USD 52.40 Billion
Home Medical Equipment and Consumables Market Size, Share, Growth Analysis, By Product(Equipment and Consumables), By End User(Hospitals & Clinics, Home Healthcare, and Nursing Home), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2899 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
61
|Figures:
66
Home Medical Equipment and Consumables Market Insights
Global Home Medical Equipment and Consumables Market size was valued at USD 52.40 Billion in 2022 and is poised to grow from USD 55.80 Billion in 2023 to USD 92.34 Billion by 2031, growing at a CAGR of 6.5% during the forecast period (2024-2031).
Home medical equipment is defined as medical equipment used to provide the patient with a safe, practical, inexpensive, and acceptable environment inside his or her own home. The effect of the COVID-19 pandemic was felt in 2020, as there was a slight drop to USD 39,470.01 million, but due to the sudden demand surge for ventilators, oxygen supplies, and other home medical equipment, accelerated growth has been seen in 2021 and is forecasted to grow further with rising populations and their associated healthcare needs.
Due to the rising geriatric population and increasing prevalence of chronic diseases and the growing emphasis on early detection and treatment by healthcare professionals, an increasing number of individuals are having diagnostic and surgical treatments. As a result of an increase in inpatient admissions as well as an increase in surgical and diagnostic procedures, the demand for medical devices, including capital equipment and consumables, is rising in both developed and developing countries. Leading market players are expanding their spending in R&D for the development of technologically improved equipment to match the growing demand for cutting-edge technologies.
The market for medical devices is anticipated to expand in the upcoming years as a result of increased R&D expenditures by medical technology companies and favourable clearance conditions provided by regulatory agencies. For instance, 213 devices obtained breakthrough designations in 2022, up from around 130 in 2021, according to the FDA's Centre for Devices and Radiological Health report from that year.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Product
Fastest Growth
Product
Growth Rate
6.5%
Home Medical and Consumable Market ($ Bn)
Country Share for North America Region (%)
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Home Medical Equipment and Consumables Market Segmental Analysis
Global Home Medical Equipment and Consumables Market is segmented based on the Product, End User, and Region. Based on Product, the market is segmented into Equipment and Consumables. Based on the End User, the market segmented into Hospitals & Clinics, Home Healthcare and Nursing Home. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Product
Equipment segment dominates the market holding 59% share, and is expected to reach USD 32.16 billion by 2023, growing at a CAGR of 6.0%. This represents a niche area where high-tech solutions, directed at patients who have mobility problems or need support, have signalled a shift in how consumers approach life and their demands of better living quality within their homes. Whether it be mobility aids such as walkers and wheelchairs or the patient support systems that go with adjustable beds, lift chairs—these are techno-health products to bring independence and comfort to individuals suffering from various medical requirements.
Whereas the consumable segment commands a slightly lower share of 41%, it is of great importance in the ecosystem of home medical care. This ranges from wound care supplies and catheters to disposable gloves, respirator masks, and nutritional supplements. If the market share is smaller, consumables are indeed the lifeblood that lets home healthcare flow seamlessly, day in and day out, regarding medical service delivery and patient well-being maintenance. Even as important products in helping to cure and control many kinds of health disorders, what is more significant about these products is the role they play in keeping hygiene, preventing infections, and consequently promoting general efficacy expected of care within domestic settings.
Analysis by End User
Home Healthcare presently dominates the market and is projected to continue with USD 70.65 billion by the year 2031 while growing at a CAGR of 6.8%. The significant market share of 84.37% by the home healthcare segment certainly points to the fact that the medical care delivery landscape is changing drastically under the influence of a confluence of factors. First and foremost, the increase in the geriatric population, coupled with the high prevalence of most chronic diseases, is fueling demand for medical equipment at home.
This segment is also forecast to be the fastest growing in the period. The aging demographics characterize a higher propensity to disease and chronic conditions, calling for a definite shift toward convenient and accessible healthcare solutions. Again, increasing instances of pregnancy reiterate the demand for safe home medical equipment to address maternity and neonatal care outside the clinical setting. All of these factors together will contribute to its faster growth.
Home Medical and Consumable Market By Product
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Home Medical Equipment and Consumables Market Regional Insights
Whereas North America has taken the major share, the United States dominates these charts with respect to revenue generation. The North America home medical equipment and consumables market is projected to escalate to USD 39,300.36 million by 2031 from USD 23,151.35 million in 2023 at a robust CAGR of 6.8%. This is so because the region supports a strong healthcare infrastructure and reimbursement policies that are conducive, thus playing a very useful role in the global arena. At the same time, based on Skyquest’s analysis, it was revealed that sixty percent of Americans are currently dealing with at least one chronic illness, such as heart disease, stroke, cancer, or diabetes. These ailments, along with others of a chronic nature, stand as the primary contributors to mortality and incapacitation within the United States. This further supports the dominance of this region in this market.
However, the Asia-Pacific region that the most dynamic market segment exists, driven by the idea of growth. It is expected to be the fastest growing segment with the fastest growing CAGR of 7.9%. A region of rapid urbanization, increasing disposable incomes, and a growing focus on healthcare infrastructure has unmatched opportunities for market growth. To that extent, it calls upon the stakeholders in home medical equipment and consumables to seize this emerging market by roping in strategic partnerships, new technologies, and focused marketing initiatives for harvesting growth potential from the region. The global home medical equipment and consumables market will grow, aided by changing healthcare needs, demographic shifts, and regional dynamics that promise promising growth opportunities for all kinds of industry participants across the world.
Home Medical and Consumable Market By Geography
- Largest
- Fastest
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Home Medical Equipment and Consumables Market Dynamics
Drivers
Increasing Geriatric Population
- The increase in the aged population is making market players develop accurate, effective, user-friendly, and efficient medical technologies. This, in turn, creates demand among the elderly for therapeutic, mobility, and monitoring equipment, thus driving the market's growth. The 65 years and above population stood at 771 million globally in 2022 and accounted for nearly 10% of the world's population. This segment has been growing exponentially, and is likely to touch 16% by 2050, and a whopping 24% by 2100. The surge of this magnitude is a wonderful opportunity for the Home Medical Equipment & Consumables Market. With the senior population continuing to rise, their requirements in terms of home medical equipment and consumables will also grow to cater to their health requirements, thereby boosting the market.
Surge in Chronic Diseases Fuels
- One of the trends in the healthcare sector relates to the increasing prevalence of chronic conditions such as diabetes, cardiovascular diseases, and respiratory disorders worldwide. Consequently, the demand for home medical devices and related consumables is also growing to facilitate monitoring and management of such conditions within the comfort of one's home. These are devices that can make patients more proactive towards their health management: glucometers, blood pressure monitors, inhalers. Early detection allows for early intervention and prevents complications.
Restraints
High Cost of Homecare Medical Devices
- Although the futures of the homecare medical devices market seem encouraging, the high cost of products badly burdens it. Absence of insurance coverage and safety risks to patients and home care personnel will be the major factors affecting the sales of homecare medical devices. For chronically ill patients whose illness needs long-term management, the medical equipment and consumables add up, thus becoming a heavy financial burden. This added financial pressure could be making some eliminate treatments and forgo necessary medicines and supplies—all to the possible detriment of health outcomes.
Market Growth Hindered by Regulatory Compliance
- The overall big challenge that faces the home medical equipment & consumables market is compliance with regulations. There are stringent standards relating to the design, manufacturing, and labelling of medical devices and consumables; any non-conformity equates to zero business. Conformity of this kind is an obstacle for manufacturers looking to meet set standards. The process requires exhaustive testing, meticulous documentation, rigorous certification procedures—all commanding broad resources and financial investments in terms of time. High demands on the products force manufacturers to use lots of resources to ensure a product meets these strict guidelines, introducing the corresponding complexity and raising the cost of development and launching a product into the market.
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Home Medical Equipment and Consumables Market Competitive Landscape
The home medical equipment and consumable market is highly fragmented, wherein a few companies now control the bulk of the market. Some of these companies are Rotech Healthcare Inc., Medline Industries Inc., Omron Healthcare Inc., Resmed Corporation, and General Electric Company. In-home medical equipment forms one of the major drivers of competition in this market. These key players have also formed a number of strategic partnerships, including acquisitions and partnerships, in order to maintain their presence in the global market. Product launches and innovative projects are also one the key strategies used by the key players.
Top Player's Company Profiles
- Medtronic (Ireland)
- Inogen Inc. (US)
- General Healthcare Company (US)
- Abott Laboratories (US)
- Koninklijke Philips N.V (Netherlands)
- Johnson & Johnson Services, Inc. (U.S)
- Cardinal Health, Inc. (US)
- Dickinson Company (US)
- Invacare Corporation (US)
- Drive DeVilbiss Healthcare (US)
- Medline Industries LP (US)
Recent Developments
- In February 2024, Belluscura, a medical device developer focused on lightweight and portable oxygen enrichment technology, has partnered with Sunset HealthCare. Under the agreement, Sunset HealthCare will offer the X-PLOR portable oxygen concentrator (POC) to over 1,600 customers.
- In December 2023, GE HealthCare and reLink Medical announced a collaboration to deliver asset management solutions to healthcare providers to help reduce medical device waste, increase operational efficiency and maximize their equipment utilization.
- In November 2023, Leading health and well-being company Humana Inc. announced that it has reached an agreement with two national organizations to provide Durable Medical Equipment (DME) services to help Humana Medicare Advantage HMO members achieve their best health at home.
Home Medical Equipment and Consumables Key Market Trends
- Rise of Subscription Models: Companies are moving to the idea of subscription boxes for consumable medical supplies to be directly delivered to patients, ensuring timely delivery and ease, with a possible reduction in costs and logistic headaches for patients. In a nutshell, these health devices have been commoditized through subscription services like those provided for Continuous Glucose Monitors and CPAP machines. The idea is that on subscription, a patient will get periodic shipment of equipment and consumables needed without having to go through frequent hassles of reordering. This subscription model caters not only to making a patient's backend easy regarding the procurement process but also guarantees them a continuous supply of important medical devices and consumables, which is quite important for adherence to treatment regimens for better health management.
Home Medical Equipment and Consumables Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest’s analysis, the worldwide home medical equipment and consumables market is growing at a high pace due to rising healthcare expenditure, an increasing number of chronic diseases, and trends of ageing populations. Of these, the segment that has the greatest proportion in this market is that of equipment, which is accelerated by recent technological innovations combined with the growing rate of adoption of medical devices based on home operations. Such a high growth rate of the market is reflected in our analysis, driven by improved technology, rising consumer per capita income, and a rising prevalence of a wide range of chronic conditions. Further, it is anticipated that in the near future, rapid industrialization in developing nations like India, China, and Indonesia, combined with rising government initiatives to develop healthcare infrastructure, would play an important role in changing the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 52.40 Billion |
| Market size value in 2031 | USD 92.34 Billion |
| Growth Rate | 6.5% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Home Medical Equipment and Consumables Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Home Medical Equipment and Consumables Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Home Medical Equipment and Consumables Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Home Medical Equipment and Consumables Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Home Medical Equipment and Consumables Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Home Medical Equipment and Consumables Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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