There’s no doubt that medical device is expensive, however the at-home versions have gotten more affordable over the years. Even more important is the size reduction occurred to medical machinery. Like computers, medical machines that used to take up the whole room can now be rolled in. And while we may never see a ventilator the size of a cell phone, the amount of space they take up is getting smaller and smaller.
Mobile and home healthcare devices are responsible for increase in outpatient procedures. For instance, St. Jude Medical CardioMEMs™ HF System, an implantable device that provides heart failure monitoring. Another example is in the field of diabetes care: the Telcare Blood Glucose Monitoring System has an integrated cellular module for remote data transfer. Rising global geriatric population, increasing health diseases, and cost efficiency of home healthcare are some of the factors influencing the global home healthcare equipment market growth. In addition, innovative technologies and government policies towards promoting home healthcare are favoring the market growth. However, inadequate insurance coverage, high cost paired with reimbursement issues and patient safety issues are the factors that would restrain the market.
Although Asia-Pacific is the smaller market but the region has good growth potential for the future due to increase in middle class population throughout Asia, especially in China, India, and Southeast Asia. In North America, small family units and huge dependent aging population are expected to drive the growth in the home health care device industry over the forecast period. Diagnostics and monitoring device account for the major share in overall home healthcare equipment market while therapeutics being the fastest growing market. Among the end users, home care settings contribute more than 50% in home healthcare equipment market due to ease of use and interpretation of data. Online portal continues to dominate the distribution channel of home healthcare equipment because of easy accessibility and quality services.
The home healthcare equipment industry comprises manufacturers of blood pressure monitors, glucose monitors, diabetics control devices, wheelchairs, walking aids, oxygen inhalers, thermometers and other devices. The major players of home healthcare equipment market are Abbott Laboratories, Invacare Corporation, Johnson & Johnson, 3M, Philips healthcare, Siemens, Roche Diagnostics and others.