Global Home Therapeutic Equipment Market Is Expected to Grow At A CAGR of 9.2% from 2020 to 2027June 21, 2020
A paradigm shift has occurred in the home therapeutic equipment market due to a reduction in mortality rate by 19% due to better functional outcomes of patients, monetary savings for home hospice in comparison to huge healthcare burden associated with inpatient hospital settings, etc.
Respiratory therapy equipments are reigning the components segment for the home therapeutic equipment market. A significant increase in minimally invasive surgical procedures and a growing incidence of respiratory diseases together drive the market growth. Rising prevalence of sleep apnea creates an increasing demand for continuous positive airway pressure therapy devices in homecare settings. Dialysis equipment is expected to record rampant market growth in the near future on account of the rising prevalence of chronic kidney diseases worldwide. According to the latest statistics provided by the National Kidney Foundation (NKF), it is estimated that annually 7.1 million people worldwide die with end-stage kidney disease due to a lack of access to dialysis.
Browse the full report Home Therapeutic Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2027 at https://www.atlanticmarketresearch.com/home-therapeutic-equipment-market
Retail outlets are presently dominating the distribution channel segment for the home therapeutic equipment market. Medical device companies after the manufacturing of medical devices put them for exhibition and sale in their respective retail outlets. Free demonstration of the medical device operating system and availability of various purchasing options promotes its market superiority. E-commerce is keen to highlight comfortable market growth during the forecast period owing to the deep penetration of the internet and access to smartphones by the consumers and sale of therapeutic equipment at affordable prices and opportunities to win attractive discount coupons and gift vouchers.
North America is currently leading the geography segment for the home therapeutic equipment market. The rising prevalence of chronic lifestyle disorders primarily drives market growth in the region. As per the latest research citings presented by the Center for Disease Control and Prevention (CDC), approximately 1 in 4 adults are suffering from more than 2 or more chronic disorders. Domicile of key players such as GE Healthcare, Smiths Medical, Becton, Dickinson and Company, Medline Industry, Inc., etc. further propel the market growth in the region. Europe is placed in the 2nd position in the regional segment owing to the nurturing regulatory environment provided by the European Medical Agency (EMA), in the early CE clearance and adoption of medical devices for therapeutic purposes. The Asia Pacific is anticipated to be the fastest-growing regional segment in the home therapeutic equipment market. The emergence of local players creates a hugely competitive market for western giants which provides an assertive impetus on the home therapeutic equipment market growth in the region.
Medical device manufacturers actively engaged in the production of home therapeutic equipment are GE Healthcare, Drägerwerk AG & Co., Medtronic, Plc., Fresenius Kabi AG, Nipro Corporation, Philips Healthcare, Smiths Medical, Novo Nordisk A/S, Becton, Dickinson and Company and Medline Industry, Inc.
Key Market Movements:
- Rising prevalence of lifestyle chronic diseases worldwide
- Technological advancement in the medical devices associated with homecare settings to propel the market growth
- Nurturing regulatory environment by the healthcare agencies by providing early CE clearance and adoption of medical devices for therapeutic purposes
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