronic disorders further drive the growth of the market. Moreover, increase in promotional activities by manufacturers and growth in awareness about home medical equipment in U.S., are expected to fuel their adoption in the near future.
Further, the growth of the U.S. home medical equipment market forecast is also being driven by advancements in wearable technology. Wearable devices such as fitness trackers and smartwatches, have not become increasingly sophisticated and are now being used to monitor a range of health indicators, including heart rate, sleep patterns, and physical activity. This technology provides patients with a more comprehensive view of their health, enabling them to make more informed decisions about their care.
However, factors such as high cost of equipment, lack of standardization, and concerns over data privacy & security restrain the growth of the market. In addition, with the increasing use of technology in the healthcare industry, there is a growing concern about the privacy and security of medical data. Patients and healthcare providers are concerned about the potential for data breaches, which could compromise sensitive information, such as medical records and personal data.
Moreover, aging population, development of new technologies & products, expansion of insurance coverage, and rise in regulatory approvals for home care medical device are the factors which drive home medical equipment market trends, which offer lucrative opportunities to the key players of U.S. home medical equipment industry.
The outbreak of COVID-19 disrupted workflows in the health care sector around the world. The pandemic reduced accessibility of patients to hospitals and patient attendance at outpatient medical visits, including preventive services such as screening of patients for various diseases such as diabetes and hypertension. This resulted in increased demand for home medical equipment such as blood pressure monitors and glucose monitors. Further, as COVID-19 is a respiratory disease, demand for home medical equipment products such as oxygen delivery equipment, continuous positive airway pressure equipment, ventilators, oxygen concentrators, blood glucose monitors, and blood pressure monitors observed positive growth. This is attributed to immense usage of home care medical devices market products and unavailability of huge number of beds for admission of patients in hospitals. Thus, COVID-19 positively impacted to growth of U.S. home medical equipment market share.
Segmental Overview
The U.S. home medical equipment market analysis is segmented into functionality and distribution channel. On the basis of functionality, the market is categorized into therapeutic equipment, patient monitoring equipment, mobility assist & patient support equipment and personal care. On the basis of distribution channel, the market is categorized into offline and online channel.
By Functionality:
The market is divided into therapeutic equipment, patient monitoring equipment, mobility assist & patient support equipment and personal care. The mobility assist & patient support equipment segment accounted for the largest home medical equipment market size in 2021, owing to a rise in technological advancements and wide availability of mobility assist & patient support equipment. The therapeutic equipment segment is anticipated to witness highest CAGR during the forecast period owing to surge in technological advancements in equipment, rise in number of key players offering therapeutic equipment for home care, and rise in geriatric population.
By Funtcionality
Therapeutic Equipment accounted for major share in 2021
By Distribution Channel:
The market is categorized into offline channel and online channel. The offline segment accounted for the largest home medical equipment market size in 2021 owing to the fact that these offer a wide variety of medical devices ranging from small portable medical devices to big sized mobility devices and medical furniture. This mode is a preferred option for buying medical beds, wheelchairs, and lift chairs. The online segment is anticipated to witness highest CAGR during the forecast period owing to rise in popularity of online mode and number of users preferring online mode of purchasing. Thus, boosting home medical equipment market opportunity.
By Distribution Channel
Offline Channels accounted for major share in 2021
Presence of several major players, in the home medical equipment market industry such as Invacare Corporation, ResMed Inc., Baxter International Inc., Beckton Dickson & Company and Smith & Nephew Plc and advancement in home medical equipment for development of effective devices offering portable and advanced medical equipment in the U.S., are expected to drive the growth of the market. Furthermore, rise in adoption of home medical equipment is anticipated to drive the home medical equipment market share. Furthermore, various product launches and rise in investments in home medical equipment as key strategy adopted by the key players in U.S., further boost the home healthcare equipment market. For instance, in May 2021, Smith & Nephew, the global medical technology business, announced the launch of ARIA Home PT, a remote physical therapy product as part of the ARIA suite of solutions.
The home medical equipment market growth in the U.S., is attributable to presence of key players in the country. Moreover, rise in insurance coverage for home medical equipment is a significant driver in the U.S. home medical equipment market. In addition, with insurance coverage for these products becoming more widely available, more individuals are able to access the equipment they need to manage their health conditions effectively. Further, government is expanding insurance coverage for home medical equipment through programs such as Medicare and Medicaid. Furthermore, private insurance companies are also increasing their coverage for home medical equipment, making these products more accessible to a wider range of consumers. Moreover, as awareness of the benefits of home medical equipment grows, more individuals are advocating for coverage of these products by insurance providers. The rise in initiatives by non-government and government organizations in order to increase awareness about the home medical equipment among the patients through different programs and campaigns is projected to boost growth of market.
Competition Analysis
Competitive analysis and profiles of the major players in the U.S. home medical equipment industry, such as Abbott Laboratories, Baxter International Inc., B. Braun Melsungen AG, Beckton Dickson and Company, General Electric (GE Healthcare), Invacare Corporation, Johnson & Johnson, Medtronic Plc., ResMed Inc., Smith & Nephew Plc, Medline Industries, LP and SP Ableware – Maddak are provided in this report. Major players have adopted product launch, acquisition, product approval, and partnership as key developmental strategies to improve the products of the U.S. home medical equipment market.
Recent Acquisition In The Market
In October 2021, ResMed completed the acquisition of Ectosense, a leader in cloud-connected home sleep test (HST) devices that can help millions of people with undiagnosed sleep apnea get the treatment they need and raise general awareness of the disease.
Recent Product Launch In The Market
In August 2021, ResMed, a global leader in digital health and sleep apnea treatment, launched AirSense 11, the company’s next-generation PAP (positive airway pressure) device designed to help hundreds of millions of people worldwide with sleep apnea and stay on therapy to treat and manage obstructive sleep apnea.
In March 2020, Invacare Corporation announced the launch of front-wheel drive power mobility, the Invacare AVIV FX Power Wheelchair that has a unique identity that conveys a promise of design, technology, and performance.
Recent Product Approval In The Market
In November 2020, Baxter International Inc., a global innovator in renal care, received U.S. Food and Drug Administration (FDA) clearance of the Homechoice Claria automated peritoneal dialysis (APD) system with Sharesource connectivity platform. Homechoice Claria combines a simple user interface Sharesource, to remotely monitor patients on peritoneal dialysis in the U.S
U.S. Home Medical Equipment Market Report Highlights
| Aspects | Details |
 By FUNCTIONALITY |
|
 By DISTRIBUTION CHANNEL |
|
 Key Market Players | RESMED INC., BAXTER INTERNATIONAL INC., MEDLINE INDUSTRIES, LP, JOHNSON & JOHNSON, ABBOTT LABORATORIES, GENERAL ELECTRIC COMPANY (GE HEALTHCARE), SMITH & NEPHEW PLC, SP ABLEWARE-MADDAK, BECTON, DICKINSON AND COMPANY, B. BRAUN MELSUNGEN AG, .INVACARE CORPORATION, .MEDTRONIC PLC. |
Analyst Review
This section provides various opinions of top-level CXOs in the U.S. home medical equipment market. According to the insights of CXOs, increase in demand for advanced home medical equipment such as portable & compact equipment for remote monitoring of patients and rise in investments for development of innovative medical equipment are expected to offer profitable opportunities for the expansion of the market. In addition, favorable U.S., government initiatives and higher spending for home medical equipment, have piqued the interest of several companies to develop medical equipment.
CXOs further added that increase in prevalence of chronic diseases, surge in geriatric population, and rise in acceptance of home medical equipment are factors expected to boost the growth of market. Further, many insurance plans now cover home medical equipment, making it more affordable and accessible for patients in the U.S. This is particularly important for older individuals, who may require a range of medical equipment and supplies to support their health needs. Furthermore, rise in adoption of key strategies such as new product launches and various collaborations for development of advanced home medical equipment are the factors which drive the growth of market.
The total market value of U.S. home medical equipment market is $12,380.36. million in 2021.
The forecast period for U.S. home medical equipment market is 2022 to 2031
The market value of U.S. home medical equipment market in 2031 is $20,397.76 million in 2031
The base year is 2021 in U.S. home medical equipment market.
Top companies such as, Invacare Corporation, Smith & Nephew Plc., and ResMed Inc held a high market position in 2021. These key players held a high market postion owing to the strong geographical foothold in U.S.
Mobility assist & patient support equipment is the most influencing segment in U.S. home medical equipment market owing to a rise in technological advancements and wide availability of mobility assist & patient support equipment.
The major factor that fuels the growth of the U.S. home medical equipment market are increase in prevalence of chronic disorders, rise in number of key players offering home medical equipment, and increase in healthcare spending.
Home medical equipment medical are devices and supplies used by individuals in their homes for the purpose of diagnosis, treatment, and management of various medical conditions.
The home medical equipment are used for patient monitoring, therapeutic monitoring, and mobility assisting to help patients.
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