Home Medical Devices Market: Growing Demand for Homecare Medical Devices due to Increasing Geriatric Population
According to our new research study on “Home Medical Devices Market Forecast to 2027 – COVID-19 Impact and Analysis – by Functionality, Services, and Distribution Channel,” the market is expected to reach US$ 57,102.9 million in 2028 from US$ 33,635.2 million in 2020; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The report highlights trends prevailing in the global Home medical devices market and factors governing the market growth.
A home use medical device or home medical device is intended for patients (care recipient) in any environment. This includes devices intended for use in both professional healthcare facilities and homes. Additionally, changes in healthcare have encouraged care from the hospital environment to the home environment. Home medical device may include glucose meter, heating pad, hospital bed, walker, ventilator, wheelchair, and others. The growth of the home medical devices market is attributed to the factors such as increasing geriatric population, increasing homecare settings, and rising market consolidation. However, stringent regulations, challenges, and risks for homecare medical devices are key factors restraining the market growth.
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Home Medical Devices Market: Competitive Landscape
F. Hoffmann-La Roche Ltd.; General Electric Company; Abbott; Koninklijke Philips N.V.; B. Braun Melsungen AG; Johnson and Johnson Services, Inc.; Medtronic; Medline Industries, Inc.; Baxter International Inc.; and Invacare Corporation are among the leading companies operating in the home medical devices market.
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 the 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.
Home Medical Devices Market Segmentation Review
Based on functionality, the testing, screening and monitoring equipment segment held the largest share during the forecast period. The growth can be attributed to factors such as increasing chronic conditions and large number of people opting to buy testing medical equipment for home use. For instance, increasing prevalence of diabetes has led to increase in adoption of blood glucose monitors. Moreover, it is expected by the International Diabetes Federation that by 2045 people suffering from diabetes will reach to 629 million globally from 425 million in 2017. Additionally, developments by market players is boosting the growth of the market. For instance, in 2020, Abbott launched a continuous blood glucose monitoring system FreeStyle Libre in India and will be available for both adults and children. This will offer patients a choice to check glucose levels anytime and anywhere, eventually improving glucose control.
Based on 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 market and is expected to grow at the fastest rate during the coming years.
Based on distribution channel, the home medical device market is segmented into hospital pharmacies, retail pharmacies, and online retailers. The hospital pharmacy segment held the largest share of the market in 2020. Also, the hospital pharmacy segment is estimated to register the highest CAGR in the market during the forecast period.
Home Medical Devices Market – by Functionality
- Testing, Screening and Monitoring Equipment
- Therapeutic Products
- Mobility Care Products
- Electrical Stimulation Devices
- Biofeedback Instruments
- Muscle Stimulators
Home Medical Devices Market – by Services
- Skilled Nursing Services
- Rehabilitation Therapy Services
- Respiratory Therapy Services
- Hospice and Palliative Care Services
- Pregnancy Care Services
- Infusion Therapy Services
- Unskilled Care Services
Home Medical Devices Market – by Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
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