The Home Medical Devices Market Size is driven by growing demand for homecare medical devices due to increasing geriatric population, increasing homecare settings, and rising market consolidation. The testing, screening and monitoring equipment segment held largest share during 2021-2028 owing to increasing chronic conditions and large number of people opting to buy testing medical equipment for home use.
New York, December, 14, 2021 /PRNewswire/–According to the new market research report “Home Medical Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Functionality (Testing, Screening and Monitoring Equipment, Therapeutic Products, Mobility Care Products, Biofeedback Instruments, Electrical Stimulation Devices, and Muscle Stimulators), Services (Skilled Nursing Services, Rehabilitation Therapy Services, Hospice and Palliative Care Services, Respiratory Therapy Services, Infusion Therapy Services, Pregnancy Care Services, and Unskilled Care Services), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Retailers)”, published by The Insight Partners, the global home medical devices 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. Get the Latest COVID-19 Analysis on home medical devices market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00020904
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., Invacare Corporation among the key companies operating in the endodontic reparative cement market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.
· In March 2020 Medtronic Launches New Solutions to Help Monitor Patients for COVID-19. Medtronic Care Management Services (MCMS) business has launched two new solutions designed to help assess and monitor patients who may be concerned about COVID-19 and their respiratory symptoms. The COVID-19 Virtual Care Evaluation and Monitoring solution uses a virtual assistant to evaluate patients at home.
· In April 2020, B. Braun received US Food and Drug Administration (FDA) Emergency Use Authorization (EUA) for use of Infusion Pumps with Nebulizers to treat COVID-19 patients.B. Braun’s Perfusor Space Syringe Infusion Pump, Infusomat Space Volumetric Infusion Pump, and Outlook ES Pump systems for use in the “tracheal delivery of continuous nebulized medications into a nebulizer to treat patients of all ages with or suspected of having the Coronavirus Disease 2019 (COVID-19) and to decrease the exposure of healthcare providers (HCP) to such patients during the COVID-19 pandemic.
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In 2020, North America registered as the fastest-growing region in the global home medical devices market. The market is this region is expected to grow significantly in countries such as U.S., Canada, Mexico. The growth of the market is attributed to increasing awareness among the population for home medical devices, rising adoption rate of advanced medical devices, technological advancements and rising emphasis on improving treatment outcomes.
North America held the largest market share for home medical devices in 2020. The United States held the largest market for home medical devices, and the market is expected to grow due to increasing adoption of advanced medical device technologies, growing digitalization of medical devices, increasing emphasis on improving treatment outcomes and increasing prevalence of chronic diseases. Increasing prevalence of chronic diseases such as diabetes in the US is likely to raise demand for home medical devices. For instance, as per the Centers for Disease Control and Prevention (CDC), in 2017, National Diabetes Statistics Report stated that nearly 23 million people in the US had diabetes, of which type 1 diabetes accounted for nearly 5% to 10%, or nearly 1.2 to 2.3 million people. Of people with type 2 diabetes, nearly 14%, or 3.2 million people, manage their diabetes with insulin only This is likely to grow demand of home medical device market. ncreasing prevalence of chronic diseases such as diabetes in the US is likely to demand home medical devices. The Centers for Disease Control and Prevention (CDC), in 2017, National Diabetes Statistics Report stated that nearly 23 million people in the US had diabetes, of which type 1 diabetes accounted for nearly 5% to 10%, or nearly 1.2 to 2.3 million people. Of people with type 2 diabetes, nearly 14%, or 3.2 million people, manage their diabetes with insulin only. For instance, in August 2018, US FDA approved Abbott’s FreeStyle Libre-14-day, revolutionary continuous glucose monitoring system.
Similarly, in January 2021, New York based TytoCare has launched fingertip Pulse Oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely. This solution is used in home setting which supports clinicians to monitor patients with Covid-19 and chronic lung or heart conditions, which helps them in avoiding hospital and clinic visits.
As per the CDC, there were around 12,200, home health agencies in the US. Thus, such high number of agencies offering home healthcare services is likely to favor market growth.
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In 2019, Asia Pacific registered as the second fastest growing region of the global home medical devices market in 2020 owing to the increasing medical device production in countries such as India, Japan, and South Korea. Whereas, the up-gradation in the medical device guidelines and government support for the increasing production in Australia and China are expected to drive market growth significantly during the forecast period.
Growing Demand for Homecare Medical Devices due to Increaing Geriatric Population in Home Medical Devices Market Growth:
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.
The above-mentioned countries along with the developing countries such as China, India, Saudi Arabia, the UAE, and Brazil offer significant growth opportunities for the medical device players to provide innovative devices. The improved healthcare services such as diagnostics and therapeutics have helped in declining death rates. On the other hand, the improving healthcare system is widely contributing to the growth of the geriatric population. According to the United Nations (UN) estimation, by 2060, there will 1.8 billion older people, which will account for 17.8% of the world’s total population. Population growth will see the rise twice of 607 million people, i.e., 8.2% of the world’s total population in 2015. Therefore, as per the estimation, the growth of the home medical devices market is expected to be driven by the increasing geriatric population during the forecast period.
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Home Medical Devices Market: Segmental Overview
Based on functionality was segmented into testing, screening and monitoring equipment, therapeutic products, mobility care products, biofeedback instruments, electrical stimulation devices, and muscle stimulators. The testing, screening and monitoring equipment segment accounted for more than 31.38% of the market share in 2020. In terms of services was 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. The skilled nursing services segment held the largest share of the market in 2020. In terms of 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.
The COVID-19 outbreak has disturbed various trades and businesses across the world. Due to growing demand for ventilators many companies have seen increasing sales in their respective segments. For instance, in response to the coronavirus pandemic ResMed announced its fiscal third quarter results with revenue of US$769.5 million, a 16% year-over-year increase fueled by growth in its ventilator business. Moreover, remote patient monitoring (RPM) in COVID-19 crisis offers tools for disease monitoring and patient-provider communications that reduce infection risks for patients, communities and providers. These are especially safe and useful method of care as healthcare system works to combat COVID-19. According to the Healthcare Information and Management Systems Society, Inc. (HIMSS), COVID-19 allows clinicians to monitor temperature and pulmonary function, blood pressure and other appropriate physiology for changes in a patient’s disease and symptom progression, using digitally connected, non-invasive devices (e.g. sensors for body temperature or thermometers, pulse-oximeters and home blood pressure monitors). Due to growing hospital bed shortage, this type of remote monitoring free up valuable and critical hospital resources to treat the most critical cases. Thus, owing to the above–mentioned factors, the pandemic has shown a positive impact on the home medical devices market.