Home Medical Devices Market to be Worth $57.1B by 2028

Solid growth is forecast for the home medical devices market this decade, as the sector is estimated to swell 7 percent annually through 2028 to reach $57.1 billion in value.

Data from The Insight Partners attributes the yearly increase to growing demand for home-based devices to accomodate an aging world population, market consolidation, and the rising use of home-based medical products. The testing, screening and monitoring equipment segment is expected to capture the greatest market share over the next six years due to increasing chronic conditions and rising number of home-based medical equipment purchases.
 
The Insight Partners estimated the global home medical devices market to be worth $33.6 billion in 2020 with North America holding the largest market share. The U.S. home medical devices market was the region’s largest, and is expected to grow due to the prevalence of chronic diseases, increasing adoption of advanced device technologies, medical device digitization, and a concentrated effort to improve treatment outcomes. Increasing prevalence of chronic diseases such as diabetes in the United States is likely to raise demand for home medical devices. Centers for Disease Control and Prevention (CDC) data show there were 23 million U.S. residents with diabetes in 2017; of that total, 1.2 million to 2.3 million (5 percent to 10 percent) were living with type 1 diabetes. 
Of those with type 2 diabetes, nearly 14 percent, or 3.2 million people, manage their diabetes with insulin only. In August 2018, the U.S. Food and Drug Administration approved Abbott’s FreeStyle Libre-14-day, revolutionary continuous glucose monitoring system.

For respiratory conditions, TytoCare launched in January 2021 its fingertip Pulse Oximeter (SpO₂) medical device for checking blood oxygen saturation levels and heart rate remotely. This solution is used in home setting, which supports clinicians to monitor patients with COVID-19 and chronic lung or heart conditions, which helps them in avoiding hospital and clinic visits. CDC data estimates roughly 12,200, home health agencies exist in the United States. Thus, such high number of agencies offering home healthcare services is likely to favor market growth.
 
Asia Pacific was the second-fastest growing region of the global home medical devices market in 2020, thanks mainly to increasing medical device production in countries such as India, Japan, and South Korea. The up-gradation in medical device guidelines and government support for the increasing production in Australia and China are expected to drive market growth significantly through 2028.

The home medical devices market is estimated to grow significantly medtech innovation advances and the world’s aging population grows older. Remote patient monitoring has evolved as an excellent growth strategy for medical device developers. The growing geriatric population has supported the market players by demanding user-friendly, efficient, accurate, and effective medical devices in a homecare setting. 
 
Similarly, technological developments have enabled players to integrate the internet of things (IoT) with medical devices, which facilitates the connection between patients and service providers. The built-in connectivity for medical devices through mobile applications, cloud, machine-to-machine, and other options has resulted in the adoption of telemedicine and mHealth technologies. Thus, the developments have allowed medical device players to attract the geriatric population segment to offer their home medical devices. It is expected that the growing population will broadly contribute to the indirect growth of the market as countries worldwide experience a graying of their populations. 
 
The United States, Japan, South Korea, Canada, the U.K., Spain, France, China, India, Saudi Arabia, the UAE, and Brazil offer significant growth opportunities for the medical device developers. The improved healthcare services such as diagnostics and therapeutics have helped in declining death rates. On the other hand, the improving healthcare system is widely contributing to the growth of the geriatric population. The United Nations (UN) estimates there will 1.8 billion older people by 2060, which will account for 17.8 percent of the world’s total population. Population growth will see the rise twice of 607 million people, i.e., 8.2 percent of the world’s total population in 2015. 
 
Based on functionality, home medical devices are 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 accounted for more than 31.38 percent of the market share in 2020. Services was 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. The skilled nursing services segment held the largest share of the market in 2020. In terms of distribution channel, the home medical device market is segmented into hospital pharmacies, retail pharmacies, and online retailers. The hospital pharmacy segment  held the largest share of the market in 2020.
 
The COVID-19 outbreak has disturbed various trades and businesses across the world. Due to growing demand for ventilators many companies have seen increasing sales in their respective segments. Remote patient monitoring (RPM) in COVID-19 crisis offers tools for disease monitoring and patient-provider communications that reduce infection risks for patients, communities and providers. These are especially safe and useful method of care as healthcare system works to combat COVID-19. According to the Healthcare Information and Management Systems Society (HIMSS), COVID-19 allows clinicians to monitor temperature and pulmonary function, blood pressure and other appropriate physiology for changes in a patient’s disease and symptom progression, using digitally connected, non-invasive devices (e.g. sensors for body temperature or thermometers, pulse-oximeters and home blood pressure monitors). Due to growing hospital bed shortage, this type of remote monitoring free up valuable and critical hospital resources to treat the most critical cases.

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., Invacare Corporation among the key companies operating in the endodontic reparative cement market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

Key Developments

• In March 2020, Medtronic launched new solutions to help monitor patients for COVID-19. Medtronic Care Management Services (MCMS) business launched two new solutions designed to help assess and monitor patients who may be concerned about COVID-19 and their respiratory symptoms. The COVID-19 Virtual Care Evaluation and Monitoring solution uses a virtual assistant to evaluate patients at home.
• In April 2020, B. Braun received U.S. Food and Drug Administration (FDA) Emergency Use Authorization (EUA) for use of infusion pumps with nebulizers to treat COVID-19 patients.B. Braun’s Perfusor Space Syringe Infusion Pump, Infusomat Space Volumetric Infusion Pump, and Outlook ES Pump systems for use in the “tracheal delivery of continuous nebulized medications into a nebulizer to treat patients of all ages with or suspected of contracting COVID-19 and to decrease the exposure of healthcare providers to such patients during the COVID-19 pandemic.