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Home Medical Equipment Market Set to Record Exponential Growth by 2020
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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.
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.
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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.
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