Home Medical Equipment and Consumables Market

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.

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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).

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. '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)'

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.

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.

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.

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Home Medical Equipment and Consumables Market

Report ID: SQMIG35A2899

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