In home MedicalEquipment Market, North America is the largest geographic region, followedby Europe. This is mainly attributed to robust healthcare infrastructure,technological advancement, high disposable income, and good reimbursementpolicies in the region. In the U.S., provisions of the Obamacare Act thatprovides health insurance to 30 million uninsured people in the country createsa highly conducive environment for growth of the home medical equipment market.Increasing demographics and rising healthcare spending in emerging economiessuch as India and China are further expected to favor growth of the market inhome medical equipment. The market in the Asia Pacific region is expected toexperience high growth rate in the near future due to increasing awareness andshortage of professional medical services providers in the region. Furthermore,technological innovation have led to development of advancement products whichwould augment growth of the market. In the global home medical equipmentindustry, an increasing number of mergers and acquisitions and new productlaunches are the latest trends that have been observed in the recent past.
Home medical equipment refers tocost-effective medical devices that help provide safe and effective treatmentto patients in the comfort of their home. This significantly reduces stress relatedto treatment and helps in speedy recovery of patients and improves theirquality of life. Home healthcare equipment is also called durable medicalequipment (DME), as it is projected to tolerate repeated use bynon-professionals or the patient, and is appropriate for use in home settings.It typically includes medical electric equipment such as digital blood pressuremonitors, blood glucose meters, pulse oximeters, and peak flow meters. Thesedevices are available in both hospital and home-use models, with changingfeatures and capabilities differentiating the models. The term home healthcareequipment is also applied to products such as breast pumps, nebulizers, andartificial limbs and other prosthetic devices. Personal hygiene products,electric toothbrushes, and denture cleaners may also be covered under thisbroad segment. Even mechanical assist devices, such as wheelchairs, seat lifts,and walkers can be part of home healthcare equipment. It helps in reducingduration 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 aresome of the key factors driving growth of the global home medical equipmentmarket. Increasing consumer awareness about the convenience and cost effectivenessof deploying such products, increase in the patient preference for home-basedcare, rising insured population as a result of the Affordable Care Act,technological advancements such as wearable devices, tele health, mobile healthapplications, etc. further spur growth of the market.
Changing reimbursement policies,risk to safety, limited insurance coverage, and health of home healthcareworker, and growing patient safety concerns such as home healthcare worker haveless control over their work environment that may contain a number of safetyand health hazards. These hazards which may include ergonomic hazards,bloodborne pathogens and biological hazards, latex sensitivity, from patientlifting, hostile animals violence, and unhygienic and dangerous conditions.Additionally, if their daily work duties requires them to provide care formultiple patients, they may face hazards on the road as they drive from home tohome, these are some of the main factorsprojected 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 itregulates all other medical devices. However, in recognition of the growingnumber of potential safety issue regarding the use of home healthcareequipment, the FDA announced plans to provide closer oversight of homehealthcare equipment in the United States in April 2010.
Key players operating in theglobal 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, andAbbott Laboratories.
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Key Developments
Major companies in the market arefocused on various business strategies such as collaboration and partnership,in order to enhance their market presence. For instance, in January 2018, GEHealthcare and Roche Ltd. entered into partnership to develop diagnosticplatform to improve critical care treatment. This partnership will applyadvanced analytics to in-vivo data from GE’s medical imaging and monitoringequipment with in-vitro data from Roche’s biomarkers, sequencing portfolio, andtissue pathology.
Key players in the marker areinvolved in various business strategies such as merger and acquisition, inorder to gain competitive edge in the global market. For instance, in March2019, ResMed, a U.S.-based medical equipment company, acquired HB Healthcare, aprovider of home medical equipment. HB Healthcare is a South Korea-basedcompany, providing sleep and respiratory care devices.
Key companies in the market areinvolved 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@homeservices to Chennai, India with launch of ICY@home. This new service willprovide intensive care unit equipment and high-quality medical care to patientsat home.
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