Portland, OR -- (SBWIRE) -- 10/04/2017 -- The global homecare medical equipment market accounted for $21,912 million in 2016 and is estimated to reach $35,183 million by 2023, registering a CAGR of 7.1% from 2017 to 2023. Therapeutic equipment was the highest contributor in the home medical equipment market in 2016; however, mobility assist & patient support equipment segment is expected to witness the highest growth rate during the forecast period.
The rise in prevalence of respiratory disorders, growth in geriatric population worldwide, and advancements in the field of homecare medical devices drive the market growth. In addition, increase in government support encourages the R&D activities for homecare medical devices, which in turn fuel the growth of the homecare medical equipment market. However, high risk associated with the use of medical equipment and growth in reimbursement cuts are expected to restrain the market growth.
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Home care medical equipment is intended for use in any environment outside a professional healthcare setup such as hospitals and clinics. This equipment can be used for both prevention and treatment of various chronic diseases such as respiratory disorders, diabetes, and arthritis.
Among the functionality segment, therapeutic equipment was the highest contributor toward the market growth in 2016, generating a revenue of $13,514 million and is expected to be a lucrative market due to the high prevalence rate of chronic diseases and technological advancements in the area of homecare medical equipment.
In 2016, North America accounted for maximum contribution to the total revenue, generating $9,050 million and is expected to lead during the forecast period, owing to the high prevalence of chronic diseases and increase in investment for R&D activities in the field of homecare medical equipment. However, Asia Pacific is expected to witness the highest CAGR of 8.3% during the analysis period, attributable to rise in prevalence rate of chronic diseases, increase in government initiatives to improve healthcare infrastructure, and rise in healthcare expenditure to improve the medical health of the masses in the region.
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Key Findings of the Homecare Medical Equipment Market:
-The mobility assist & patient support equipment segment is projected to grow at the highest rate during the analysis period.
-Therapeutic equipment segment generated the highest revenue and is expected to continue its dominance in the future.
-Therapeutic equipment dominated the global homecare medical equipment market and is projected to continue its dominance in future.
-Among the mobility assist & patient support equipment segment, wheelchairs are expected to grow at the highest CAGR of 8.2%.
-Mobility assist & patient support equipment is expected to be the fastest growing segment at an estimated CAGR of 7.8%.
The major companies profiled in the report include Abbott Laboratories, Arkray incorporated, Baxter International Incorporated, Becton, Dickinson and Company, Braun Melsungen Ag, Medtronic plc, General Electric Company, Hill-Rom Holdings Incorporated, Johnson & Johnson, Medline Industries Incorporated, Invacare Corporation, Omron Corporation, ResMed Corporation, and Smiths Group plc