Home Therapeutic Equipment Market Size & Growth Analysis to 2030

The global home therapeutic equipment market size was valued at over USD 11 billion by 2020 and anticipated to register a significant CAGR of 9.2% during the forecast period from 2021 to 2027. The rising prevalence of chronic lifestyle disorders worldwide primarily drives the home therapeutic equipments market growth. Technological advancement in medical devices with the addition of excellent ergonomic features making it user-friendly and easy to operate in the homecare settings further accentuates the market growth.

A paradigm shift has occurred in the home therapeutic equipment market due to the new changes in the reimbursement scenario, complex needs of an aging population and increasing demand for outpatient settings worldwide. The few advantages associated with homecare medical settings are a reduction in mortality rate by 19% due to better functional outcomes of patients, monetary savings for home hospice in comparison to huge healthcare burden associated with inpatient hospital settings, etc.

Market Drivers:

Aging Population and Chronic Diseases: The aging population is a significant factor driving the demand for home therapeutic equipment. As the elderly population grows, there is an increasing prevalence of chronic diseases and conditions such as arthritis, diabetes, cardiovascular diseases, and respiratory disorders. Home therapeutic equipment, including mobility aids, blood pressure monitors, insulin pumps, and respiratory therapy devices, helps individuals manage their conditions and improve their quality of life at home.

Increasing Healthcare Costs: The rising costs of healthcare services and hospital stays have led to a shift towards home-based care and self-management of health conditions. Home therapeutic equipment provides a cost-effective alternative to hospital visits, allowing individuals to monitor their health, receive treatments, and manage chronic conditions without the need for frequent hospitalizations.

Technological Advancements: Advances in technology have significantly expanded the range and capabilities of home therapeutic equipment. Innovations such as wearable devices, smart sensors, mobile applications, and telehealth solutions have revolutionized home healthcare. These technological advancements improve the convenience, accuracy, and effectiveness of home therapeutic equipment, making it more appealing and accessible to patients.

Emphasis on Aging in Place: Many individuals prefer to age in place and maintain their independence and quality of life at home. Home therapeutic equipment enables individuals to receive necessary healthcare and therapeutic interventions in the comfort of their own homes, reducing the need for institutional care. The growing emphasis on aging in place and the desire for independent living drive the demand for home therapeutic equipment.

Supportive Government Policies and Reimbursement: Government initiatives and policies that support home healthcare and provide reimbursement for home therapeutic equipment play a significant role in driving market growth. Policies that promote home-based care, telehealth services, and reimbursements for specific home therapeutic equipment expenses make it more accessible and affordable for patients.

Patient-Centered Care and Personalization: There is an increasing focus on patient-centered care and personalized healthcare solutions. Home therapeutic equipment allows individuals to receive customized treatments and therapies based on their specific needs and preferences. This personalized approach improves patient satisfaction, adherence to treatment plans, and overall outcomes, leading to increased demand for home therapeutic equipment.

Convenience and Comfort: Home therapeutic equipment offers the convenience and comfort of receiving care and treatment at home, eliminating the need for frequent travel and time spent in medical facilities. It allows individuals to integrate healthcare into their daily routines and reduces disruptions to their lifestyle. The convenience and comfort provided by home therapeutic equipment contribute to its growing popularity.

Market Attributes:

Market Insights:

Respiratory therapy equipments are representing the largest market share in the components segment for the home therapeutic equipment market. The rising prevalence of respiratory illness primarily increases the demand for the oxygen delivery systems and ventilators. The growing incidence of sleep apnea creates a lucrative market opportunity for continuous positive airway pressure therapy devices in homecare settings. Dialysis equipments are keen to register steady market growth in the near future on account of the rising prevalence of chronic kidney diseases worldwide. According to the latest statistics provided by the National Kidney Foundation (NKF), approximately 10% of the global population is suffering from chronic kidney disease.

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Retail outlets are currently spearheading the distribution channel segment for the home therapeutic equipment market. Consumers throughout the globe prefer visiting company retail outlets where various medical devices are kept for exhibition and there are free demonstrations regarding the operating and handling of the therapeutic equipment. E-commerce is expected to register exemplary market growth during the forecast period owing to the deep penetration of the internet and access to smartphones by the consumers and sale of therapeutic equipments at affordable prices and opportunities to win attractive discount coupons and gift vouchers.

The home therapeutic equipment comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2020 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The home therapeutic equipment market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Components:

• Respiratory Therapy Equipments
• Dialysis Equipments
• Insulin Delivery Devices
• Others

By Distribution Channel:

• Supermarket
• Retail Outlets
• E-commerce

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

North America is presently dominating the geography segment for the home therapeutic equipments market. The rising prevalence of chronic lifestyle disorders primarily drives the market growth in the region. As per the latest research citings presented by the Center for Disease Control and Prevention (CDC), the annual healthcare cost associated with the management of chronic diseases in the United States is $3.5 trillion. The presence of major players such as GE Healthcare, Smiths Medical, Becton, Dickinson and Company, Medline Industry, Inc., etc. further accelerate the market growth in the region. Europe is the second-largest regional segment on account of the significant increase in homecare settings and rehabilitation centers to provide medical assistance to non-compliant patients. Asia Pacific is anticipated to be the fastest-growing regional segment in the home therapeutic equipment market. The emergence of local players creates a huge competitive market for Western giants which has a positive impact on the home therapeutic equipment market growth in the region.

Market Competition Assessment:

Key players operating in the global home therapeutic equipment market are GE Healthcare, Drägerwerk AG & Co., Medtronic, Plc, Fresenius Kabi AG, and Philips Healthcare. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• GE Healthcare
• Dragerwerk AG & Co.
• Medtronic, Plc.
• Fresenius Kabi AG
• Nipro Corporation
• Philips Healthcare
• Smiths Medical
• Novo Nordisk A/S
• Becton, Dickinson and Company
• Medline Industry, Inc.

Key Questions Answered by Home Therapeutic Equipment Market Report:

• Global home therapeutic equipment market forecasts from 2021-2027
• Regional home therapeutic equipment market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Home therapeutic equipment submarket forecasts from 2021-2027 covering the market by component, by distribution channel, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the home therapeutic equipment market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level home therapeutic equipment markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the home therapeutic equipment market