Home Medical Devices Market Size & Trends | Report Till 2028

The home medical devices market is projected to reach US$ 57,102.9 million by 2028 from US$ 33,635.2 million in 2020; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028.

A home medical device is intended for patients (care recipients) in any environment. This includes devices intended for use in both professional healthcare facilities and homes. A home medical device may include a glucose meter, heating pad, hospital bed, walker, ventilator, wheelchair, and others.

The home medical devices market is segmented based on functionality, services, distribution channel, and geography. The market, by geography, is broadly segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The market report offers insights and in-depth analysis of the market, emphasizing parameters such as market size, market trends, technological advancements in the market, and market dynamics, along with the global analysis of the competitive landscape of the leading market players that are driving the market growth.

The home medical devices market growth is attributed to the growing demand for homecare medical devices by the geriatric population, increasing homecare settings, and rising market consolidation, which has significantly increased the market size and is expected to have a significant short-, mid-, and long-term impact on the market size. However, stringent regulations, challenges, and risks for homecare medical devices are expected to hamper the growth of the market. The home medical devices market report also studies the ongoing opportunities and market trends that can have a possible impact on the market growth.

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Home Medical Devices Market: Strategic Insights

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Market Insights

Growing Demand for Homecare Medical Devices due to Increasing Geriatric Population

The home medical devices market is estimated to grow significantly due to primary factors such as increasing development in the medical device industry and growing geriatric population. Owing to the increasing technological development, remote patient monitoring has evolved as an excellent growth strategy for medical device players. The growing geriatric population has supported the market players by demanding user-friendly, efficient, accurate, and effective medical devices in a homecare setting. Therefore, the demand for monitoring devices, mobility aids devices, and therapeutic devices among older people has significantly increased and helped in leveraging the market's growth.

Similarly, technological developments have enabled players to integrate the internet of things (IoT) with medical devices, which facilitates the connection between patients and service providers. The built-in connectivity for medical devices through mobile applications, cloud, machine-to-machine, and other options has resulted in the adoption of telemedicine and mHealth technologies. Thus, the developments have allowed medical device players to attract the geriatric population segment to offer their innovative home medical devices. It is expected that the growing population will broadly contribute to the indirect growth of the market as the countries across the world are experiencing growth in the geriatric population. Hence, the demand for home medical devices will exponentially grow in coming future. For instance, countries such as the US, Japan, South Korea, Canada, the UK, Spain, and France are significantly experiencing growth in the geriatric population.

The above-mentioned countries along with China, India, Saudi Arabia, the UAE, and Brazil offer significant growth opportunities for the medical device players to provide innovative devices. The improved healthcare services such as diagnostics and therapeutics have helped in declining death rates. On the other hand, the improving healthcare system is widely contributing to the growth of the geriatric population. According to the United Nations (UN) estimation, by 2060, there will 1.8 billion older people, which will account for 17.8% of the world's total population. Population growth will see the rise twice of 607 million people, i.e., 8.2% of the world's total population in 2015. Therefore, as per the estimation, the growth of the home medical devices market is expected to be driven by the increasing geriatric population during the forecast period.

Functionality-Based Insights

The global home medical devices market, based on functionality, is segmented into testing, screening & monitoring equipment, therapeutic products, mobility care products, biofeedback instruments, electrical stimulation devices, and muscle stimulators. The testing, screening and monitoring equipment segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR during the forecast period. The testing, screening & monitoring equipment segment is further segmented into blood glucose monitors, heart rate monitors, sleep apnea monitors, hearing aids, temperature monitors, fetal monitoring devices, cholesterol monitoring devices, ECG/EKG devices, drug & alcohol test kits, coagulation monitors, blood pressure monitors, EEG devices, pulse oximeters, home hemoglobin A1c test kits, colon cancer test kits, ovulation & pregnancy test kits, HIV test kits, pedometers, peak flow meters, and Holter & event monitors. The therapeutic products segment is further segmented into oxygen delivery systems, ventilators, dialysis equipment, sleep apnea therapeutic devices, would care products, IV equipment, nebulizers, insulin delivery devices, inhalers, and other therapeutic products. The mobility care products of the home medical devices market are further segmented into canes, crutches, mobility scooters, walkers & rollators, and wheelchairs.

Services-Based Insights

Based on the services, the home medical devices market is segmented into skilled nursing services, rehabilitation therapy services, hospice and palliative care services, respiratory therapy services, infusion therapy services, pregnancy care services, and unskilled care services. In 2020, the skilled nursing services segment held the largest share of the home medical devices market and is expected to grow at the fastest rate during the coming years.

Home Medical Devices Market Regional Insights

The regional trends and factors influencing the Home Medical Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Home Medical Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Home Medical Devices Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Home Medical Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Home Medical Devices Market are:

1. F. Hoffmann-la Roche Ltd.
2. General Electric Company
3. Abbott
4. Koninklijke Philips N.V.
5. B. Braun Melsungen AG

Disclaimer: The companies listed above are not ranked in any particular order.

 

Distribution Channel-Based Insights

Based on the distribution channel, the global home medical devices market is segmented into hospital pharmacies, retail pharmacies, and online retailers. The hospital pharmacy segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period.

Product launches and approvals are the commonly adopted strategies by companies to expand their global footprints and product portfolios in the home medical devices market. Collaboration is one of the major strategies adopted by the home medical devices market players to enlarge customer base worldwide, which, in turn, permits them to maintain their brand name globally.