Europe Home Medical Devices Market
Europe holds the second-largest share in the global home medical devices market. The European market includes the consolidated markets for France, Germany, United Kingdom, Italy, Spain, and Rest of Europe. The market growth in the region is expected due to the increasing demand for medical devices, growing research, and development in the field of medical technology, rising numbers of hospitals that are dedicated geriatric population. Likewise, rising funding for medical device innovation and the emergence of artificial intelligence, and medical robotics is likely to support the market growth during the forecast period. Germany has the largest medical device industry in the European region accounted to be the third-largest in the world. The country is expected to dominate the most significant medical device industry during the forecast period. Various factors assist Germany in holding the top position in the medical device industry. For instance, Germany has the highest number of employees working in the medical device industry. In 2017, Germany had employees more than 200, 000 working in medical technology. The majority of the medical technology and device companies are based in Germany, whereas small and medium companies account for nearly 95% of the total medical device industry. In addition, according to MedTech Europe, in 2017, Germany had 27.4% of the medical device market based on the manufacturer prices; the country was leading in the region. In 2018, around 21.47% of the population in the country was aged 65 or more. Therefore, the demand for home medical devices is much higher. Thus, considering the above-mentioned factors, Germany is expected to be the largest market in the European region. Starkey Germany showcased its Halo 2, SoundLens Synergy, and Muse hearing aids and offer an exclusive first look at its new Acuity Immersion technology at the 2017 International Congress of Hearing Aid Acousticians October in Nurnberg, Germany, Starkey. Thus, the factors mentioned above is likely to increase the market share for the home medical devices products in the future
The impact of the COVID-19 pandemic on the home medical devices market is positive. Among all European countries, Spain, Italy, Germany, France, and the UK are the most affected due to the increasing number of coronavirus cases and deaths associated with it. As per the Worldometer as of March 22, 2021, in Spain, Italy, Germany, France, the UK, the Netherlands, Belgium, and Luxembourg, the number of cases was 3,183,704, 3,223,142; 2,578,835; 4,071,662; 4,258,438; 1,157,192; 808,283; and 57,877 respectively; and the number of deaths was also high. Owing to the increasing number of cases, the regional governments announced movement restrictions and lockdowns in countries. However, the demand for medical devices has been increasing. According to the Medical Device Coordination Group (MDCG), during the COVID-19 pandemic, the demand for ventilators and related accessories such as nebulizers, humidifiers and filters, monitoring accessories, including alarms and in-built safety features has rapidly increased in Europe. Additionally, the World Health Organization (WHO) urged the global community to prepare for caring for patients by stocking up on ventilators. For instance, in the UK, where the number of infected has increased to 40, thus the number of home ventilation kits is being expanded. Many researchers are taking initiative to meet the growing demand. For instance, a team of researchers and technicians from the Philipps University of Marburg and the University Hospital Gießen and Marburg (UKGM), Germany established two different concepts for simple ventilators in a very short time, due to fears that ventilation capacities might not be sufficient during the COVID-19 pandemic.
Strategic insights for the Europe Home Medical Devices provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 9,208.38 Million |
| Market Size by 2028 | US$ 14,110.12 Million |
| Global CAGR (2021 - 2028) | 6.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Functionality
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Home Medical Devices refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The home medical devices market in Europe is expected to grow from US$ 9,208.38 million in 2021 to US$ 14,110.12 million by 2028; it is estimated to grow at a CAGR of 6.3% from 2021 to 2028. Homecare setting in developing countries; growing developments for the healthcare in various developing countries are expected to serve vital growth opportunities for the market’s growth. As the home care has been proved to be a promising option for offering care to old people, people suffering from chronic diseases, and patients with disability, home care is emerging significantly in developing countries. The growth of homecare setting in the developing region is broadly influenced by the factors such as shift in the epidemiological landscape of diseases, demographic trends, user-centered services, availability of new support technologies, and growing demand to reconfigure health systems to improve responsiveness, continuity, efficiency, and equity. Likewise, the growing government programs, initiatives, and investments are enabling the growth of medical technologies, which is eventually leading to the growth of home medical devices market.
Based on functionality, the home medical device market is segmented into testing, screening and monitoring equipment, therapeutic products, mobility care products, biofeedback instruments, electrical stimulation devices, and muscle stimulators. In 2020, the testing, screening and monitoring equipment segment held the largest share of the market and is also expected to grow at the fastest rate during the coming years. Based on the services home medical device 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. In 2020, the skilled nursing services segment held the largest share of the market and is expected to grow at the fastest rate during the coming years. Based on 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.
A few major primary and secondary sources referred to for preparing this report on the home medical devices market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Abbott, B. Braun Melsungen AG, Baxter International Inc, F. HOFFMANN-LA ROCHE LTD, GE Healthcare, Invacare Corporation, Johnson and Johnson Services, Inc., Koninklijke Philips N.V., Medline Industries, Inc and Medtronic.
The Europe Home Medical Devices Market is valued at US$ 9,208.38 Million in 2021, it is projected to reach US$ 14,110.12 Million by 2028.
As per our report Europe Home Medical Devices Market, the market size is valued at US$ 9,208.38 Million in 2021, projecting it to reach US$ 14,110.12 Million by 2028. This translates to a CAGR of approximately 6.3% during the forecast period.
The Europe Home Medical Devices Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Home Medical Devices Market report:
The Europe Home Medical Devices Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Home Medical Devices Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Home Medical Devices Market value chain can benefit from the information contained in a comprehensive market report.
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