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New York, December 14, 2021/PRNewswire/-Due to the increase in the elderly population, the increase in the home care environment, and the intensified market integration, the demand for home care medical equipment continues to grow, which promotes the scale of the home medical device market. Due to the increase in chronic diseases and a large number of people choosing to purchase home testing and medical equipment, the testing, screening and monitoring equipment sector will occupy the largest share between 2021-2028.
New York, December 14, 2021 /PRNewswire (Sexual)" nursing products, biofeedback equipment, electrical stimulation equipment and muscle stimulators), services (skilled nursing services, rehabilitation services, hospice care and palliative care services, respiratory therapy services, infusion therapy services, pregnancy care services and unskilled Nursing services), and distribution channels (hospital pharmacies, retail pharmacies, and online retailers)”, released by Insight Partners, the global home medical device market is expected to increase from USD 33.635 billion in 2020 to USD 57.1029 billion in 2028; from 2021 From the year to 2028, it is expected to grow at a compound annual growth rate of 7.0%. Get the latest COVID-19 analysis on the home medical equipment market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00020904
Home medical device market: competitive landscape and key developments
F. Hoffmann-La Roche Ltd., General Electric Company, Abbott, Koninklijke Philips NV, B. Braun Melsungen AG, Johnson and Johnson Services, Inc., Medtronic, Medline Industries, Inc., Baxter International Inc., Invacare Corporation The main company operating in the marrow repair cement market. These players are focusing on expanding and diversifying their market share and acquiring new customer bases in order to tap current business opportunities.
· In March 2020, Medtronic launched a new solution to help monitor patients for COVID-19. Medtronic's 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 its respiratory symptoms. The COVID-19 virtual care evaluation and monitoring solution uses virtual assistants to evaluate patients at home.
· In April 2020, B. Braun obtained the U.S. Food and Drug Administration (FDA) Emergency Use Authorization (EUA) to use an infusion pump with a nebulizer to treat COVID-19 patients. Braun’s Perfusor Space Syringe Infusion Pump, Infusomat Space Volumetric Infusion Pump and Outlook ES Pump systems are used to “deliver continuous nebulized medicine trachea into the nebulizer to treat people of all ages with or suspected of having 2019 coronavirus disease (COVID-19) and reduce the exposure of healthcare providers (HCP) to such patients during the COVID-19 pandemic.
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In 2020, North America will become the fastest growing region in the global home medical device market. The market in this region is expected to grow significantly in the United States, Canada, Mexico and other countries. The growth of the market is attributed to the increasing awareness of home medical equipment, the increasing adoption rate of advanced medical equipment, technological advancement, and increasing emphasis on improving treatment effects.
North America has the largest home medical equipment market share in 2020. The United States has the largest home medical equipment market. Due to the increasing adoption of advanced medical equipment technology and the ever-increasing digitalization of medical equipment, the market is expected to grow with emphasis on improving treatment outcomes and increasing the prevalence of chronic diseases. In the United States, the increasing prevalence of chronic diseases such as diabetes may increase the demand for home medical equipment. For example, according to the US Centers for Disease Control and Prevention (CDC), the 2017 National Diabetes Statistics Report pointed out that nearly 23 million people in the United States have diabetes, of which type 1 diabetes accounts for nearly 5% to 10%, or nearly 1.2 to 230 Million people. Among patients with type 2 diabetes, nearly 14% (that is, 3.2 million people) use only insulin to treat diabetes. This may increase the demand for the home medical equipment market. In the United States, the prevalence of chronic diseases such as diabetes is rising, which may require home medical equipment. According to the 2017 National Diabetes Statistics Report of the US Centers for Disease Control and Prevention (CDC), nearly 23 million people in the United States have diabetes, of which type 1 diabetes accounts for nearly 5% to 10%, or nearly 1.2 to 2.3 million people. Among patients with type 2 diabetes, nearly 14% (that is, 3.2 million people) use only insulin to treat diabetes. For example, in August 2018, the US FDA approved Abbott’s FreeStyle Libre-14-day revolutionary continuous blood glucose monitoring system.
Similarly, in January 2021, New York-based TytoCare launched a fingertip pulse oximeter (SpO2) medical device for remote monitoring of blood oxygen saturation levels and heart rate. The solution is used in the home environment to support clinicians to monitor patients with Covid-19 and chronic lung disease or heart disease, which helps them avoid visiting hospitals and clinics.
According to data from the Centers for Disease Control and Prevention, there are approximately 12,200 family health agencies in the United States. Therefore, the number of institutions providing family medical care services is so large that it may be beneficial to market growth.
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In 2019, due to the continuous increase in the production of medical devices in countries such as India, Japan, and South Korea, the Asia-Pacific region has become the second fastest growing region in the global home medical device market in 2020. In view of the upgrade of the medical device guidelines and the government's support for increased production in Australia and China, it is expected that the market growth will be significantly promoted during the forecast period.
Due to the increase in the elderly population in the home medical device market growth, the demand for home care medical devices continues to grow:
Due to major factors such as the continuous development of the medical device industry and the growth of the elderly population, the home medical device market is expected to grow significantly. Due to the continuous development of technology, remote patient monitoring has become an excellent growth strategy for medical equipment participants. The growing elderly population supports market participants by requiring user-friendly, efficient, accurate and effective medical devices in the home care environment. As a result, the elderly's demand for monitoring equipment, mobile auxiliary equipment, and treatment equipment has increased significantly, and help to take advantage of the growth of the market.
Likewise, technological developments enable players to integrate the Internet of Things (IoT) with medical equipment, thereby facilitating the connection between patients and service providers. The built-in connection of medical devices through mobile applications, the cloud, machine-to-machine, and other options has led to the adoption of telemedicine and mobile medical technology. Therefore, these developments enable medical device participants to attract the elderly to provide their innovative home medical devices. It is expected that with the growth of the elderly population in various countries around the world, the growing population will make extensive contributions to the indirect growth of the market. Therefore, the future demand for home medical equipment will show exponential growth. For example, the elderly population in countries such as the United States, Japan, South Korea, Canada, the United Kingdom, Spain, and France is growing significantly.
These countries, as well as developing countries such as China, India, Saudi Arabia, the UAE, and Brazil, provide medical device companies with important growth opportunities for innovative devices. Improvements in healthcare services such as diagnosis and treatment can help reduce mortality. On the other hand, the ever-improving healthcare system has made extensive contributions to the growth of the elderly population. According to United Nations (UN) estimates, by 2060, there will be 1.8 billion elderly people, accounting for 17.8% of the world's total population. The population growth in 2015 will be twice that of 607 million people, or 8.2% of the world's total population. Therefore, it is estimated that the growth of the home medical device market is expected to be driven by the growth of the elderly population. Forecast period.
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Home Medical Devices Market: Overview of Market Segments
According to the function, it is divided into testing, screening and monitoring equipment, treatment products, mobile care products, biofeedback equipment, electrical stimulation equipment and muscle stimulators. In 2020, the testing, screening and monitoring equipment segment accounted for more than 31.38% of the market. In terms of services, it is subdivided into skilled nursing services, rehabilitation services, hospice care and palliative care services, respiratory therapy services, infusion therapy services, pregnancy care services and non-professional care services. In 2020, the professional nursing service sector will occupy the largest market share. In terms of distribution channels, the home medical device market is segmented into hospital pharmacies, retail pharmacies and online retailers. In 2020, the hospital pharmacy sector will occupy the largest market share.
The COVID-19 outbreak has disrupted various industries and businesses around the world. Due to the growing demand for ventilators, many companies are increasing their sales in their respective fields. For example, in response to the coronavirus pandemic, ResMed announced its third-quarter results, with revenue of US$769.5 million, a year-on-year increase of 16% driven by the growth of the ventilator business. In addition, remote patient monitoring (RPM) in the COVID-19 crisis provides tools for disease monitoring and patient-provider communication, which can reduce the risk of infection for patients, communities, and providers. These are particularly safe and useful methods of care because the healthcare system is working hard to fight COVID-19. According to the Healthcare Information and Management Systems Association (HIMSS), COVID-19 allows clinicians to use digitally connected, non-invasive devices (such as temperature sensors or thermometers, pulse oximeters, and home blood pressure monitors). Due to the increasing shortage of hospital beds, such remote monitoring can free up valuable critical hospital resources to treat the most critical cases. Therefore, due to the aforementioned factors, the pandemic has had a positive impact on the home medical device market.
Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients obtain solutions that meet their research needs through our joint and consulting research services. We focus on industries such as semiconductors and electronics, aerospace and defense, automotive and transportation, biotechnology, healthcare IT, manufacturing and construction, medical equipment, technology, media and telecommunications, chemicals and materials.
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