Home Medical Equipment Market Size to Reach US$ 52.23 Billion During 2022-2027 | Industry Forecast, Share and Growth
At 6.40% CAGR, Global Home Medical Equipment Market Size & Share to Surpass US$ 52.23 Billion by 2027 | Industry Trends, Share & Forecast Report by IMARC Group
IMARC Group has recently released a new research study “Home Medical Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the home medical equipment industry ?
The global home medical equipment market size reached US$ 35.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 52.23 Billion by 2027, exhibiting a growth rate (CAGR) of 6.40% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is a the home medical equipment market ?
Home medical equipment refer to medical devices used in a home care setting. They comprise reservoirs, high-pressure cylinders, oxygen accessories and supplies, concentrators, home invasive mechanical ventilators, continuous positive airway pressure (CPAP) machines, respiratory assist devices (RAD), oxygen conserving appliances, intermittent positive pressure breathing (IPPB) instruments, and nebulizers.
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Home medical equipment monitor the health of patients regularly and provide a detailed report to the caregiver. They also increase the safety of the patient while offering enhanced healthcare. As a result, home medical equipment are extensively available across hospital pharmacies, online retailers, and medical stores.
What are the major market drivers in a home medical equipment market ?
The escalating prevalence of serious illnesses, such as arthritis, diabetes, influenza, pneumonia, cancer, stroke, septicemia, and kidney, heart, respiratory, and Alzheimer’s disease, is among the primary factors driving the home medical equipment market. Besides this, the growing demand for oxygen-related products, owing to the increase in the incidence of chronic obstructive pulmonary disease (COPD) across the globe, is further augmenting the market growth.
Moreover, the rising utilization of innovative home medical equipment, including needle-free diabetic care, medication administration tools, medical beds, and lift chairs, is also catalyzing the global market. Apart from this, the elevating geriatric population and the expanding healthcare industry are acting as significant growth-inducing factors.
Additionally, the increasing awareness among the masses about the benefits of home care instruments is also stimulating the market growth. Furthermore, the inflating number of investments by the leading players in research and development (R&D) activities to integrate advanced technologies, such as wearable devices, telehealth, and mobile health software, are expected to bolster the home medical equipment market in the coming years.