The home medical devices market is expected to reach US$ 57,102.9 million in 2028 from US$ 33,635.2 million in 2020; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028.
The growth of the home medical devices market is mainly attributed to growing demand for homecare medical devices by geriatric population, increasing homecare settings, and rising market consolidation. However, stringent regulations, challenges and risks for homecare medical devices are key factors restraining the market growth.
Growing support from the government to encourage homecare settings by offering all the required comfort for patients, increasing product launches for homecare settings, and growing initiatives to expand the homecare setting are the prominent factors that have supported the growth of homecare settings.Countries such as the UK, Canada, and Israel have supported hospital-at-home programs.
However, a few countries have recognized this program lately due to uncertainties such as cost of care, hospital services, outbreak break of uncertain diseases. The outbreak of COVID-19 pandemic 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 grown 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.
The CMS has announced that THE hospital-at-home INITIATIVE will grant hospitals with unprecedented flexibilities to provide patients with hospital-level care in their homes or homecare setting.Also, as of January 13, 2021, nearly 80 hospitals have participated in the initiative.
Therefore, it is expected that the initiative by the CMS is likely to influence the growth of the market.
Based on functionality, the home medical devices market is segmented into testing, screening and monitoring equipment, therapeutic products, mobility care products, biofeedback instruments, electrical stimulation devices, and muscle stimulators.The testing, screening and monitoring equipment segment held the largest share of the market in 2020, whereas the same segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on services, the home medical devices market is segmented into skilled nursing services, rehabilitation therapy services, hospice and palliative care services, respiratory therapy services, infusion therapy services, pregnancy care services, and unskilled care services. Based on distribution channel, the home medical devices market has been segmented into hospital pharmacies, retail pharmacies, and online retailers.
The World Health Organization, National Health Service, Centers for Disease Control and Prevention, National Department of Health, and Korea Medical Devices Industry Association along with company websites, are the major primary and secondary sources referred to while preparing this report.
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