North America Home Medical Devices Market: Segmented by Functionality (Therapeutic Equipment, Home Respiratory Therapy Equipment, Home IV Equipment, Home Dialysis Equipment, and Other Home Therapeutic Equipment); By End-user (Hospitals and ASCs, Clinics and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2031
North America Home Medical Devices Market to surpass USD 263.6 billion by 2031 from USD 158.9 billion in 2021 at a CAGR of 5.19% in the coming years, i.e., 2021-31.
Home Medical Devices are medical equipment that provides safe, convenient, cost-effective, and suitable atmosphere to patients within their home. Oxygen-related devices in-home medical equipment are getting high adoption, owing to significant growth in incidence of chronic obstructive pulmonary disease (COPD). Many devices are used for patient care at home, for example, infusion pumps, wheelchairs, apnea monitors, glucose meters, and cannula. For instance, glucose meters or glucometers are regularly used at home to measure the level of glucose in blood for diabetics.
The growth of the home medical equipment market is attributed by the surge in the occurrence of chronic diseases and considerable rise in geriatric population across the world. Additionally, technological improvements in-home care medical equipment such as smaller size, portability, and ease to access contribute to the market growth.
North America Home Medical Devices Market is divided by Functionality Type into Therapeutic Equipment, Home Respiratory Therapy Equipment, Home IV Equipment, Home Dialysis Equipment, and Other Home Therapeutic Equipment. Therapeutic segment to be a larger contributor to the Home Medical Devices Market growth and is anticipated to continue its dominance throughout the forecast period. This supremacy of the therapeutic segment is attributed to the rise in usage of therapeutic products for home care, such as home respiratory therapy products and ventilators.
North America Home Medical Devices Market is divided by End-User Vertical into Hospitals and ASC’s, Clinics and Others. Hospitals and ASC’s sector is poised to significantly adopt Home Medical Devices thus contributing in the maximum share. This is because of increasing numbers of multispecialty and community hospitals. Thus, the above factors and rising emphasis on healthcare industries drive the Hospitals and ASC’s segment.
Increase in incidence of chronic diseases
The growth of the global home medical devices market is driven by the growth in incidence of chronic diseases and considerable surge in geriatric population across the world. Additionally, technological development in-home care medical equipment such as smaller size, portability, and ease to measure contributes to the market progress.
As new technologies, such as artificial intelligence (AI) are combined to help in improved diagnosis, the market is expected to grow. AI also supports healthcare employees to monitor patients remotely via sensors and automate therapy delivery using mobile apps. Important developments in new technologies such as smart sensors, smart gadgets, and other lightweight communication devices are driving medical equipment that creates data into care pathways, forging alliances with IoMT systems.
Lack of skilled workforce
Lack of skilled workforce in managing the techniques is hampering the demand of Home Medical Devices Market of the region. Moreover, cuts in medical payments to Home Medical players and concern about the safety of home healthcare employees are expected to hinder the market growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global North America Home Medical Devices Market is segmented based on regional analysis into following major regions: U.S., Canada, and rest of North America. The U.S. dominated the North American home healthcare market and is expected to have maximum share on the coming years. This is due to the increasing aging population, growing chronic diseases, technological growths for many home use applications, positive response to home-based devices, increasing awareness, and proper insurance coverage in the country.
|Market size value in 2021
|USD 158.9 billion
|Revenue forecast in 2031
|USD 263.6 billion
|CAGR of 5.19% from 2021 to 2031
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|End-user Vertical, Functionality, and Region
|U.S., Canada, rest of North America
|Key companies profiled
|3M Co., Abbott Laboratories, Allergan Inc., Baxter International Inc., Bayer, Becton, Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., Covidien plc, Cryolife Inc., Danaher, Depuy Synthes, Endologix, Inc., Essilor International SA, Fresenius Medical Care AG & Co. KGAA, GE, Healthcare Other Prominent Players.
The North America Home Medical Devices Market size was estimated at USD 158.9 billion in 2021 and is expected to reach 263.6 billion in 2031.
Key players: Microsoft, Datto, nfrascale, VMware, Axcient, Recovery Point, IBM, Geminare, Carbonite, iland, Expedient, Sungard Availability Services, AWS, InterVision, Evolve IP, TierPoint Other Prominent Players Other Prominent Players.
Therapeutic segment and Hospitals and ASC’s segment are anticipated to hold the largest North America Home Medical Devices Market.
Drivers: Increase in incidence of chronic diseases and Technological Advancements
Home Medical Devices are medical equipment that provides safe, convenient, cost-effective, and suitable atmosphere to patients within their home. Oxygen-related devices in-home medical equipment are getting high adoption, owing to significant growth in incidence of chronic obstructive pulmonary disease (COPD).
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