Home Medical Devices Market: Key Insights
According to our latest study on “Home Medical Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Functionality, Services, Distribution Channel, and Geography,” the market is expected to reach US$ 57,102.9 million in 2028 from US$ 33,635.2 million in 2020; it is expected to grow at a CAGR of 7.0% from 2021 to 2028. The home medical devices market growth is attributed to the growing demand for homecare medical devices by the geriatric population, increasing homecare settings, and rising market consolidation. However, stringent regulations, challenges, and risks for homecare medical devices are expected to hamper the growth of the home medical devices market. The home medical devices market report also studies the ongoing opportunities and home medical devices market trends that can have a significant impact on the market growth potential.
Home medical devices have seen a significant increase in demand owing to its convenience and remote monitoring, diagnosing, and treatment capabilities. These devices are intended for patients in any environment. Also, the recent changes in the healthcare infrastructure due to the COVID-19 pandemic have emphasized the use of home medical devices. A home medical device may include a glucose meter, heating pad, hospital bed, walker, ventilator, wheelchair, and others. The market report aims to develop an understanding of the home medical devices market scope and trends that are expected to drive the market.
Based on functionality, the home medical devices market can be segmented into testing, screening & monitoring equipment, therapeutic products, mobility care products, biofeedback instruments, electrical stimulation devices, and muscle stimulators. The testing screening & monitoring segment held the largest share of the home medical devices market in 2020 and is expected to continue its dominance during the forecast period. Also, it is expected to have the highest CAGR during the forecast period. The testing, screening & monitoring equipment segment is further segmented into blood glucose monitors, heart rate monitors, sleep apnea monitors, hearing aids, temperature monitors, fetal monitoring devices, cholesterol monitoring devices, ECG/EKG devices, drug & alcohol test kits, coagulation monitors, blood pressure monitors, EEG devices, pulse oximeters, home hemoglobin A1c test kits, colon cancer test kits, ovulation & pregnancy test kits, HIV test kits, pedometers, peak flow meters, and Holter & event monitors. The therapeutic products segment is further segmented into oxygen delivery systems, ventilators, dialysis equipment, sleep apnea therapeutic devices, would care products, IV equipment, nebulizers, insulin delivery devices, inhalers, and other therapeutic products. The mobility care products of the home medical devices market are further segmented into canes, crutches, mobility scooters, walkers & rollators, and wheelchair.
Growing support from the government to encourage homecare settings by offering all the required comfort for patients, increasing product launches for homecare settings, and growing initiatives to expand the homecare setting are the prominent factors that have supported the growth of homecare settings. Countries such as the UK, Canada, and Israel have supported hospital-at-home programs. However, a few countries have recognized this program lately due to uncertainties such as cost of care, hospital services, outbreak break of uncertain diseases.
The outbreak of COVID-19 has resulted in increasing homecare settings. As there was a noticeable shortage of hospital supplies and medical devices for patients worldwide, the governments have recognized the value of the homecare setting during the pandemic. Thus, there was an increase in the need for an existing homecare setting due to growing attention for homecare medical devices. The pandemic has allowed the US Centers for Medicare & Medicaid Services (CMS) to launch a new hospital-at-home initiative in November 2020. The CMS has announced that THE hospital-at-home INITIATIVE will grant hospitals unprecedented flexibility to provide patients with hospital-level care in their homes or home care setting. Also, as of January 13, 2021, nearly 80 hospitals have participated in the initiative. Therefore, it is expected that the initiative by the CMS is likely to influence the growth of the market.
The home care setting segment has experienced a rise due to various product launches, collaborations, and innovations by the market players in recent years. For instance, as of June 2017, Fresenius Medical Care AG & Co. KGaA has helped in treating more than 315,000 patients through its chain of 3,690 dialysis centers. In February 2019, the company completed NxStage Medical Inc.'s acquisition to be among the global players for the home treatment segment. It is also essential to provide hands-on care and advanced medical devices that can help patients improve their health conditions at their homes. Therefore, such strategies by the market players are likely to accelerate the market growth by offering technologically advanced products in the near future.
Home Medical Devices Market: Competition Landscape and Key Developments
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 key companies operating in the home medical devices market. Product launches and expansion strategies are commonly adopted by these companies to expand their footprint worldwide. They also expand their respective product portfolios to meet the growing demand. The home medical devices market players offer innovative products to cater to constant and changing customer demands across the world, which also permits them to maintain their brand name globally.
Some of the recent developments in the home medical devices market include:
In March 2021, Roche acquired GenMark Diagnostics, Inc. at US$ 1.8 billion. The acquisition of GenMark is expected to broaden the diagnostics portfolio of Roche for home medical devices.
In March 2020, Medtronic launched new solutions to help monitor COVID-19 patients. The Medtronic Care Management Services (MCMS) business launched two new solutions designed to help assess and monitor patients who may be concerned about COVID-19 and respiratory symptoms. The COVID-19 virtual care evaluation and monitoring solution used a virtual assistant to evaluate patients at home.
Email Id: email@example.com