Home medical equipment (HME) refers to the medical devices that help to provide safe, convenience, cost effective and familiar environment to the patients. This helps in easy recovery of patients and improves their quality of life. Type of home medical equipment includes therapeutic equipment, patient monitoring equipment, mobility assist equipment and other patient support equipment. The home therapeutic equipment market is increasing at a high growth rate due to increasing incidence of chronic diseases such as respiratory disorder, cancer and kidney failure. Home therapeutic equipment includes products such as home dialysis products, home respiratory therapy equipment, home IV equipment and another home therapeutic equipment. Home medical equipment helps in reducing time spent in hospitals, nursing homes and clinics.
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Some of the major companies operating in the global home medical equipment market are F. Hoffmann-La Roche Ltd, B. Braun Melsungen AG, GE Healthcare, AstraZeneca, Abbott, Baxter, CareFusion Corporation, ResMed, Hospira, Inc., Stryker, Philips Healthcare., Sunrise Medical (US) LLC and Medline Industry, Inc.
North America, followed by Europe, has the largest market for home medical equipment due to technological advancement, high disposable income, better healthcare infrastructure and good reimbursement policies in the region. Asia is expected to experience high growth rates in the next few years due to increasing awareness and shortage of professional medical providers in the region.
Increase in ageing population, cost saving advantages, technological advancement, rise in disposable income of consumers, growing incidence of chronic diseases and rising healthcare expenditure are some of the key factors driving the growth for global home medical equipment market. In addition, increasing awareness about the conveniences and cost effectiveness offered by home medical equipment and shifting of treatment cases from hospitals to home, due to high hospital expenditure are expected to drive the market for home medical equipment. However, safety and effectiveness issue are some of the major factors restraining the growth for global home medical equipment market.
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Growing demographics and economies in the developing countries such as India and China are expected to result in the growth of home medical equipment market in Asia. In addition, technological advancement and innovation of some new products are expected to offer good opportunities in the global home medical equipment market. An increasing number of mergers and acquisitions and new product launches are some of the latest trends have been observed in the global home medical equipment market.