Home Healthcare Equipment Market by Product and Geography - Forecast and Analysis 2022-2026

The home healthcare equipment market size growth is expected to progress at a CAGR of 7.73% and is estimated to grow to USD 3.10 billion from 2021 to 2026.

The home healthcare equipment market research report is extensively segmented as follows:

• Product - Portable ventilators, blood pressure monitor, blood glucose monitor, and others
• Geography - North America, Asia, Europe, and Rest of World (ROW)

This home healthcare equipment market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. The home healthcare equipment market report offers information on several market vendors, including 3M Co., Abbott Laboratories, ARKRAY Inc., B. Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., General Electric Co., Home Medical Products Inc., Invacare Corp., Johnson and Johnson, Medline Industries Inc., Medtronic Plc, OMRON Corp., ResMed Inc., Rotech Healthcare Inc., Smiths Group Plc, Stryker Corp., and Thermo Fisher Scientific Inc. among others.

What will the Home Healthcare Equipment Market Size be During the Forecast Period?

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Home Healthcare Equipment Market: Key Drivers, Trends, and Challenges

The rise in the geriatric population is notably driving the home healthcare equipment market growth, although factors such as the lack of adequate healthcare services in developing countries may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the home healthcare equipment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Home Healthcare Equipment Market Driver

• One of the key drivers supporting the home healthcare equipment market growth is the rise in the geriatric population. 
• The older adult population is increasing at a rapid rate. In view of this, from 2010 to 2050, the geriatric population in developing countries will increase by more than 250% compared to the geriatric population in developed countries, which will increase by 71%.
• Global home healthcare equipment is increasingly accepted due to the growing convenience and popularity of assistive living care and home-based diagnosis services.
• The geriatric population is vulnerable to many lifestyle diseases such as cardiovascular diseases and diabetes.
• Due to the prevalence of diseases, the demand for nursing care and stroke recovery equipment is high. Thus, the rising geriatric population is a key driver for the growth of the global home healthcare equipment market. 

Key Home Healthcare Equipment Market Trend

• One of the key home medical equipment market trends fueling the market growth is the increased incidences of life-threatening diseases. 
• Chronic diseases such as stroke, heart disease, diabetes, and chronic respiratory diseases were the leading causes of death in 2020. 
• The incidences of chronic non-communicable diseases have increased in the last 50 years, thereby posing a threat to the young population as well. However, with appropriate treatment and medical care, these chronic diseases can be cured, or their severity can be reduced.
• The increase in lifestyle diseases drives the admission rates in healthcare facilities.
• To meet the high demand for healthcare facilities, manufacturers and suppliers introduce advanced products and increase market penetration through efficient distribution networks. Thus, such initiatives will propel the home medical equipment market growth during the forecast period.

Key Home Healthcare Equipment Market Challenge

• One of the challenges hindering the home healthcare equipment market growth is the lack of adequate healthcare services in developing countries.
• In developing countries, the slow growth of global home healthcare equipment is due to the lack of availability of skilled professionals and vendors and the demand for these services among patients.
• Although developing countries have a large patient pool with various medical conditions, patients are highly dependent on hospital-based healthcare services, which affects the demand for global home healthcare equipment in these countries. 
• Due to the low demand and lack of affordability among people to avail of global home healthcare equipment, vendors are also hesitating to invest strategically in developing nations to develop global home healthcare equipment. Thus, the limited presence of vendors to provide global home healthcare equipment in these countries is a major challenge for the growth and expansion of the global home medical equipment market.

This home healthcare equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global home healthcare equipment market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the home healthcare equipment market during the forecast period.

Who are the Major Home Healthcare Equipment Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• 3M Co.
• Abbott Laboratories
• ARKRAY Inc.
• B. Braun SE
• Baxter International Inc.
• Becton Dickinson and Co.
• Boston Scientific Corp.
• Cardinal Health Inc.
• General Electric Co.
• Home Medical Products Inc.
• Invacare Corp.
• Johnson and Johnson
• Medline Industries Inc.
• Medtronic Plc
• OMRON Corp.
• ResMed Inc.
• Rotech Healthcare Inc.
• Smiths Group Plc
• Stryker Corp.
• Thermo Fisher Scientific Inc.

 

This statistical study of the home healthcare equipment market encompasses successful business strategies deployed by the key vendors. 

The home healthcare equipment market is fragmented and the vendors are focusing on improving the following factors to compete in the market:

• Quality
• Price
• Service
• Brand image
• Distribution
• Marketing 

Product Insights and News

• 3M Co. - The company offers home healthcare equipment such as diabetes glucose monitors. 
• B. Braun SE - The company offers home healthcare equipment such as Urimed Bbags closed bags, Urimed Bbags drainable bags, MIETHKE M.blue, infusion system. 
• Becton Dickinson and Co. - The company offers home healthcare equipment such as PleurX drainage system, Alaris EtCO2 module and respiratory monitoring. 

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The home healthcare equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.

Home Healthcare Equipment Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the home healthcare equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Home Healthcare Equipment Market?

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38% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the home healthcare equipment market in North America. Market growth in this region will be faster than the growth of the market in Rest of World (ROW).

The growth of the aging population will facilitate the home healthcare equipment market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, owing to the COVID-19 outbreak, many users, especially academic research institutes and industries that manufacture non-essential and essential items, partially shut down their operations. This had a negative impact on the regional market. . However, home healthcare equipment is being increasingly adopted by individuals with COVID-19 as a part of treatment and daily telemedicine counseling. Furthermore, healthy individuals are buying thermometers and pulse oximeters to monitor their temperature and oxygen saturation levels. Such increased sales will drive the home medical equipment market growth during the forecast period.

What are the Revenue-generating Product Segments in the Home Healthcare Equipment Market?

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The home healthcare equipment market share growth by the portable ventilators segment will be significant during the forecast period. Portable critical care ventilators are gaining popularity as they provide secure and proper ventilation. They are lightweight and slim designed and consist of swappable batteries, which help healthcare staff to move them from one place to another easily. Vendors in the market are coming up with advanced portable critical care ventilators, which can be used while shifting a patient from one hospital unit to another. Therefore, the development of such advanced portable ventilators for different clinical and environmental situations is driving the home healthcare equipment market growth.

This report provides an accurate prediction of the contribution of all the segments to the growth of the home healthcare equipment market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Home Healthcare Equipment Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 7.73%
Market growth 2022-2026	$3.10 billion
Market structure	Fragmented
YoY growth (%)	5.3
Regional analysis	North America, Asia, Europe, and Rest of World (ROW)
Performing market contribution	North America at 38%
Key consumer countries	US, Canada, France, China, and India
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	3M Co., Abbott Laboratories, ARKRAY Inc., B. Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., General Electric Co., Home Medical Products Inc., Invacare Corp., Johnson and Johnson, Medline Industries Inc., Medtronic Plc, OMRON Corp., ResMed Inc., Rotech Healthcare Inc., Smiths Group Plc, Stryker Corp., and Thermo Fisher Scientific Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Home Healthcare Equipment Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive home healthcare equipment market growth during the next five years
• Precise estimation of the home healthcare equipment market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the home healthcare equipment industry across North America, Asia, Europe, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of home healthcare equipment market vendors

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