Homecare Medical Equipment Market

Homecare Medical Equipment Market Size & Overview – Key Insights & Forecast

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13889
  • Published Date: Dec, 2023
  • Pages: 238
  • Category: Healthcare
  • Format: PDF
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Market Introduction

The global Homecare Medical Equipment market generated USD 34.18 billion revenue in 2022 and is projected to grow at a CAGR of 6.41% from 2023 to 2032. The market is expected to reach USD 63.62 billion by 2032. The growth of the worldwide market for homecare medical equipment is chiefly propelled by the increasing incidence of chronic illnesses and the expanding elderly population globally. Moreover, the convenience associated with receiving treatment at home plays a pivotal role in driving the demand for the homecare medical equipment market globally. Additionally, the market is growing due to technological advancements in homecare medical equipment, which include features such as smaller size, portability, and ease of access, contributing significantly to market expansion.

Homecare Medical Equipment encompasses diverse specialized devices and aids designed to support individuals in managing their health conditions within their residences. These tools are crucial for individuals dealing with chronic illnesses, disabilities or those in recovery from medical procedures. The primary objective of homecare medical equipment is to enhance independence, improve overall quality of life, and provide necessary assistance for both patients and caregivers. This category includes various types of equipment tailored to address specific health needs. Mobility aids like walkers, wheelchairs, and canes assist those with limited mobility to move independently. Bathroom safety equipment (i.e., shower chairs and grab bars) ensures a secure environment. Patient monitoring devices such as glucose and blood pressure monitors empower individuals to track essential health indicators from the comfort of their homes. Respiratory equipment, such as oxygen concentrators and CPAP/BiPAP machines, aids individuals with respiratory conditions to manage their breathing effectively. Orthopedic supports like braces and compression stockings provide support and alleviate discomfort for those with musculoskeletal issues. Daily living aids such as reachers and adaptive eating utensils assist individuals in performing routine tasks. Bedroom aids include hospital beds and overbed tables, enhancing comfort and convenience for those with specific needs. Home oxygen equipment, like concentrators, delivers a continuous oxygen supply for individuals with respiratory challenges. Therapeutic equipment such as heat pads and TENS units contribute to home pain management and physical therapy. Additionally, accessibility modifications like ramps and stairlifts improve the overall accessibility of living spaces for individuals with mobility challenges. The selection of homecare medical equipment is typically guided by healthcare professionals based on individual needs and medical conditions. Proper training and education on using this equipment are necessary to secure safe and effective utilization, empowering individuals to actively manage their health within the familiar setting of their homes.

Homecare Medical Equipment Market Size

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Recent Development

  • In October 2023: CAIRE Inc., a foremost global manufacturer specializing in cardiorespiratory diagnostic and oxygen therapy equipment, has inaugurated its new Global Service Headquarters in Canton, GA, USA. This strategic location around its main manufacturing facility north of Atlanta reflects its commitment to advancing long-term plans to elevate service and support for home and durable medical equipment providers worldwide. Spanning an expansive 29,500 square feet, the Canton facility is geared towards providing swift equipment servicing and efficiently fulfilling speciality service parts and accessories for CAIRE respiratory products and specific commercial offerings under the AirSep brand. The site is staffed by an enthusiastic team of 20 employees, including the company's US-based technical service team, which plays a crucial role in supporting respiratory product customers and end users. This initiative underscores CAIRE Inc.'s dedication to enhancing service capabilities and reinforcing its global presence in the healthcare equipment sector.    
  • In August 2023: Inogen, Inc., a pioneering medical technology company specializing in innovative respiratory products for homecare applications, has officially introduced the Rove 6 portable oxygen concentrator in the United States. This latest offering boasts a best-in-class 8-year expected service life. Originally launched in Europe in December 2022, the Inogen Rove 6 has successfully navigated through the requisite regulatory processes. As a result, the anticipated service life of all Rove 6 devices sold globally will be extended from 5 years to an impressive eight years. This exceptional 8-year best-in-class service life has also been applied to the Inogen One G5 portable oxygen concentrators in the United States. This announcement underscores Inogen's commitment to delivering reliable and durable respiratory solutions to enhance the quality of life for individuals needing homecare respiratory support.
  • In June 2023: CAIRE Inc. has recently expanded its network of Authorized Service Centers by welcoming Quality Biomedical, a nationwide provider specializing in fleet management services and renowned for its expertise in the maintenance and repair of respiratory equipment. Headquartered in Boulder, CO, Quality Biomedical, under this new collaboration, will offer crucial support to CAIRE customers, addressing both in-warranty and out-of-warranty repairs. This assistance is vital for meeting the demands of home medical equipment (HME) providers and various healthcare institutions, including skilled nursing facilities, hospitals, long-term acute care facilities, and other service providers throughout the United States. Quality Biomedical's comprehensive repair services cover a spectrum of equipment, encompassing stationary and portable oxygen concentrators and extending to repairs of BiPAP and CPAP devices, ventilators, and more. This strategic partnership reinforces CAIRE's commitment to providing efficient and widespread support for its diverse range of medical equipment nationwide.  
  • In January 2023: Baxter International Inc., a prominent global medtech company, has unveiled an extensive strategic roadmap to improve operational efficiency, foster long-term performance, expedite innovation, and generate additional value for all stakeholders. Among the key initiatives outlined is the decision to spin off the Renal Care and Acute Therapies global business units (GBUs) into a distinct, publicly traded company. This move positions the new kidney care business to carry forward Baxter's nearly 70-year legacy as a trailblazer and frontrunner in kidney disease therapies. The new business will uphold its role as a trusted partner to providers and clinicians globally, focusing on enhancing outcomes for over one million patients annually across more than 70 countries. Leveraging its established product portfolio, widespread geographic presence, and robust commercial operations, the new kidney care company will continue to provide critical services in home settings, clinics, and intensive care units (ICUs). As an autonomous entity with distinct investment priorities and heightened management focus, the new kidney care company is poised to pursue growth opportunities and invest in innovation, reinforcing its commitment to advancing kidney care solutions. This strategic shift aligns with Baxter's overarching goal of creating enduring value and fostering advancements in the healthcare field.

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Homecare Medical Equipment market based on below-mentioned segments:

Global Homecare Medical Equipment Market by Type:

  • Therapeutic Equipment     
    • Respiratory Therapy Equipment
    • Dialysis Equipment
    • Intravenous Equipment
    • Others
  • Patient Monitoring Equipment
    • Conventional Monitors
    • Telemedicine Patient Monitoring Equipment
  • Mobility Assist and Patient Support Equipment
    • Mobility Assist Equipment
    • Medical Furniture
    • Bathroom Safety Equipment

Global Homecare Medical Equipment Market by Services:

  • Hospice and Palliative Care Services
  • Infusion Therapy Services
  • Pregnancy Care Services
  • Rehabilitation Therapy Services
  • Respiratory Therapy Services
  • Skilled Nursing Services    
  • Others

Global Homecare Medical Equipment Market by Distribution Channel:

  • Retail Medical Stores   
  • Online Retailers
  • Hospital Pharmacies

Global Homecare Medical Equipment Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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