Skilled Nursing Services Segment to Dominate APAC Home Medical Devices market during 2020–2028

According to a new market research study on “APAC Home Medical Devices market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Functionality, Services, and Distribution channel,” is expected to reach US$ 9,148.70 million by 2028 from US$ 5,658.16 million in 2021. The market is estimated to grow at a CAGR of 7.1% from 2021 to 2028. The report provides trends prevailing in the APAC home medical devices market along with the drivers and restraints pertaining to the market growth. Homecare setting in developing countries is the major factor driving the growth of the APAC home medical devices market. However, stringent regulations, challenges, and risks for homecare medical devices hinder the growth of APAC home medical devices market.

Countries in Asia Pacific are facing challenges due to the increasing incidence of COVID-19. As per the data of Worldometer, as of March 22, 2021, China reported a total of 90,049 COVID-19 cases, while in Japan it stood at 446,873 India recorded 11,385,339 cases, and Australia reported 29,126 confirmed cases. Due to the growing demand for necessary medical equipment, shortages are seen across the globe. Hence, India has increased the level of production for COVID-19 protective gears and medical equipment, thereby reducing the dependency on foreign countries. Earlier, personal protective equipment (PPE) was imported from foreign countries, and recently there are 111 indigenous manufacturers of PPE. Moreover, in India, as per the newspaper, it has been reported by e-Commerce that pandemic has provoked a rapid increase in the usage of at-home diagnostic devices such as most demanding ones are pulse oximeters, blood pressure monitors, digital thermometer, and a glucometer due to fear of going to diagnostic centers for medical tests. For instance, Flipkart has witnessed nearly 23 times increase in demand for pulse oximeters and 26 times increase in demand for infrared thermometers.

The APAC home medical devices market is segmented based on functionality, services, distribution channel and country. Based on functionality, the 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 testing, screening and monitoring equipment market is divided into 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 hemoglobin a1c test kits, colon cancer test kits, ovulation and pregnancy test kits, HIV Test Kits, holter and event monitors, peak flow meters, pedometers. Based on therapeutic product market is divided into oxygen delivery systems, ventilators, dialysis equipment, sleep apnea therapeutic devices, wound care products, IV equipment, nebulizers, insulin delivery devices, inhalers, other therapeutic products. Based on mobility care market is divided into wheelchairs, walkers and rollators, mobility scooters ,crutches, canes. Based on the services 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 APAC 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 APAC home medical devices market is segmented into China, Japan, India, Australia, South Korea and rest of Asia Pacific. China held the largest share of the APAC home medical devices market in 2020

Abbott, B. Braun Melsungen AG, Baxter International Inc, F. HOFFMANN-LA ROCHE LTD, GE Healthcare, Johnson and Johnson Services, Inc., Koninklijke Philips N.V., Medline Industries, Inc and Medtronic are among the leading companies in the APAC Home Medical Devices market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, Koninklijke Philips N.V. has launched ICY@home service in Chennai, India. This new service will provide intensive care unit equipment and high-quality medical care to patients at home.

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