Healthcare Equipment Market - Forecast(2024 - 2030)

Healthcare Equipment Market Overview

Healthcare Equipment Market size is estimated to reach $557.7 billion by 2027, growing at a CAGR of 4.6% during the forecast period 2022-2027. Healthcare Equipment is utilized in offering an extensive assortment of healthcare services to patients, thereby decreasing the count of patients and beginning the procedure of faster and superior healing. Blood Pressure Monitors are categorized under durable medical equipment and could be covered by Medicaid in the state. Oxygen concentrators are devices that concentrate the oxygen from a gas supply (usually circulating air) by judiciously eliminating nitrogen to supply an oxygen-enriched product gas stream. They are applied industrially and as medical devices for oxygen therapy. Patient monitoring systems are any set of systems and/or processes that allow healthcare providers to supervise the health of a patient. Patient monitoring devices or patient monitors accumulate significant patient data which is then transmitted to the equipment where it is processed, stored and displayed. The equipment that processes, stores and displays this data are termed the capital equipment. Heart rate monitors are devices that detect and assess the heart or pulse rate. The invasive cardiovascular technologist is skilled in the operation and maintenance of all diagnostic and therapeutic equipment utilized for processes, involving electrical security for every piece of equipment. Industrial humidifiers will assist in maintaining medical environments clean and at accurate levels of humidity. Electronic thermometers demonstrate either a predicted equilibrium temperature based on measurements taken over 15-30 seconds (in predictive mode) or an actual equilibrium temperature that is typically accomplished in a minute or less (in continuous mode).

The broadening population around the world together with the amplified awareness regarding self-monitoring of incessant ailments like diabetes is set to drive the Healthcare Equipment Market. The growth of hospital infrastructure lighting attributed to the surging count of multi-specialty and super-specialty hospitals possibly equipped with blood pressure monitors in developing countries like China, India, Brazil and others is set to propel the growth of the Healthcare Equipment Industry during the forecast period 2022-2027. This represents the Healthcare Equipment Industry Outlook.

Healthcare Equipment Market Report Coverage

The “Healthcare Equipment Market Report - Forecast (2022-2027)” by Industry ARC, covers an in-depth analysis of the following segments in the Healthcare Equipment Market.
by Type Of Equipment: Diabetes Care Devices, Hearing Aid Devices, Drug Delivery Devices, Respiratory Care Devices, Patient Monitoring Devices, Others.
by Application: Home, Commercial.
by Geography: North America (the U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America) and Rest Of The World (Middle East, Africa).

Key Takeaways

• Geographically, North America (Healthcare Equipment Market share) accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027. This is owing to the increasing predominance of incessant ailments and the heightening requirement for healthcare services and devices like blood pressure monitors, patient monitors and heart rate monitors in the North American region.
• Healthcare Equipment Market growth is being driven by the consistent technological innovations in the detection, diagnosis and supervision of distinct ailments which may require the application of blood pressure monitors, patient monitors and heart rate monitors and the increasing levels of health awareness. However, the rise of novel technology results in hospitals, clinics and additional healthcare facilities encountering the continued challenge of advancing to maintain their facilities in top form to offer present up-to-date care and the specifications, sourcing and establishment of this equipment introducing rare challenges are some of the major factors hampering the growth of Healthcare Equipment Market. 
• Healthcare Equipment Market Detailed Analysis of the Strength, Weaknesses and Opportunities of the prominent players operating in the market will be provided in the Healthcare Equipment Market report. 

Healthcare Equipment Market Segment Analysis - by Type Of Equipment

The Healthcare Equipment Market based on the type of equipment can be further segmented into Diabetes Care Devices, Hearing Aid Devices, Drug Delivery Devices, Respiratory Care Devices, Patient Monitoring Devices and Others. The Diabetes Care Devices Segment held the largest Healthcare Equipment Market share in 2021. This growth is owing to the increasing predominance of diabetes and obesity across the world. Diabetes care devices include management devices like insulin pumps and insulin pens and monitoring devices like self-monitoring blood glucose for hospital and personal use and continuous glucose monitoring. Sensors are the most significant portion of continuous glucose monitoring devices and technological progress to enhance the precision of the sensors is further propelling the growth of the Diabetes Care Devices segment.

Furthermore, the Respiratory Care Devices segment is estimated to grow with the fastest CAGR of 5.5% during the forecast period 2022-2027 owing to the extensive significance of respiratory care therapeutic devices like oxygen concentrators and humidifiers in the wake of the Coronavirus (COVID-19) pandemic.

Healthcare Equipment Market Segment Analysis - by Application

The Healthcare Equipment Market based on the application can be further segmented into Home, Commercial. The Commercial Segment held the largest Healthcare Equipment Market share in 2021. This growth is owing to the surging inclination of patients to avail of commercial services in healthcare establishments like hospitals and clinics. Blood pressure monitors, patient monitors and heart rate monitors are extensively accessible in hospitals. The progressive healthcare infrastructure in commercial establishments like hospitals and clinics together with the effortless accessibility of qualified and skilled physicians is further propelling the growth of this segment.

Furthermore, the Home segment is estimated to grow with the fastest CAGR of 5.8% during the forecast period 2022-2027 owing to the rising pervasiveness of incessant ailments like respiratory ailments cancer and kidney failure together with the expanding population of the elderly.

Healthcare Equipment Market Segment Analysis - by Geography

The Healthcare Equipment Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and Rest of the World. North America (Healthcare Equipment Market) held the largest Healthcare Equipment Market share with 36% of the overall market in 2021. The growth of this region is owing to the increasing predominance of cardiovascular ailments, sleep apnea and respiratory ailments requiring greater application of Healthcare Equipment in the North American region. Humidifiers are being extensively utilized to reduce the hazard of airborne contaminations. The soaring acceptance of progressive technology together with the presence of key players like Medtronic in the U.S. is further propelling the growth of the Healthcare Equipment Industry, thereby contributing to the Healthcare Equipment Industry Outlook, in the North American region.

Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR over the forecast period 2022-2027. This growth is owing to factors like the increasing predominance of incessant ailments like cardiovascular ailments and diabetes with an enormous patient pool in the Asia-Pacific region. The heightening application of humidifiers together with the increasing utilization of blood pressure monitors, patient monitors and heart rate monitors are further fuelling the progress of the Healthcare Equipment Market in the Asia-Pacific region.

Healthcare Equipment Market Drivers

Surging Applications of Blood Pressure Monitors, Patient Monitors and Heart Rate Monitors are Projected to Drive the Growth of the Healthcare Equipment Market:

Blood pressure monitors are an essential part of medical equipment and need to be both trustworthy and precise whether they are being utilized for home healthcare or at a clinical-grade level. Reduced power intake, ease of application and a small form factor are essential facets of performance and patient comfort. These devices are anticipated to provide increasingly soaring levels of integration like wireless connectivity with mobile devices along with greatly accurate vital sign measurement. There is a count of applications where patient monitoring systems are utilized. Patient monitoring systems or patient monitors are crucial to any surgical operation within hospital and clinical walls. At the time of an operation, the surgeon must have continued access to the vital signs of a patient to diminish the hazard of some adverse occurrence. Presently, nearly 10 percent of infants born in the U.S. will require certain kinds of respiratory assistance, promptly succeeding delivery. Complexities arising from underdeveloped lungs or premature birth may hinder the ability of an infant to breathe correctly, authorizing the requirement for resuscitation in certain cases. An infant heart rate monitor offers reasonable, crucial information to physicians and additional healthcare personnel that will assist in deciding emergency medical requirements and a further course for treatment. The surging applications of blood pressure monitors, patient monitors and heart rate monitors are therefore fuelling the growth of the Healthcare Equipment Market during the forecast period 2022-2027.

Soaring Innovations in Healthcare Equipment are Expected to Boost the Growth of the Healthcare Equipment Industry:

As per AI-TechPark, by 2030, Artificial Intelligence (AI) will supply $15.7 trillion to the global economy. From telemedicine to artificial intelligence, robotic surgery and 3D printing, technology is transforming the healthcare industry. In the 1970s, NASA became involved in the idea of remote surgery that could be carried out for astronauts in space. The U.S. Defense Advanced Research Projects Agency (DARPA) created a remote telesurgery unit that would assist the injured in the battleground. In 1985, PUMA 560, the earliest surgical robot, was utilized in a stereotaxic operation to carry out a brain biopsy. Artificial Intelligence (AI) and Machine Learning are providing healthcare providers an exceptional capability to effectively arrange patient care, automate contracts and payments and expedite diagnostics and the treatment development process. These kinds of soaring innovations in Healthcare Equipment are therefore driving the growth of the Healthcare Equipment Industry, thereby contributing to the Healthcare Equipment Industry Outlook, during the forecast period 2022-2027.

Healthcare Equipment Market Challenge

Limitations of Healthcare Equipment are Hampering the Growth of the Healthcare Equipment Market:

As the technology progresses, it becomes more firmly combined into patient care and the pressure to keep up with different kinds of novel devices raises. This kind of progress leads to a boost of medical assets with additional needs for user training, maintenance, service and reporting while keeping up quality patient care. All of these factors have an adverse impact on a budget of a healthcare facility. It is also noticed in the Electronic Health Reporter that hospitals in the U.S. have a medical equipment utilization rate of between 32% and 38%. This is brought about by way of overspending and bad equipment handling. These issues are thus hampering the growth of the Healthcare Equipment Market.

Healthcare Equipment Industry Outlook

Novel product launches, technological progress, mergers and acquisitions, partnerships, collaborations, joint ventures and R&D activities are key strategies adopted by players in the Healthcare Equipment Market. The top 10 companies in the Healthcare Equipment Market are:

1. B. Braun Melsungen Ag
2. Lincare Holdings Inc.
3. Robert Bosch GmbH
4. Baxter International Inc.
5. American Homepatient Inc.
6. Medtronics Inc.
7. Abbott Laboratories
8. Bayer AG
9. GE Healthcare
10. Philips Healthcare

Recent Developments

• In September 2021, B. Braun Melsungen AG declared that it has gained the minority interest of the cofounders Jean-Philippe Gentes and Bertrand Bolduc in Sterinova Inc. and presently owns 100% of the firm. Sterinova will continue to function as a different subsidiary of B. Braun Melsungen AG. With over 64,000 employees in 64 nations, the family-owned firm B. Braun is one of the world’s leading suppliers of solutions for the healthcare market. 
• In April 2021, MuleSoft, provider of the world’s #1 integration and API platform, declared that B. Braun Melsungen AG chose MuleSoft to develop a single view of every patient and enhance operational competencies. B. Braun can presently develop novel digital experiences 50% faster, utilizing MuleSoft to safely unlock and combine crucial data in disparate systems and effortlessly link to its partner ecosystem in the healthcare industry. With over 64,000 employees in 64 nations, the family-owned company B. Braun is one of the world’s leading suppliers of solutions for the healthcare market.
• In December 2020, AdaptHealth Corp., a leading provider of home healthcare equipment, medical supplies to the home and related services in the U.S., declared that it has entered into a definitive agreement to gain Orlando, Florida-based AeroCare Holdings, Inc. (“AeroCare”). Established in 2000, AeroCare is a leading national technology-enabled respiratory and home medical equipment (“HME”) distribution platform in the U.S. and provides an all-inclusive suite of direct-to-patient equipment and services involving CPAP and BiPAP machines, oxygen concentrators, home ventilators and other durable medical equipment products.

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