Westford USA, July 26, 2023 (GLOBE NEWSWIRE) — According to the SkyQuest, the rising incidence of diabetes is driving the introduction of novel products. For instance, Abbott recently released the FreeStyle Libre continuous blood glucose monitoring system for adults and kids in India. This enables patients to check their blood glucose levels at any time and from any location, which helps them maintain better glucose management. In addition, the use of apnea devices to monitor people with sleep apnea illness is expanding. These factors are anticipated to contribute to the rising demand for home medical equipment market.
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- Pages – 242
- Tables – 146
- Figures – 78
Chronic diseases such as diabetes, chronic obstructive pulmonary disease, asthma and heart failure are becoming more common globally. The home medical equipment market is anticipated to develop due to the rising prevalence of chronic diseases and the high demand for continual monitoring, treatment and diagnosis of medical conditions. According to the World Health Organisation, chronic diseases, such as cardiovascular disease, stroke, cancer and chronic obstructive pulmonary disorders, are to blame for 60% of all mortality. As the death rate from chronic diseases rises, so the demand for home medical equipment also rises.
Prominent Players in Home Medical Equipment Market
- Johnson & Johnson Services, Inc.
- Fresenius SE & Co. KGaA
- Koninklijke Philips N.V
- F. Hoffmann-La Roche Ltd
- General Electric
- Siemens Healthineers AG
- Boston Scientific Corporation
- Abbott Laboratories
- Baxter International Inc.
- B. Braun Melsungen AG
- Hill-Rom Holdings, Inc.
- Invacare Corporation
- Smith & Nephew Plc
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Therapeutic Equipment Segment is Anticipated to Grow Due to Growing Prevalence of Chronic Diseases
The therapeutic equipment segment is anticipated to grow at a CAGR of 9% and account for the most significant market share in the home medical equipment market. The main functions of therapeutic equipment are to either aid a patient in doing daily duties or to assist a medical professional in performing therapy services. Patients who would otherwise be unable to execute tasks due to a physical handicap or disability can do with assistive devices. This equipment includes canes, walkers, hearing aids, and vision aids.
The markets in the North America has a substantial market share for home medical equipment market. This is due to the rise of chronic conditions such as high blood pressure, diabetes and asthma. Home healthcare is becoming increasingly popular in the region, driving up demand for home medical equipment due to high medical expenditures and rising disposable incomes.
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Patient Monitoring Equipment Segment is Anticipated to Grow Due to Rising Ageing Population
The patient monitoring equipment segment with the largest market share in the home medical equipment market. Patient monitoring equipment tracks or continuously measures a patient’s physiological parameters. The eight variables routinely monitored in critically ill patients are oxygen saturation, blood pressure, temperature, pain, pulse, state of consciousness, urine output and respiration rate.
The markets in the Asia-Pacific is expected to grow quickly during the forecast period due to several factors including an ageing population that is more susceptible to disorders such as orthopaedic, cardiovascular and others; increasing awareness of the affordability and convenience offered by these home medical devices; and rising health care costs in developing countries such as China and India, which are expected to be the largest consumers of home medical equipment market.
A comprehensive analysis of the major players in the home medical equipment market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Home Medical Equipment Market
- Abbott Laboratories announced the creation of a cutting-edge wearable in 2022 that combines a sensor to track ketone and glucose levels continuously.
- Dozee partnered with Priaashraya Healthcare Pvt. Ltd. in 2022 to transform assisted living for patients with their contactless remote patient monitoring technologies. This device’s sensor keeps track of the parameters and the readings are accessible in a mobile phone app.
- Once a patient is discharged from the hospital following a significant intervention, such as surgery, Manipal Hospitals, Bangalore, India’s second-largest hospital chain, wants to offer digital patient monitoring systems.
Key Questions Answered in Home Medical Equipment Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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