U.S. Home Medical Equipment Market projected to grow US$ 20,397.76 Million by 2031, with a CAGR of 5.1%

PORTLAND, OREGON, UNITED STATES, August 7, 2023/EINPresswire.com/ -- The U.S. home medical equipment market size was valued at $12,380.36 Million in 2021 and is projected to reach $20,397.76 Million by 2031 at a CAGR of 5.1% from 2022 to 2031

Growing Demand: The home medical equipment market is experiencing significant growth due to various factors such as an aging population, increasing prevalence of chronic diseases, and a shift towards home-based healthcare. People prefer to receive medical care in the comfort of their homes, leading to a rising demand for medical equipment that can be used at home.

Favorable Reimbursement Policies: In many countries, reimbursement policies and healthcare reforms have supported the use of home medical equipment. Government and private insurance plans often cover certain types of medical equipment, making it more accessible and affordable for patients.

E-commerce and Online Platforms: The rise of e-commerce and online platforms has made it easier for consumers to purchase home medical equipment. Online retailers provide a convenient way to browse, compare prices, and order equipment from the comfort of home. This has expanded the market reach and improved accessibility for consumers.

Focus on Aging-in-Place: With the aging population and the desire for independent living, there is a growing emphasis on aging-in-place, which refers to seniors staying in their own homes rather than moving to assisted living facilities. Home medical equipment plays a crucial role in supporting this trend by providing necessary healthcare devices and aids to maintain health and well-being at home.

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Market Drivers:

Aging Population: The global population is aging, with a significant increase in the number of elderly individuals. Older adults often require medical equipment to manage chronic conditions and age-related health issues. As the elderly population grows, the demand for home medical equipment also increases.

Preference for Home-Based Care: There is a growing preference for receiving healthcare services in the comfort of one's own home. Home-based care reduces hospital stays, lowers healthcare costs, and provides patients with a sense of independence and familiarity. This trend drives the demand for home medical equipment that enables individuals to receive care at home.

Market Segmentation:

Product Type:

a. Mobility Aids: Wheelchairs, walkers, crutches, scooters, and canes.

b. Monitoring and Therapeutic Devices: Blood pressure monitors, glucose meters, pulse oximeters, nebulizers, home dialysis equipment, and respiratory therapy equipment.

c. Personal Care Products: Bath safety equipment, patient lifts, home care beds, and incontinence management products.

d. Bathroom Safety and Accessibility Equipment: Grab bars, shower chairs, raised toilet seats, and bath lifts.

e. Sleep Apnea Devices: Continuous positive airway pressure (CPAP) machines, masks, and accessories.

f. Other Equipment: Home infusion therapy devices, enteral feeding pumps, and medical furniture.

End User:

a. Patients: Individuals who require home medical equipment for self-care and management of chronic conditions.

b. Caregivers: Family members or professional caregivers who assist patients in using and managing home medical equipment.

c. Healthcare Facilities: Home healthcare agencies, nursing homes, and assisted living facilities that use medical equipment to provide care to patients in a home setting.

Distribution Channel:

a. Online Retailers: E-commerce platforms that sell home medical equipment directly to consumers.

b. Offline Retailers: Physical stores, pharmacies, and medical supply stores that offer home medical equipment.

c. Healthcare Providers: Hospitals, clinics, and healthcare facilities that provide home medical equipment as part of their services.

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Competitive Landscape:

Medtronic plc
ResMed Inc.
Abbott Laboratories
Becton, Dickinson and Company
Hill-Rom Holdings, Inc.
Invacare Corporation
Philips Healthcare
Drive DeVilbiss Healthcare
Fisher & Paykel Healthcare Limited
Cardinal Health, Inc.

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