U.S. Home Medical Equipment Market is projected to Reach around USD 20,397.76 Million by 2031, growing at a CAGR of 5.1% from 2023 to 2031

As per the report published by Allied Market Research, the U.S. Home Medical Equipment Market size was valued at $12,380.36 Million in 2021 and is projected to reach $20,397.76 Million by 2031 at a CAGR of 5.1% from 2022 to 2031.

The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

The therapeutic equipment is expected to register the highest CAGR of 6.3% during the forecast period.

The online retailers segment is projected to portray the highest CAGR of 6.3% during the forecast period.

Increase in prevalence of chronic diseases, surge in geriatric populations, and technological advancements drive the growth of the U.S. home medical equipment market.

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Major Factors Driving the Growth of U.S. Home Medical Equipment Market:

• Aging population: The United States has an aging population, with an estimated 72.3 million adults aged 65 and over in 2022. This is the fastest-growing segment of the population, and it is driving demand for home medical equipment, as older adults are more likely to have chronic health conditions that require medical equipment at home.

• Rising prevalence of chronic diseases: The prevalence of chronic diseases, such as diabetes, heart disease, and cancer, is increasing in the United States. These chronic diseases require ongoing medical care, and home medical equipment can help to manage these conditions and improve patients’ quality of life.

• Technological advancements: There have been significant advancements in the technology of home medical equipment, which have made it more accurate, affordable, and user-friendly. These advancements include the development of new sensors, algorithms, and connectivity features.

Market Segmentation:

By product type:

• Therapeutic equipment: This category includes devices that are used to treat or manage chronic medical conditions, such as respiratory therapy equipment, home infusion therapy equipment, home dialysis equipment, and other therapeutic devices.
• Patient monitoring equipment: This category includes devices that are used to monitor patients’ health status, such as blood pressure monitors, blood glucose monitors, and heart rate monitors.
• Mobility assist and patient support equipment: This category includes devices that are used to help patients with mobility impairments, such as wheelchairs, walkers, and patient lifts.
• Personal care equipment: This category includes devices that are used for personal care, such as bath safety equipment, bed rails, and commodes.

By distribution channel:

• Hospital pharmacies: Hospital pharmacies are a common channel for the sale of home medical equipment, particularly for patients who are discharged from the hospital and require equipment at home.
• Retail pharmacies: Retail pharmacies are another common channel for the sale of home medical equipment, particularly for over-the-counter items and for patients who are not hospitalized.
• Online retailers: Online retailers are an increasingly popular channel for the sale of home medical equipment, as they offer a wide selection of products at competitive prices and the convenience of home delivery.
• Direct sales: Some home medical equipment manufacturers sell their products directly to consumers, either through their own websites or through telemarketing.

By end user:

• Adults: Adults are the most common users of home medical equipment, as they are more likely to have chronic medical conditions.
• Children: Children also use home medical equipment, particularly for conditions such as asthma, diabetes, and cystic fibrosis.
• Healthcare providers: Healthcare providers, such as doctors, nurses, and therapists, also use home medical equipment to provide care to their patients.
• Home care agencies: Home care agencies provide care to patients in their homes, and they often use home medical equipment to provide this care.

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Competitive Landscape:

The U.S. home medical equipment market includes an in-depth analysis of the prime market players such as Baxter International Inc., Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen AG, Hill-Rom Holdings, Inc., General Electric Company (GE Healthcare), Johnson & Johnson (Depuy Synthes), Invacare Corporation, Medtronic Plc., and Smith & Nephew Plc.

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Recent Product Launch In The Market

In August 2021, ResMed, a global leader in digital health and sleep apnea treatment, launched AirSense 11, the company’s next-generation PAP (positive airway pressure) device designed to help hundreds of millions of people worldwide with sleep apnea and stay on therapy to treat and manage obstructive sleep apnea.

In March 2020, Invacare Corporation announced the launch of front-wheel drive power mobility, the Invacare AVIV FX Power Wheelchair that has a unique identity that conveys a promise of design, technology, and performance.

Key Questions Answered in the Intelligent Study

What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?

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Market Dynamics and Transformations

Economic Downturn Analysis: Impact of Recession in 2023
Pandemic’s Influence: Impact of Covid-19 Pandemic
Market Evolution: Recent Developments in the Market with Key Players Announcements

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