Description
North America Home Medical Devices Market
Global 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.
Product Overview
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.
Market Highlights
North America Home Medical Devices Market is expected to project a notable CAGR of 5.19% in 2031
The growth of the home medical equipment market is attributed by the surge in 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: Segments
Therapeutic segment to grow with the highest CAGR during 2021-31
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.
Hospitals and ASC’s segment to grow with the highest CAGR during 2021-31
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 contributes 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.
Market Dynamics
Drivers
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.
Technological Advancements
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.
Restraint
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.
North America Home Medical Devices Market: Key Players
3M Co.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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
Other Prominent Players
North America Home Medical Devices Market: Regions
North America Home Medical Devices Market is segmented based on regional analysis into the 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 oncoming 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.
North America Home Medical Devices Market is further segmented by region into:
U.S. Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR
Canada Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR
Rest of North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR
North America Home Medical Devices Market report also contains analysis on:
North America Home Medical Devices Market Segments
By Functionality
Therapeutic Equipment
Home Respiratory Therapy Equipment
Home IV Equipment
Home Dialysis Equipment
Other Home Therapeutic Equipment
By End-user
Hospitals and ASC’s
Clinics
Others
North America Home Medical Devices Market Dynamics
North America Home Medical Devices Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
North America Home Medical Devices Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 158.9 billion
Revenue forecast in 2031 USD 263.6 billion
Growth Rate CAGR of 5.19% from 2021 to 2031
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered End-user Vertical, Functionality, and Region
Regional scope 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.
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