Home Medical Equipment to Reach $28 Billion in 2016
World demand for home medical equipment is expected to rise 7% yearly and reach $28 billion in 2016 according to a report from Freedonia.
While the United States will remain the largest market globally, the BRIC countries will be the fastest growing markets as economic prosperity increases.
“In these countries, home health care activity will rise rapidly due to cost saving advantages and ongoing shortages in the availability and accessibility of professional medical providers,” said the group in a statement.
A heightened prevalence of chronic conditions, especially respiratory disorders, kidney failure and cancer, will boost global demand for home therapeutic equipment 7.5% annually to $17.3 billion in 2016. Portable oxygen concentrators for treating chronic obstructive pulmonary disease (COPD), continuous positive airway products (CPAP) for managing obstructive sleep apnea, and ventilators and accessories for alleviating severe breathing impairments will account for the fastest sales growth among home respiratory therapy equipment.
Demand for home patient support equipment is forecasted to increase by 5.5% worldwide and reach $5.7 billion in 2016.
“Mobility assist products will continue to dominate sales as fast growth in the elderly population will create opportunities for wheelchairs, walkers, and other products that help orthopedically impaired individuals maintain independent lifestyles,” said the group. “Home medical furniture and bathroom safety products will also fare well in the global marketplace as patient care strategies in most developed and some developing countries shift toward the greater use of home settings.”
Written by John Yedinak