Report : Europe Home Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Functionality (Testing, Screening and Monitoring Equipment, Therapeutic Products, Mobility Care Products, Biofeedback Instruments, Electrical Stimulation Devices, and Muscle Stimulators), Services (Skilled Nursing Services, Rehabilitation Therapy Services, Hospice and Palliative Care Services, Respiratory Therapy Services, Infusion Therapy Services, Pregnancy Care Services, and Unskilled Care Services), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Retailers)
Testing, Screening and Monitoring Equipment Segment to Dominate Europe Home Medical Devices market during 2020–2028
According to a new market research study on “Europe 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$ 14,110.12 million by 2028 from US$ 9,208.38 million in 2021. The market is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The report provides trends prevailing in the Europe home medical devices market along with the drivers and restraints pertaining to the market growth. Increasing market consolidation is the major factor driving the growth of the Europe home medical devices market. However, stiff regulations, challenges, and risks for homecare medical devices hinder the growth of Europe home medical devices market.
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.
The Europe 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 Europe 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 Europe home medical devices market is segmented into the France, Germany, United Kingdom, Italy, Spain, and rest of Europe. Germany held the largest share of the Europe home medical devices market in 2020
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 are among the leading companies in the Europe 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 2020, Medtronic has launched the Azure pacemaker with BlueSync technology, which is the first and only pacemaker that can communicate directly with patients’ smartphones and tablets. Remote monitoring of heart conditions allows patients to receive expert medical advice from their physician while at home.
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