The Latest Home Medical Equipment Industry Statistics Explained
The global home healthcare equipment market size was valued at USD 31.3 billion in 2021.
The statistic highlights that the global home healthcare equipment market was estimated to be worth USD 31.3 billion in 2021. This figure represents the total market value of medical devices, equipment, and technologies designed for use in home settings to assist individuals with medical conditions or in need of healthcare services outside traditional healthcare facilities. The market size reflects the growing demand for home healthcare solutions due to factors such as an aging population, the rising prevalence of chronic diseases, and the increasing focus on providing care in a cost-effective and convenient manner. This valuation underscores the significance of home healthcare equipment in improving access to healthcare services and enhancing quality of life for individuals who require ongoing medical support in non-hospital settings.
Home healthcare equipment market is expected to exhibit a compound annual growth rate (CAGR) of 7.2% from 2022 to 2030.
The statistic represents the projected growth rate of the home healthcare equipment market over the period of 2022 to 2030. A compound annual growth rate (CAGR) of 7.2% indicates the average annual growth rate that the market is anticipated to experience during this time frame. This implies that the market size is expected to increase steadily at a rate of 7.2% each year, taking into account the compounding effect. The forecasted growth suggests a positive outlook for the home healthcare equipment industry, reflecting potential advancements in technology, increasing demand for home-based healthcare solutions, and evolving healthcare trends that are driving the market expansion over the specified period.
As of 2020, Europe accounted for a 29.7% market share of the home medical equipment industry.
The statistic indicates that as of 2020, Europe held a significant market share of 29.7% in the home medical equipment industry. This means that nearly a third of the global market for home medical equipment sales is attributed to Europe. The high market share suggests that Europe is a key player in the industry, likely due to factors such as advanced healthcare infrastructure, increasing healthcare expenditures, and a growing elderly population. This statistic highlights Europe’s importance within the global home medical equipment market and signals opportunities for further growth and innovation in the region.
North America dominated the home healthcare market with the largest revenue share of 43.8% in 2020 due to rising geriatric population and technological innovation.
The statistic indicates that North America held the highest revenue share of 43.8% in the home healthcare market in 2020. This dominance can be attributed to two key factors: the increasing aging population and the continuous technological advancements in the region. The growing number of elderly individuals in North America has led to a rise in demand for home healthcare services, driving up revenue in the market. Additionally, the integration of innovative technologies in the delivery of home healthcare services has improved efficiency, quality, and access, further contributing to North America’s leading position in the industry. Overall, these factors combined have enabled North America to have a significant impact on the home healthcare market in 2020.
The Asia-Pacific home healthcare equipment market is expected to grow at the highest CAGR of 8.9% from 2020 to 2027.
This statistic indicates that the Asia-Pacific home healthcare equipment market is projected to experience significant growth over the period from 2020 to 2027, with a Compound Annual Growth Rate (CAGR) of 8.9%. This forecast suggests that there is a growing demand for home healthcare equipment in the Asia-Pacific region, likely driven by factors such as an aging population, increasing prevalence of chronic diseases, and a greater emphasis on home-based care. The high CAGR reflects the anticipated rapid expansion of the market and highlights the potential opportunities for companies operating in this sector to capitalize on this growth trend in the coming years.
The mobility assist & patient support equipment segment dominated the market and accounted for around 42.1% of revenue share in 2021.
In the context of the market being discussed, the statement indicates that the mobility assist & patient support equipment segment played a significant role in driving revenue in 2021, capturing the largest share of the market at approximately 42.1%. This suggests that products within this segment, such as mobility aids, patient lifts, and other support equipment, were in high demand and were key contributors to the overall market performance. The dominance of this segment implies that there was a strong focus on providing solutions for enhancing mobility and supporting patients’ needs, potentially driven by factors such as aging populations, increasing prevalence of disabilities, or evolving healthcare trends. This statistic highlights the importance of the mobility assist & patient support equipment segment in the market landscape and underscores its impact on revenue generation in the given year.
In 2020, the therapeutic equipment segment held the largest share (39.4%) of the home medical equipment market.
In 2020, the therapeutic equipment segment captured the largest proportion, accounting for 39.4% of the total market share within the home medical equipment sector. This statistic suggests that therapeutic equipment such as mobility aids, respiratory therapy devices, and medical monitoring systems were among the most prevalent and sought-after products by consumers for home healthcare needs. The substantial share held by this segment indicates its significant importance and popularity within the market, likely driven by factors such as increasing demand for chronic disease management, aging populations requiring home care, and advancements in technology enabling more advanced therapeutic solutions for home use.
By 2027, the global home healthcare market size is projected to reach USD 274.7 billion.
The statistic indicating that the global home healthcare market size is expected to reach USD 274.7 billion by 2027 suggests a significant growth trend in the industry. This projection likely takes into account factors such as an aging population, increasing prevalence of chronic diseases, advancements in technology, and a growing preference for home-based care. The rising demand for healthcare services delivered in the comfort of one’s own home is driving the expansion of this market on a global scale. This statistic serves as an important indicator for healthcare industry stakeholders, policymakers, and investors, highlighting the potential opportunities and challenges within the home healthcare sector over the next few years.
The diagnostic and monitoring home devices segment accounted for the largest share (53.4%) of the global home medical equipment market in 2020.
The statistic highlights that the diagnostic and monitoring home devices segment held the highest proportion of the global home medical equipment market in 2020, accounting for 53.4% of the total market share. This indicates that a significant portion of the market is comprised of devices used for diagnostic purposes and continuous monitoring of health conditions within a home setting. The dominance of this segment suggests a growing demand for technologies that enable individuals to monitor their health status conveniently at home, especially given the increasing focus on proactive healthcare management and the shift towards decentralized healthcare services. The prominence of diagnostic and monitoring devices in the home medical equipment market underscores the importance of empowering individuals with tools to enhance their health monitoring and management capabilities within the comfort of their homes.
The home infusion therapy market size was valued at $15.5 billion in 2018 and is expected to grow at a CAGR of 7.0% from 2019 to 2025.
The statistic provided indicates that the home infusion therapy market was worth $15.5 billion in 2018 and is projected to experience steady growth with a compound annual growth rate (CAGR) of 7.0% from 2019 to 2025. This suggests that the market is expected to expand significantly over the specified time period. The increasing demand for home infusion therapy services and advancements in healthcare technologies are likely driving this growth trend. Stakeholders in the healthcare industry, including providers, payers, and suppliers, should take note of this forecasted growth to capitalize on emerging opportunities and address potential challenges in this evolving market landscape.
Globally, there are approximately 12 million individuals receiving home healthcare for chronic illnesses.
The statistic that globally there are approximately 12 million individuals receiving home healthcare for chronic illnesses indicates the significant number of people who depend on medical care and support services in their own homes due to ongoing health conditions. This statistic highlights the growing importance of home healthcare services in providing personalized care and managing chronic illnesses outside of traditional healthcare settings. The need for home healthcare may be driven by factors such as an aging population, an increase in chronic diseases, or a preference for receiving care in a familiar environment. Understanding the scope of individuals relying on home healthcare sheds light on the evolving landscape of healthcare delivery and the importance of tailored and accessible services to meet the needs of individuals with chronic conditions on a global scale.
Global sleep apnea devices market for home care settings is projected to reach USD 6.49 billion by 2026, with a CAGR of 7.7%.
This statistic indicates that the global sleep apnea devices market specifically for home care settings is forecasted to grow to USD 6.49 billion by the year 2026, at a compound annual growth rate (CAGR) of 7.7%. This suggests a steady and substantial increase in market size over the projected period, driven by factors such as the rising prevalence of sleep apnea, increasing awareness about the condition, technological advancements in home care devices, and the growing demand for convenient and cost-effective treatment options among patients. The projected growth reflects a significant opportunity for manufacturers and stakeholders in the sleep apnea devices industry to capitalize on the expanding market for home-based sleep apnea solutions.
The U.S. home healthcare market size was valued at over USD 100.7 billion in 2020.
The statistic that the U.S. home healthcare market size was valued at over USD 100.7 billion in 2020 indicates the total monetary worth of the industry for providing healthcare services in the comfort of patients’ homes within the United States during that year. This figure reflects the significant scale and economic impact of the home healthcare sector, highlighting its importance in the overall healthcare system. The market size value encompasses various services such as skilled nursing care, therapy services, personal care assistance, and medical equipment supplies delivered directly to individuals in their own residences. The substantial market valuation suggests a growing demand for home healthcare services and emphasizes the trend towards more personalized and accessible healthcare options.
The global home healthcare market is growing exponentially due to the aging population, rising healthcare costs and technological advancements in healthcare devices.
The statistic suggests that the global home healthcare market is experiencing rapid growth primarily driven by three key factors: the increasing elderly population worldwide, escalating healthcare expenses, and advancements in healthcare technology and devices. As the population ages, there is a growing demand for healthcare services that can be delivered in the comfort of one’s own home. This trend is not only cost-effective but also can improve quality of life for individuals requiring ongoing medical care or assistance. Furthermore, technological innovations have enabled the development of sophisticated devices and telehealth solutions, making it easier for patients to receive care remotely and for healthcare providers to monitor and manage conditions effectively. Overall, these factors combined are propelling the home healthcare market to expand significantly and meet the evolving needs of healthcare consumers globally.
Home respiratory care represents a market of worth USD 6.3 billion, showing significant growth in recent years.
The statistic that home respiratory care represents a market worth USD 6.3 billion indicates the economic value of services and products related to respiratory care that are provided to individuals in their own homes. The significant growth in this market in recent years suggests an increasing demand for these services, likely driven by factors such as an aging population, technological advancements, and a shift towards more personalized healthcare options. This growth may be attributed to the benefits of home-based respiratory care, including increased convenience, reduced healthcare costs, and improved patient outcomes. The market size of USD 6.3 billion highlights the importance and scale of home respiratory care as a sector within the broader healthcare industry.
The market for home diabetes care devices is projected to reach USD 19.2 billion by 2027.
This statistic indicates that the market for home diabetes care devices is expected to grow significantly in the near future, reaching a projected value of USD 19.2 billion by the year 2027. This growth is likely driven by an increasing prevalence of diabetes worldwide, leading to a greater demand for convenient and efficient home monitoring and treatment options. The rising awareness of the importance of self-management and monitoring in diabetes care is also contributing to the expansion of this market. As such, companies in the healthcare industry may see opportunities for innovation and growth in developing and commercializing home diabetes care devices to meet this growing demand.
Currently, in the US, a third (31%) of all healthcare expenditures are for home healthcare.
The statistic states that, at present, approximately one-third (31%) of all healthcare expenditures in the United States are allocated towards home healthcare services. This data suggests a substantial portion of the country’s healthcare spending is directed towards providing health services, such as nursing care, therapy, and medical equipment, in patients’ homes rather than in traditional healthcare settings like hospitals or clinics. The prominence of home healthcare in healthcare spending reflects a growing shift towards more patient-centered and cost-effective care delivery models that prioritize providing care in the comfort and convenience of patients’ homes. This statistic underscores the significance of home healthcare services as a vital component of the overall healthcare system in the US.
Aging trends suggest that 70% of Americans turning age 65 can expect to use some form of home health care.
The statistic suggests that a high percentage of Americans reaching the age of 65 are likely to utilize home health care services. With 70% of this demographic expected to engage in some form of home health care, it indicates a significant reliance on such services as individuals age. This trend underlines the importance of accessible and effective home health care options for aging populations in the United States. Factors such as increasing life expectancy, desire to age in place, and advancements in home health care services may contribute to this notable statistic. It also underscores the need for policy makers, healthcare providers, and families to plan and prepare for the increasing demand for home health care services in the future.
By 2026, nearly 20% of the US population will be 65 years or older, increasing the demand for home medical equipment.
The statistic suggests that by the year 2026, approximately one-fifth of the United States population will be aged 65 years or older. This demographic trend indicates a significant aging of the population, which is expected to lead to an increased demand for home medical equipment. As individuals continue to age, there is typically a higher likelihood of needing medical assistance and support in managing their health and well-being. This projection highlights the importance of anticipating and addressing the healthcare needs of an aging population, particularly in terms of providing essential medical supplies and equipment for use in home settings. The increased demand for home medical equipment underscores the importance of ensuring accessibility and affordability of these essential resources for older adults as they strive to maintain their independence and quality of life.
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