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.
Home Medical Equipment Market
On the basis of product type, the global market is
segmented into:
-
Home Tests and Patient Monitoring Equipment
-
Home Therapeutic Equipment
-
Patient Support Equipment
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.
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.
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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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