North America Home Medical Devices Market

Market Introduction

The North America home medical devices market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American home medical devices market in 2020. The growth can be attributed to growing awareness among the population for home medical devices, increasing adoption of advanced medical devices, technological advancements and rising emphasis on improving treatment outcomes are projected to accelerate the growth of the medical devices market. In North America, the US holds the significant share of the medical devices market. The growth of the market in the country is primarily driven by increasing adoption of advanced medical device technologies, growing digitalization of medical devices, increasing emphasis on improving treatment outcomes and increasing prevalence of chronic diseases. Increasing prevalence of chronic diseases such as diabetes in the US is likely to demand home medical devices. The Centers for Disease Control and Prevention (CDC), in 2017, National Diabetes Statistics Report stated that nearly 23 million people in the US had diabetes, of which type 1 diabetes accounted for nearly 5% to 10%, or nearly 1.2 to 2.3 million people. Of people with type 2 diabetes, nearly 14%, or 3.2 million people, manage their diabetes with insulin only. For instance, in August 2018, US FDA approved Abbott's FreeStyle Libre-14-day, revolutionary continuous glucose monitoring system. Similarly, in January 2021, New York based TytoCare has launched 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. As per the CDC, there were around 12,200, home health agencies in the US. Thus, such high number of agencies offering home healthcare services is likely to favor market growth.

 

North America has been witnessing a growing number of COVID-19 cases since its outbreak. For instance, according to Worldometer, the number of cases increased to 30,081,657, with 547,234 deaths reported in the US as of March 22, 2021. The cases are also increasing in Mexico and Canada. In Mexico, the cases have reached 2,166,290, with 194,710 deaths. Similarly, in Canada, there are about 909,157

COVID cases, with 22,463 deaths reported so far. The chaotic situation created in the medical industry across countries increased the demand for diagnosing and therapeutic devices in hospitals. For instance, the demand for ventilators, nebulizers, respirators, and in vitro diagnostic (IVD) tests has risen drastically in hospitals across the countries. On the other hand, the demand for personal protective kits has significantly increased. Due to the growing demand for ventilators, many companies have seen increasing sales in their respective segments. For instance, in response to the COVID-19 pandemic, ResMed announced its fiscal third-quarter results with a revenue of US$ 769.5 million, a 16% year-over-year increase fueled by growth in its ventilator business. Moreover, remote patient monitoring (RPM) offers tools for disease monitoring and patient-provider communications that reduce infection risks for patients, communities, and providers during the COVID-19 crisis. These are safe and useful methods of care as the healthcare system works to combat COVID-19. According to the Healthcare Information and Management Systems Society, Inc. (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 the growing hospital bed shortage, this type of remote monitoring frees up valuable and critical hospital resources to treat the most critical cases. Thus, owing to the above–mentioned factors, the pandemic has positively impacted the home medical devices market.

North America Home Medical Devices Strategic Insights

Strategic insights for the North America 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.

North America Home Medical Devices Report Scope

North America Home Medical Devices Regional Insights

The geographic scope of the North America 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.

Market Overview and Dynamics

The home medical devices market in North America is expected to grow from US$ 17,942.11 million in 2021 to US$ 29,652.71 million by 2028; it is estimated to grow at a CAGR of 7.4% from 2021 to 2028. Leveraging growth of associated services for home care settings; technological developments are allowing the growth of associated services such as home care jobs, service delivery, and consumer outcomes. Also, the technological developments for the medical devices are providing opportunities to expand access and training for home care workers and improve their learnings. Likewise, the assistive technologies are leveraging the facilities at organizational level, which helps in improving two-way communication between home care workers and clinical professionals. Therefore, it helps automating key operational functions, such as workforce recruitment, scheduling, and oversight. The growing homecare settings are leveraging the scope of direct care workforce, which is the fastest growing segment of healthcare industry. According to Paraprofessional Healthcare Institute (PHI), between 2008 and 2018, the home care workforce has grown twice in size from 898,600 to 2.3 million. Owing to the growing number of home care workers, the personal care aides or the home medical devices have assisted in constituting more than 81% the employment growth. The growth of the home care worker is expected to influence the growth of market during the forecast period.

Key Market Segments

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.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the home medical devices market in North America 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.

Reasons to buy report

• To understand the North America home medical devices market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for North America home medical devices market
• Efficiently plan M&A and partnership deals in North America home medical devices market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America home medical devices market
• Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.

NORTH AMERICA HOME MEDICAL DEVICES MARKET SEGMENTATION

By Functionality

• Testing, Screening and Monitoring Equipment
  • Blood Glucose Monitors
  • Heart Rate Monitors
  • Sleep Apnea Monitors
  • Fetal Monitoring Devices
  • Cholesterol Monitoring Devices
  • ECG/EKG Devices
  • Hearing Aids
  • Drug and Alcohol Test Kits
  • Temperature Monitors
  • Coagulation Monitors
  • Blood Pressure Monitors
  • EEG Devices
  • Pulse Oximeters
  • Home Haemoglobin A1c Test Kits
  • Colon Cancer Test Kits
  • Ovulation and Pregnancy Test Kits
  • HIV Test Kits
  • Holter and Event Monitors
  • Peak Flow Meters
  • Pedometers
• Therapeutic Products
  • Oxygen Delivery Systems
  • Ventilators
  • Dialysis Equipment
  • Sleep Apnea Therapeutic Devices
  • Wound Care Products
  • IV Equipment
  • Nebulizers
  • Insulin Delivery Devices
  • Inhalers
  • Other Therapeutic Products

 

• Mobility Care Products
  • Wheelchairs
  • Walkers and Rollators
  • Mobility Scooters
  • Crutches
  • Canes
• Biofeedback Instruments
• Electrical Stimulation Devices
• Muscle Stimulators

 

By

Services

• Skilled Nursing Services
• Rehabilitation Therapy Services
• Hospice and Palliative Care Services
• Respiratory Therapy Services
• Infusion Therapy Services
• Pregnancy Care Services
• Unskilled Care Services

By

Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Retailers

By Country

• US
• Canada
• Mexico

Company Profiles

• 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
• Medtronic