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U.S. Home Medical Equipment Market to Reach $20.41 Bn by 2027 at 5.6% CAGR: Allied Market Research
PORTLAND, Ore., May 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "U.S. Home Medical Equipment Market by Functionality (Therapeutic Equipment, Patient Monitoring Equipment, and Mobility Assist & Patient Support Equipment) and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Retailers): Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the U.S. home medical equipment industry generated $11.53 billion in 2019, and is expected to generate $20.41 billion by 2027, witnessing a CAGR of 5.6% from 2020 to 2027.
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Prime determinants of growth
Increase in prevalence of chronic diseases and technological advancements drive the growth of the U.S. home medical equipment market. However, limited expertise for home-based users and complications associated with use of medical equipment hinder the market growth. On the other hand, surge in demand for asthma, chronic obstructive pulmonary disease (COPD), and oxygen-related products present opportunities in the market.
- Owing to increase in self-isolation treatments and monitoring purposes during the Covid-19 pandemic, the demand for home medical equipment increased in the U.S.
- Devices such as oxygen delivery equipment, continuous positive airway pressure equipment, ventilators, blood glucose monitors, oxygen concentrators, and blood pressure monitors experienced a huge demand.
- Technological advancements such as medical beds, stairlifts, and lift chairs enabled users to opt for home medical equipment due to its convenience and ease of use.
The therapeutic equipment segment to maintain its leadership status during the forecast period
Based on functionality, the therapeutic equipment segment contributed to the highest share in 2019, accounting for more than two-fifths of the U.S. home medical equipment market, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is expected to manifest the largest CAGR of 6.3% from 2020 to 2027. This is due to rise in demand for therapeutic equipment raised the number of new product approvals and launches. The report analyzes the segments including patient monitoring equipment and mobility assist & patient support equipment.
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The retail pharmacies segment to maintain its lead position throughout the forecast period
Based on distribution channel, the retail pharmacies segment accounted for the highest market share in 2019, holding nearly half of the U.S. home medical equipment market, and is estimated to maintain its lead position throughout the forecast period. This is due to a wide variety of medical devices ranging from small portable medical devices to big-sized mobility devices and medical furniture offered by these stores. However, the online retailers segment is expected to manifest the fastest CAGR of 6.3% from 2020 to 2027, owing to convenience and increased accessibility of newly launched devices along with lower costs of products as compared to other distribution channels.
Leading Market Players
- Abbott Laboratories
- Baxter International Inc.
- B. Braun Melsungen AG
- Becton, Dickinson and Company
- General Electric Company (GE Healthcare)
- Hill-Rom Holdings, Inc.
- Invacare Corporation
- Johnson & Johnson (Depuy Synthes)
- Medtronic Plc.
- Smith & Nephew Plc.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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SOURCE Allied Market Research