Home medical equipment market to focus on regional expansion

Home medical equipment, or HME, is a collection of low- or no-cost medical gadgets that can be used to treat patients in their own homes. Patients’ quality of life and rate of recovery are both enhanced by this measure’s reduction in treatment-related stress. Durable medical equipment (DME) refers to medical tools designed to be used in a variety of situations outside of a hospital or clinic, such as a patient’s home. Digital blood pressure monitors, glucose metres, pulse oximeters, and peak flow metres are common examples of this category of medical electric equipment. Variations of these devices designed for use in either a medical facility or at home offer a range of features and functionality. Breast pumps, nebulizers, prosthetic limbs, and other similar items are all considered home healthcare equipment. This category may also include items like denture paste and electric toothbrushes. Home healthcare equipment might include even mechanical aids like wheelchairs, seat lifts, and walkers. It’s useful for cutting down on the amount of time people spend in medical facilities like hospitals, nursing homes, and clinics.

The global market for home medical equipment is expanding as a result of a number of factors, including an ageing population, an increase in the prevalence of chronic diseases, and an increase in healthcare spending. Also, the expanding insured population as a result of the Affordable Care Act, technology improvements like as wearable devices, tele health, mobile health applications, etc., and the increased desire for home-based treatment all contribute to the expansion of the market.

Home medical equipment market
Based on the product type, the market for home medical equipment worldwide is divided into:

• Home Tests and Patient Monitoring Equipment
• Patient Support Equipment
• Home Therapeutic Equipment

North America is the largest market for home medical equipment, followed by Europe. Reasons for this include the availability of high-quality medical facilities, the availability of cutting-edge medical technology, the high standard of living, the generous reimbursement rules, and the large amount of disposable income in the area. The Affordable Care Act’s expansion of health insurance to 30 million formerly uninsured Americans has created a thriving market for home medical devices in the United States. The home medical equipment market is predicted to increase as a result of a number of factors, including a growing elderly population as well as increasing healthcare spending in developing nations like India and China. Due to rising consumer demand and a lack of qualified medical service providers, the Asia-Pacific region’s market is forecast to expand rapidly in the next years. In addition, progress in technology has spurred the creation of cutting-edge items that should help the industry expand. Increased mergers and acquisitions as well as new product introductions are the most recent developments in the home medical equipment sector worldwide.

The home healthcare worker may have less say over the hazards present in their workplace due to shifting reimbursement systems, risks to safety, restricted insurance coverage, and increased patient safety concerns. Ergonomic risks, blood borne pathogens and other biological hazards, patient lifting, latex sensitivity, violent animals, and unclean and dangerous environments are just some of the potential dangers that may be present. Some of the primary factors expected to restrain market growth in the predicted period include the fact that carers may be more vulnerable to road hazards if their everyday work tasks demand them continue providing care for several patients as they go from house to home. Consumer-use medical devices in the United States are regulated by the Food and Drug Administration (FDA) in the same manner that other medical devices are. In April 2010, the Food and Drug Administration (FDA) announced intentions to establish greater regulation of home healthcare equipment in the United States in response to mounting concerns about the safety of such devices.

AstraZeneca, B. Braun Melsungen AG, Baxter, GE Healthcare, F. Hoffmann-La Roche Ltd, Stryker, Sunrise Medical LLC, ResMed, Philips Healthcare., Medline Industry, CareFusion Corporation, and Abbott Laboratories are all major competitors in the home medical equipment industry worldwide.

Key developments
To increase their foothold in the industry, market leaders are focusing on a variety of business methods, including collaboration and partnership. For example, in January of 2018, GE Healthcare and Roche Ltd. partnered up to create a diagnostic platform to advance care for patients in critical condition. Data from GE’s medical imaging and monitoring devices will be combined with data from Roche’s biomarkers, tissue pathology and sequencing portfolio for use in cutting-edge analytics.

Second, in order to keep up their competitive edge in the international market, the major companies in the industry employ a wide range of business methods, including mergers and acquisitions. For example, in March of 2019, the American medical equipment manufacturer ResMed purchased the home medical equipment supplier HB Healthcare. In the field of sleep and respiratory medicine, HB Healthcare is a South Korean firm.

Third, dominant players in the market are implementing a wide range of expansion methods, including new product launches and geographic expansion, to increase their overall market share. For instance, in February of 2018, Phillips India Ltd., a health technology business, launched ICY@home in Chennai, India, as part of its ‘Healthcare@home’ service expansion. With this innovative service, patients can receive ICU-level medical attention in the comfort of their own homes, thanks to the availability of high-quality ICU-grade equipment. Coherent Market Insights