India Homecare Medical Equipment Market to grow with a CAGR of 5.65% through 2029
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the India Homecare Medical Equipment Market.
According
to TechSci Research report, “India Homecare Medical Equipment Market - By Region, Competition, Forecast & Opportunities, 2029F”, India Homecare Medical
Equipment Market stood at USD 710.40 million in 2023 and is anticipated to
witness a steady growth in the forecast period with a CAGR of 5.65%
through 2029. This can be due to collaborations and partnerships among leading
companies with a diverse approach to merge the expertise of individual
companies and to strengthen their position in the market. The rise in lifestyle
diseases is a significant driver of the demand for homecare medical equipment.
Lifestyle diseases, also known as non-communicable diseases (NCDs), include
conditions like diabetes, hypertension, obesity, cardiovascular diseases, and
respiratory disorders. These diseases are often linked to unhealthy lifestyle
choices, such as poor diet, lack of physical activity, smoking, and excessive
alcohol consumption. Many lifestyle diseases require regular monitoring of
vital signs and health parameters. Homecare medical equipment, such as blood
pressure monitors, glucose meters, and weight scales, enables individuals to
monitor their conditions at home. This empowers patients to take control of
their health and make informed decisions. Homecare medical equipment provides
convenience for patients. They can monitor their conditions without the need
for frequent visits to healthcare facilities. This convenience is especially
important for individuals with chronic conditions that require ongoing
management. Timely detection and monitoring of lifestyle diseases can help in
early intervention and better disease management. Home monitoring equipment
allows for the early detection of fluctuations in vital signs, helping patients
and healthcare providers take timely action. Homecare medical equipment
supports preventive healthcare. Individuals at risk of lifestyle diseases can
use these devices to track their health proactively, make necessary lifestyle
changes, and prevent the development of these conditions.
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" India Homecare Medical Equipment Market”
In June 2023, OMRON Healthcare Co., Ltd., based in
Kyoto, Japan, has unveiled its plan to build a manufacturing facility at
ORIGINS by Mahindra in Chennai, located in the Indian state of Tamil Nadu. This
factory will commence the production of blood pressure monitors starting in
March 2025. Before this, the Company formally signed a memorandum for
establishing the factory, with the presence of Mr. M.K. Stalin, the Chief
Minister of the Tamil Nadu State Government. India, due to its rapidly growing
economy and increasing population, is experiencing a surge in lifestyle-related
diseases. Among these, hypertension is a prevalent contributor to
cerebro-cardiovascular conditions like strokes and heart failures. Regular
monitoring of blood pressure at home is deemed crucial for effective
hypertension management. The establishment of this manufacturing facility and
the establishment of a reliable distribution network represent the Company's
commitment to make blood pressure monitors accessible to a wider population in
India.
Maintenance
and servicing are significant challenges in the India Homecare Medical
Equipment Market. These challenges impact the effectiveness and reliability of
homecare medical equipment and can affect patient safety and satisfaction.
Regular maintenance and servicing are essential for ensuring the reliability
and accuracy of homecare medical equipment. When devices are not properly
maintained, they may provide incorrect readings or malfunction, compromising
patient health. Inadequate maintenance can lead to safety issues, including
device malfunctions, electrical hazards, or the risk of infection transmission
if cleaning and disinfection protocols are not followed correctly. Patients may
hesitate to use homecare medical equipment if they are concerned about device
reliability or the availability of timely servicing. This can impact patient
compliance with treatment plans and monitoring. In some regions of India,
access to qualified technicians and servicing centers for homecare medical
equipment may be limited. Patients in these areas may face challenges in
obtaining timely servicing.
India Homecare Medical Equipment Market is
segmented based on Type, Distribution Channel, and by region.
Based on the Type, India Homecare Medical Equipment
Market is segmented into Therapeutic Equipment, Patient Monitoring Equipment,
Mobility Aids & Patient Support Equipment. Patient
monitoring equipment in homecare medical equipment refers to a category of
devices designed to track and record a patient’s vital signs and health
parameters within the home setting continuously or periodically. These devices
are crucial for monitoring the health status of individuals with chronic
illnesses, post-operative patients, the elderly, or anyone requiring ongoing
medical supervision. The data collected by these devices can be used for early
detection of health issues, treatment adjustment, and improving the overall
quality of care. Patient
monitoring equipment in homecare serves several purposes, including early
disease detection, the management of chronic conditions, and post-operative
care. These devices provide convenience, timely intervention, and peace of mind
for patients and their caregivers while promoting more patient-centric and
cost-effective healthcare.
Based on Region, North India held the largest share in the India Homecare Medical Equipment Market.
The presence of educational institutions and healthcare centers in North India
contributes to a higher level of awareness about the importance of homecare
medical equipment for managing health conditions. Some states in North India
have been more proactive in promoting healthcare and providing subsidies or
incentives for medical equipment, which can drive demand. Cultural factors can
influence healthcare-seeking behavior. In North India, there may be a greater
willingness to adopt modern medical practices, including the use of homecare
medical equipment. The presence of prominent healthcare providers and
organizations in North India can enhance the availability and accessibility of
homecare medical equipment. Urban areas in North India, like Delhi, face unique
health challenges such as air pollution, which can lead to an increased demand
for homecare equipment for respiratory conditions.
Some
of the major companies operating in the India
Homecare Medical Equipment Market include:
- India
Medtronic Pvt Ltd.
- Johnson
& Johnson Medical India Limited
- Abbott
India Limited
- Becton,
Dickinson Private Limited
- Roche
Diagnostics India limited.
- Wipro
GE Healthcare Pvt. Ltd.
- Mindray
Medical India Pvt Ltd.
- Siemens
India, Philips India Ltd.
- Hitachi
Medical Systems India
- Stryker
India Private Limited
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“Certain areas, particularly in North
America, are projected to exert significant demand for Homecare Medical
Equipment. The growth in the competitive landscape and the presence of
well-established companies in the market, committed to enhance the overall
wellbeing of people each year, are expected to contribute to a remarkable
growth of the India Homecare Medical Equipment Market in the forecast
period," said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based Global management consulting firm.
India
Homecare Medical Equipment Market by Type (Therapeutic Equipment {Home
Respiratory Therapy Equipment, Home IV Equipment, Home Dialysis Equipment,
Others}, Patient Monitoring Equipment {Blood Glucose Monitors, Blood Pressure
Monitors, Holter Monitors, Peak Flow Meters, Apnea Monitors, Heart Rate
Monitors, Baby Monitors, Electronic Thermometers, Others}, Mobility Aids &
Patient Support Equipment {Wheelchairs, Walking Assist Devices, Bathroom Safety
Equipment, Others}, Others), By Distribution Channel (Hospital Pharmacies,
Retail Pharmacies, Online Pharmacies, Others), By
Region, By Competition Forecast
& Opportunities, 2019-2029F has
evaluated the future growth potential of India Homecare Medical Equipment
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in India Homecare Medical Equipment
Market.
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