The U.S. home medical equipment industry is expected to be worth $12.6 billion by 2018, according to a new report that points to a rise in telemedicine devices as a key growth component.
Demand for HME will rise 8.2% annually for the next four years, says RnRMarketResearch.com, spurred by advances in the technological capabilities of equipment such as portable oxygen concentrators, remote telemedicine systems, and home dialysis machines.
“The introduction of new and improved devices and equipment will expand the number of medical conditions and patients adaptable to effective home treatment, management, and monitoring,” the report says. “Cost saving advantages will promote the increasing substitution of home health care for hospital, ambulatory, and nursing home procedures whenever feasible.”
Remote monitoring and real-time systems that are based on telemedicine technology are expected to generate the fastest revenue growth among all types of HME as physicians, hospitals, and other medical providers face rising pressure from health insurers to be accountable for post-acute care. This includes the ability to improve patient outcomes and control treatment costs.
Home therapeutic equipment will remain a dominant segment of the home medical equipment industry, RnRMarketResearch.com says, driven by a rising prevalence of chronic conditions and especially respiratory disorders, kidney failure, and cancer.
Demand for dialysis equipment will expand at a strong double-digit pace, the research firm predicts, spurred by the increasing availability of portable dialysate delivery machines and upward trends in the incidence of end-stage renal disease.
On the other end of the scale, demand for mobility assist and other home patient support equipment is forecast to increase at a below-average annual pace through 2018, although wheelchairs will continue to dominate revenues in this space as the aging population trend leads to greater mobility 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 home health care treatment to avoid transfer to nursing homes or assisted living facilities,” the report says.
Written by Alyssa Gerace