In home Medical
Equipment Market, North America is the largest geographic region, followed
by Europe. This is mainly attributed to robust healthcare infrastructure,
technological advancement, high disposable income, and good reimbursement
policies in the region. In the U.S., provisions of the Obamacare Act that
provides health insurance to 30 million uninsured people in the country creates
a highly conducive environment for growth of the home medical equipment market.
Increasing demographics and rising healthcare spending in emerging economies
such as India and China are further expected to favor growth of the market in
home medical equipment. The market in the Asia Pacific region is expected to
experience high growth rate in the near future due to increasing awareness and
shortage of professional medical services providers in the region. Furthermore,
technological innovation have led to development of advancement products which
would augment growth of the market. In the global home medical equipment
industry, an increasing number of mergers and acquisitions and new product
launches are the latest trends that have been observed in the recent past.
Home medical equipment refers to
cost-effective medical devices that help provide safe and effective treatment
to patients in the comfort of their home. This significantly reduces stress related
to treatment and helps in speedy recovery of patients and improves their
quality of life. Home healthcare equipment is also called durable medical
equipment (DME), as it is projected to tolerate repeated use by
non-professionals or the patient, and is appropriate for use in home settings.
It typically includes medical electric equipment such as digital blood pressure
monitors, blood glucose meters, pulse oximeters, and peak flow meters. These
devices are available in both hospital and home-use models, with changing
features and capabilities differentiating the models. The term home healthcare
equipment is also applied to products such as breast pumps, nebulizers, and
artificial limbs and other prosthetic devices. Personal hygiene products,
electric toothbrushes, and denture cleaners may also be covered under this
broad segment. Even mechanical assist devices, such as wheelchairs, seat lifts,
and walkers can be part of home healthcare equipment. It helps in reducing
duration of patients’ stay in hospitals, nursing homes, or clinics.
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Growing geriatric population,
rising incidence of chronic diseases, and growing healthcare expenditure are
some of the key factors driving growth of the global home medical equipment
market. Increasing consumer awareness about the convenience and cost effectiveness
of deploying such products, increase in the patient preference for home-based
care, rising insured population as a result of the Affordable Care Act,
technological advancements such as wearable devices, tele health, mobile health
applications, etc. further spur growth of the market.
Changing reimbursement policies,
risk to safety, limited insurance coverage, and health of home healthcare
worker, and growing patient safety concerns such as home healthcare worker have
less control over their work environment that may contain a number of safety
and health hazards. These hazards which may include ergonomic hazards,
bloodborne pathogens and biological hazards, latex sensitivity, from patient
lifting, hostile animals violence, and unhygienic and dangerous conditions.
Additionally, if their daily work duties requires them to provide care for
multiple patients, they may face hazards on the road as they drive from home to
home, these are some of the main factors
projected to inhibit growth of this market during the forecast period. The U.S.
FDA has regulated medical devices used by consumers at home in the same way it
regulates all other medical devices. However, in recognition of the growing
number of potential safety issue regarding the use of home healthcare
equipment, the FDA announced plans to provide closer oversight of home
healthcare equipment in the United States in April 2010.
Key players operating in the
global home medical equipment market are AstraZeneca, B. Braun Melsungen AG,
Baxter, GE Healthcare, F. Hoffmann-La Roche Ltd, Stryker, Sunrise Medical LLC,
ResMed, Philips Healthcare., Medline Industry, CareFusion Corporation, and
Abbott Laboratories.
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Key Developments
Major companies in the market are
focused on various business strategies such as collaboration and partnership,
in order to enhance their market presence. For instance, in January 2018, GE
Healthcare and Roche Ltd. entered into partnership to develop diagnostic
platform to improve critical care treatment. This partnership will apply
advanced analytics to in-vivo data from GE’s medical imaging and monitoring
equipment with in-vitro data from Roche’s biomarkers, sequencing portfolio, and
tissue pathology.
Key players in the marker are
involved in various business strategies such as merger and acquisition, in
order to gain competitive edge in the global market. For instance, in March
2019, ResMed, a U.S.-based medical equipment company, acquired HB Healthcare, a
provider of home medical equipment. HB Healthcare is a South Korea-based
company, providing sleep and respiratory care devices.
Key companies in the market are
involved in various growth strategies such as service and business expansion,
in order to enhance their market presence. For instance, in February 2018,
Phillips India Ltd., a health technology company, expanded its ‘Healthcare@home
services to Chennai, India with launch of ICY@home. This new service will
provide intensive care unit equipment and high-quality medical care to patients
at home.
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