The initial round of research indicates that data availability is relatively adequate on this topic. There is adequate data on the major players in the market, insights on the caregiver demographics and statistics, as well as details on the current and predicted growth of the aging population. However, there does not appear to be publicly available information that gives a clear demarcation of the proportion of the market for elderly use, although the aging population is clearly noted as one of the main drivers of growth. In addition, the information on the annual revenues of the top players in the industry may not be available to the degree of specificity desired, especially for private companies.
Durable Medical Equipment Market in the U.S.
- The U.S. durable medical equipment market size was valued at $52.9 billion in 2020, and is expected to grow at a compound annual growth rate (CAGR) of 6% between 2021 and 2028 to reach $84.3 billion.
- The home care segment is expected to experience growth in the forecast period due to an increase in the "aging population and preference for shorter hospital stays."
- Studies show that a "major proportion of individuals suffering from chronic or physical conditions prefer staying home as compared to any other healthcare institute."
- This preference for home healthcare as an alternative to hospital stay is also contributing to the growth of the monitoring and therapeutic devices, which are the largest segment accounting for 89.4% of the market in 2020.
- The U.S. home medical equipment market was $11.53 billion in 2019, and is expected to reach $20.41 billion by 2027.
- Among the key players in the U.S. durable medical equipment market are: Invacare Corporation, Sunrise Medical, ArjoHuntleigh, Hill-Rom, Stryker, Medline Industries, Inc., Medical Device Depot, Inc., GF Health Products Inc., Carex Health Brands, Baxter International, Inc., Becton, Dickinson and Company, and Joerns Healthcare LLC.
- The major players in the U.S. home medical equipment market include: Baxter International Inc., Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen AG, Hill-Rom Holdings, Inc., General Electric Company (GE Healthcare), Johnson & Johnson (Depuy Synthes), Invacare Corporation, Medtronic Plc., and Smith & Nephew Plc.
U.S. Population Aged 65 and Above
- In this preliminary hour of research we provided some insights on the durable equipment industry including the size of the market, some of the top players, the size of the home medical equipment segment and some predictions on its growth, as well as insights on the current and predicted population of those aged 65 and above.
- In our research, we were not able to find publicly available information that clearly demarcates the proportion of the market for elderly use. However, the aging population is clearly noted as one of the main drivers of growth in the overall market and the home medical equipment segment in particular.
- This research has assumed a U.S. focus. If a more broad approach is desired, for example, a global view, this would have to be clearly communicated.
- We suggest continuing with the research to provide the other requested information, specifically, the annual revenues of the identified companies specifically in their durable equipment segments. Although we were able to do a spot check on some of the companies it is possible that the information is not available to the desired specificity, especially for private companies. We will also provide information on the employment statistics and demographics of caregivers in the U.S., and the frequency of failure or misuse of durable medical equipment and associated costs as suggested below: