US demand for home medical equipment to reach $13 billion
US demand for home medical equipment will increase 8.2% annually to $12.6 billion in 2018, according to research carried out by the Freedonia Group.
According to analyst Bill Martineau: “Advances in the technological capabilities of products, coupled with ongoing health care cost containment efforts, will underlie growth.”
The introduction of new and improved devices 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 services for hospital, ambulatory, and nursing home procedures whenever feasible. These and other trends are presented in the Home Medical Equipment study.
The research found that a rising prevalence of chronic conditions, especially respiratory disorders, kidney failure, and cancer, will boost demand for home therapeutic equipment 8.2% annually to 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 account for the fastest revenue growth among home respiratory therapy equipment.
Among all types of home medical equipment, remote monitoring and real-time 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.
Demand for mobility assistance and other home patient support equipment is forecast to increase 5.1% annually to nearly $2.3 billion in 2018. Wheelchairs will continue to dominate revenues as ageing 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 avoid transfer to nursing homes or assisted living facilities.