Home medical equipment are medical devices that can independently perform their function without professional assistance and are used at home for treatment purposes. They include blood glucose monitors, APAP machines, oxygen concentrators, nebulizers, and other devices that help support patients recovering from illness, managing chronic conditions, or caring for loved ones with mobility issues or disabilities. The growing incidences of chronic diseases such as diabetes, respiratory diseases, and cardiovascular diseases have increased the demand for home medical equipment for monitoring as well as treatment purposes.

The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising prevalence of chronic diseases presents a lucrative opportunity for the growth of the home medical equipment market. According to the Centers for Disease Control and Prevention (CDC), almost half of all American adults – around 117 million individuals – suffer from one or more chronic medical conditions. Managing these chronic conditions often requires long-term medical treatment and monitoring, which can more easily and cost-effectively be provided at home with the use of home medical equipment. This growing disease burden and the cost benefits of in-home care are expected to drive significantly higher demand for home medical devices over the forecast period.

Porter's Analysis

Threat of new entrants: Low as this market requires high initial investments and established distribution channel.

Bargaining power of buyers: Medium to High as there are large number of buyers and products can be substituted.

Bargaining power of suppliers: Low to medium as there are many suppliers for raw materials and components.

Threat of new substitutes: Low as technology has limited scope of substitution.

Competitive rivalry: High as the market is fragmented with many regional and global players.

SWOT Analysis

Strengths: Growing aging population and increasing lifestyle diseases drive demand.

Weaknesses: Reimbursement issues and regulatory challenges.

Opportunities: Untapped emerging markets and shift towards home healthcare.

Threats: Economic slowdown and pricing pressure.

Key Takeaways

The global home medical equipment market is expected to witness high growth over the forecast period of 2023 to 2030. The global Home Medical Equipment Market is estimated to be valued at US$ 23.5 bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2031.

Regional analysis related content

The North America home medical equipment market accounted for the largest revenue share in 2024 and is expected to maintain its dominance over the forecast period. This can be attributed to factors such as higher healthcare spending, favorable reimbursements, and increasing prevalence of chronic diseases. Asia Pacific is expected to witness the fastest growth during the forecast period due to improving access to healthcare infrastructures and rising medical tourism in countries such as India and China.

Key players related content

Key players operating in the home medical equipment market are AstraZeneca, B. Braun Melsungen AG, Baxter, GE Healthcare, F. Hoffmann-La Roche Ltd, Stryker, Sunrise Medical LLC, ResMed, Philips Healthcare., Medline Industry, CareFusion Corporation, and Abbott Laboratories. These players are focusing on new product launches and collaborations to consolidate their market positions.