‘Home Medical Equipment Market by Product (Therapeutic [CPAP, Nebulizer, Ventilator, Dialysis, IV Equipment], Monitoring [Cardiac, Glucose, Temperature, Apnea], Mobility Assist [Walker, Wheelchair, Scooter]), and Distribution Channel – Global Forecast to 2030,’ published by Meticulous Research®, the home medical equipment market is projected to reach $62.89 billion by 2030, at a CAGR of 6.8% from 2023 to 2030.

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Home medical equipment is used to fulfill patients’ healthcare needs at home. It is mostly used when a patient or individual requires prolonged care or stays in healthcare facilities. Home medical equipment includes therapeutics equipment, mobility assistive and patient support equipment used by individuals or patients to control numerous conditions such as respiratory diseases, mobility disorders, and cancer.

The key players profiled in the home medical equipment market report are Abbott Laboratories (U.S.), Amedisys, Inc (U.S.), Baxter Healthcare (U.S.), Convatec (U.K.), Fisher & Paykel Healthcare (New Zealand), Fresenius Medical Care AG & Co. KGaA (Germany), Becton, Dickinson and Company (U.S.), GE HealthCare (U.S.), Invacare Corporation (U.S.), Medtronic (Ireland), Hill-Rom Holdings, Inc. (U.S.), Smith & Nephew plc (U.K.), and Inogen, Inc. (U.S.). The report also includes an extensive assessment of the key growth strategies adopted by leading market players in the last three to four years. The global home medical equipment market has witnessed several strategic developments in the past few years.

Technological advancements in home medical equipment, the increasing prevalence of chronic diseases coupled with the rising geriatric population globally, the growing adoption of self-health management practices, and rising healthcare expenditure are driving the growth of this market.

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Furthermore, emerging economies are expected to offer significant opportunities for the growth of this market. However, the high costs of medical equipment and the absence of reimbursement for home medical equipment are expected to restrain the market's growth.

Rising Healthcare Expenditure to Drive the Demand for Home Medical Equipment
Healthcare expenditure encompasses all the financial resources allocated to ensure the optimal functioning of healthcare systems and the delivery of high-quality patient care. The increasing healthcare expenditures in various countries indicate a growing emphasis on promoting overall population health and disease prevention. This trend is expected to drive the adoption of advanced medical technologies, increase funding and initiatives for disease diagnosis and treatment, and the establishment of healthcare facilities with advanced infrastructure. This rise in healthcare expenditure is observed in both developed and developing countries. The U.S. has significantly higher healthcare spending than other economies.

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Among the distribution channels covered in this study, in 2023, the retail medical stores segment is expected to account for the largest share of the home medical equipment market. The large market share of this segment is attributed to the easy availability and accessibility of home medical equipment and lower operating costs. Retail medical stores offer a wide range of products and other medical supplies. Retail medical stores offer a wide range of products and medical supplies, providing convenient access for patients needing home medical equipment and supplies. The convenience offered by these stores contributes to the significant market share of this segment.

Based on geography, the home medical equipment market is segmented into North America, Europe, Asia-pacific, Latin America, and the Middle East & Africa. North America is expected to account for the largest share of the home medical equipment market. North America’s major market share is attributed to the growing aging population, the increasing prevalence of chronic diseases that necessitate the use of home medical equipment, the ongoing development of healthcare infrastructure, and the rising healthcare expenditures in the region.

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