The 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 Increase in prevalence of chronic diseases, surge in geriatric populations, and technological advancements drive the growth of the U.S. home medical equipment market. Based on distribution channel, the online retailers segment is projected to portray the highest CAGR of 6.3% during the forecast period.
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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.
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Based on functionality, the therapeutic equipment is expected to register the highest CAGR of 6.3% during the forecast period. Moreover, the segment held the lion’s share in 2019, contributing to more than two-fifths of the market. The report includes an in-depth analysis of the other segments such as patient monitoring equipment and mobility assist & patient support equipment.
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.
Major market players
- Abbott Laboratories
- B Braun Melsungen Ag
- Baxter International Incorporated
- Becton, Dickinson and Company
- General Electric Company
- Hill-Rom Holdings Incorporated
- Johnson & Johnson
- Medtronic plc
- Smith & Nephew plc.