Home Medical Equipment Industry Worth $ 12.6 Billion by 2018 Says A New Research Report at RnRMarketResearch.com
Dallas, TX (PRWEB) March 31, 2014 -- US demand to rise 8.2% annually through 2018
US demand for home medical equipment is forecast to grow 8.2 percent annually to $12.6 billion in 2018. Advances in the technological capabilities of products such as portable oxygen concentrators, remote telemedicine systems, and home dialysis machines will underlie growth. The introduction of new and improved devices and equipment will expand the number of medical conditions and patients adaptable to effective home treatment, management, and monitoring. Cost saving advantages will promote the increasing substitution of home health care for hospital, ambulatory, and nursing home procedures whenever feasible.
Telemedicine devices to post strongest gains
Among all types of home medical equipment, remote monitoring and realtime systems based on telemedicine technology will generate the fastest revenue growth as physicians, hospitals and other medical providers are pressured by health insurers to become more accountable for improving patient outcomes and controlling treatment costs. By contrast, demand for conventional patient monitors will expand at a below average pace due to competition from telemedicine devices.
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Home therapeutic equipment to remain dominant segment
A rising prevalence of chronic conditions, especially respiratory disorders, kidney failure, and cancer, will boost demand for home therapeutic equipment — the dominant product segment — up at a strong annual pace through 2018. Portable oxygen concentrators for treating chronic obstructive pulmonary disease (COPD), continuous positive airway pressure (CPAP) products for managing obstructive sleep apnea, and ventilators and accessories for alleviating severe breathing impairments will exhibit the fastest growing sales among home respiratory therapy equipment.
Demand for dialysis equipment will expand at a strong double digit pace, spurred by the increasing availability of portable dialysate delivery machines as well as by upward trends in the incidence of end-stage renal disease. By contrast, the market for IV equipment will rise well below the average pace of home medical equipment due to multiple supplier availability, intensifying pricing pressures, and advances in alternative oral, inhalation, and topical drug therapies. Automated external defibrillators, negative pressure wound therapy products, and muscle and nerve stimulators will see the fastest growth in demand value among other home therapeutic equipment as home health care providers assume an expanding role in preventive medicine, the healing of major wounds, and overall pain management.
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Wheelchairs to remain key mobility assist equipment
Demand for mobility assist and other home patient support equipment is forecast to increase at a below average annual pace through 2018. Wheelchairs will continue to dominate revenues as aging population trends lead to a rising incidence of activity-limiting orthopedic impairments. However, home medical furniture and bathroom safety products will post faster growth in demand as an increasing number of elderly and disabled individuals adapt their residences to home health care treatment to avoid transfer to nursing homes or assisted living facilities.
Company Profiles
Profiles for 30 US industry competitors including Royal Philips Electronics, Res- Med, Invacare, Baxter International, Fresenius Medical Care and Medline
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Priyank Tiwari, RnR Market Research, http://www.rnrmarketresearch.com/, +1 (888) 391-5441, [email protected]
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