Home Medical Devices Market research report by “The Insight Partners” entails the market dynamics that influence the market scope and segmentation while also highlight the market leaders, conducive competitive landscape, and trends prevalent for years.
The home medical devices market is projected to reach US$ 57,102.9 million by 2028 from US$ 33,635.2 million in 2020; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028.
Home medical devices have seen a significant increase in demand owing to its convenience and remote monitoring, diagnosing, and treatment capabilities. These devices are intended for patients in any environment. Also, the recent changes in the healthcare infrastructure due to the COVID-19 pandemic have emphasized the use of home medical devices. A home medical device may include a glucose meter, heating pad, hospital bed, walker, ventilator, wheelchair, and others. The market report aims to develop an understanding of the home medical devices market scope and trends that are expected to drive the market.
Home Medical Devices Market report provides comprehensive know-how of the cut-throat competitive analysis of the emerging trends in terms of drivers, restraints, challenges, and opportunities that altogether helps the companies frame the decisions and policies. The report features the legitimate market players supplemented with the data of SWOT analysis, financial overview, and the later stage developments of the products/services that happened in the past 3 years. In addition to this, the report also offers a 360º holistic view of the market with the aid of competitive landscape of the Global players thus, assisting the companies to develop their own strategic growth approach and garner the Home Medical Devices Market revenue.
Home Medical Devices Market: Competition Landscape and Key Developments: F. Hoffmann-La Roche Ltd.; General Electric Company; Abbott; Koninklijke Philips N.V.; B. Braun Melsungen AG; Johnson and Johnson Services, Inc.; Medtronic; Medline Industries, Inc.; Baxter International Inc.; and Invacare Corporation are among the key companies operating in the home medical devices market.
Based on functionality, the home medical devices market can be segmented into testing, screening & monitoring equipment, therapeutic products, mobility care products, biofeedback instruments, electrical stimulation devices, and muscle stimulators. The testing screening & monitoring segment held the largest share of the home medical devices market in 2020 and is expected to continue its dominance during the forecast period. Also, it is expected to have the highest CAGR during the forecast period.
The testing, screening & monitoring equipment segment is further segmented into blood glucose monitors, heart rate monitors, sleep apnea monitors, hearing aids, temperature monitors, fetal monitoring devices, cholesterol monitoring devices, ECG/EKG devices, drug & alcohol test kits, coagulation monitors, blood pressure monitors, EEG devices, pulse oximeters, home hemoglobin A1c test kits, colon cancer test kits, ovulation & pregnancy test kits, HIV test kits, pedometers, peak flow meters, and Holter & event monitors.
The outbreak of COVID-19 has resulted in increasing homecare settings. As there was a noticeable shortage of hospital supplies and medical devices for patients worldwide, the governments have recognized the value of the homecare setting during the pandemic. Thus, there was an increase in the need for an existing homecare setting due to growing attention for homecare medical devices. The pandemic has allowed the US Centers for Medicare & Medicaid Services (CMS) to launch a new hospital-at-home initiative in November 2020.
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