The pandemic has brought the home medical equipment market to a booming state. This is mainly due to the need for people who are sick or injured to have better care at home.
With this, the demand for healthcare products and services has also risen. And with this, more entrepreneurs are now creating ways to solve the problems that come with this type of pandemic. One example is the use of telehealth services, which allow patients to be diagnosed and treated remotely by using video conferencing, phone calls, and/or other types of communication technology.
In 2017, a severe flu pandemic swept across the United States. In response, the market for home medical equipment grew by 12% from 2016 to 2017.
Home medical equipment spans a medi bed wide range of products and services that can help people live independently at home by providing mobility support, medication delivery, and monitoring of health conditions.
This section will provide an introduction to home medical equipment and its growth due to a severe flu pandemic in the U.S.
The market for home medical equipment is growing rapidly, fueled by rising demand for such products, rising prices of health care system and rising incidence of chronic disease.
It is expected that the global market for home medical equipment will grow from $31.6 billion in 2016 to $37.5 billion in 2021 at a Compound Annual Growth Rate (CAGR) of 2.3%.