Home Medical Equipment Market to Reach $56.45 Billion by 2027: Allied Market Research

Pune, Maharashtra, India, February 11 2021 (Wiredrelease) Allied Analytics –:As per the report published by Allied Market Research, the global home medical equipment market is projected to reach $56.45 billion by 2027, registering at a CAGR of 6.1% from 2020 to 2027. The report highlights market characteristics, market potential, and growth by segmentation, and competitive landscape.

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Onkar Sumant, Assistant Manager, Healthcare at Allied Market Research, “Rise in incidence of chronic diseases, cost-effectiveness of HME, growth in geriatric population, and advancements in technology drive the growth of global home medical equipment market. However, limited expertise for home-based users and complications associated with use of medical equipment hamper the market growth. On the contrary, increase in demand for home medical equipment is expected to open lucrative opportunities for the market players in the future.”

According to the report, the market across North America is projected to hold the largest share of the market throughout the forecast period. However, the market across Asia-Pacific is estimated to portray the highest CAGR during the forecast period.

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The global home medical equipment market is segmented on the basis of functionality and distribution channel. Based on functionality, the mobility assist & patient support equipment segment is estimated to portray the highest CAGR during the forecast period. This owes to increase in prevalence rate of chronic diseases and technological advancements. However, the therapeutic segment is estimated to maintain its dominance in terms of revenue during the forecast period. On the basis of distribution channel, the market is divided into pharmacies, retail medical stores and online retailers.

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The global home medical equipment market report includes an in-depth analysis of the major market players such as Abbott Laboratories, Baxter International Incorporated, B Braun Melsungen Ag, General Electric Company, Becton, Dickinson and Company, Johnson & Johnson, Hill-Rom Holdings Incorporated, Medtronic plc, and Smith & Nephew plc.

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