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

According to a new market research study on “North America 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$ 29,652.71 million by 2028 from US$ 17,942.11 million in 2021. The market is estimated to grow at a CAGR of 7.4% from 2021 to 2028. The report provides trends prevailing in the North America home medical devices market along with the drivers and restraints pertaining to the market growth. Growing demand for homecare medical devices due to increasing geriatric population is the major factor driving the growth of the North America home medical devices market. However, stringent regulations, challenges, and risks for homecare medical devices may hinder the growth of North America home medical devices market.

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

The North America 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 North America 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 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

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 North America 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 2021, Roche has acquired GenMark Diagnostics, Inc. at a price of US$ 1.8 billion. Acquisition of GenMark is expected to broaden the diagnostics portfolio of Roche for home medical devices.

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