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U.S.A. Home Medical Equipment Market

U.S. home medical equipment market was valued at $11,537 million in 2019, and is projected to reach $20,412 million by 2027 at a CAGR of 5.6% from 2020 to 2027.

PORTLAND, OREGON, UNITED STATES, July 14, 2022 /EINPresswire.com/ -- According to the report published by Allied Market Research, the U.S. Home Medical Equipment Market was accounted for $11.53 billion in 2019, and is expected to reach $20.41 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Increase in prevalence of chronic diseases, surge in geriatric populations, and technological advancements drive the growth of the U.S. home medical equipment market. However, limited expertise for home-based users and complications associated with use of medical equipment hinder the market growth. On the contrary, surge in demand for home medical equipment is expected to open new opportunities for the market players in the coming years.

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Growth of the U.S. home medcial equipment market is attributed to rise in prevalence of chronic diseases such as diabetes, and respiratory diseases across the U.S. Furthermore, technological advancements related to home medical equipment, and increase in geriatric population in U.S. are the other factors that contribute to the growth of market.

Surge in prevalence of chronic diseases such as diabetes and high blood pressure in the U.S. is the major factor that propels the market growth. Furthermore, steep growth in technological advancements such as designing equipment that are portable and easy to access by patients, is expected to help the industry gain traction during the forecast period. In addition, increase in elderly population and individuals who are highly susceptible to injuries or medical conditions that require medical assistance are anticipated to help the industry propel in the coming years. However, high cost associated with the medical equipment is expected to hinder growth of the market.

Since the Covid-19 outbreak, the medical equipment industry has witnessed positive growth. The rise in self-isolation treatments in home has increased the demand for home medical equipment in the U.S. In addition, the devices such as oxygen delivery equipment, continuous positive airway pressure equipment, oxygen concentrators, ventilators, blood glucose monitors, and blood pressure monitor witness increased demand.

Increase in technological advancements such as medical beds, stair lifts, and lift chairs for mobility assistance fueled the market growth.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe diseases. This pandemic has disrupted growth in many economies across various domains. The COVID-19 virus is mostly transmitted through the respiratory routes and supposedly by transfusions. Social-distancing is observed as an effective measure to stop the spread of COVID-19 disease and has triggered the demand for oxygen delivery equipment, ventilators, and oxygen concentrators. The exponential increase in COVID-19 cases across the world requires long-term and short-term respiratory support that increases demand for home ventilators and oxygen delivery equipment. The adoption rate for rechargeable and portable battery-operated therapeutic respiratory devices (TRDs) is high, owing to the unique features provided by these devices such as mobile nature, along with their usage at home and other non-hospital settings.

Technological advancements, increase in awareness about usage of home medical equipment, rise in need to prevent infectious diseases, and increase in healthcare investments significantly contribute toward the development of the market. Hence, the COVID-19 outbreak impacted the home medical equipment segment in a positive manner.

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Based on distribution channel, the online retailers segment is projected to portray the highest CAGR of 6.3% during the forecast period. However, the retail pharmacies segment held the largest share in 2019, accounting for nearly half of the total market revenue.

The U.S. home medical equipment market includes an in-depth analysis of the prime market players such as Baxter International Inc., Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen AG, Hill-Rom Holdings, Inc., General Electric Company (GE Healthcare), Johnson & Johnson (Depuy Synthes), Invacare Corporation, Medtronic Plc., and Smith & Nephew Plc.

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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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