Increase in prevalence of chronic diseases surge in geriatric populations, technological advancements drive the growth of the U.S. home medical equipment market

PORTLAND, OREGON, UNITED STATES, September 22, 2021 /EINPresswire.com/ -- 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.

As per 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.

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Growth of the U.S. home medical 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.

Increased prevalence of chronic diseases, surge in geriatric population, and advancements in technology drive the growth of the global home medical equipment market. However, complications associated with use of medical equipment and limited expertise for home-based users hamper the growth of the market. On the contrary, untapped potential in the emerging economies is expected to open lucrative opportunities for the market growth.

Covid-19 scenario:

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.

The U.S. home medical equipment market is segmented on the basis of functionality and distribution channel.

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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.

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North America held the lion's share

By region, the market across North America dominated in 2019, accounting for more than two-fifths of the market, owing to availability of advanced technology, affordability along with growth in awareness about the benefits of homecare medical devices, increase in the geriatric population, and rise in prevalence of various life-threatening diseases. However, the global home medical equipment market Asia-Pacific is anticipated to register the highest CAGR of 7.4% from 2020 to 2027, due to the improvement in the purchasing power of patients in countries such as China and Japan.

Major market players

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.
Smith & Nephew Plc.

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About Us:

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 domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Analytics LLP
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