Demand for Home Medical Equipment to Approach $13 Billion in 2018
U.S. demand for home medical equipment will increase 8.2 percent annually to $12.6 billion in 2018. According to analyst Bill Martineau, “Advances in the technological capabilities of products, coupled with ongoing health care cost containment efforts, will underlie growth.” The introduction of new and improved devices will expand the number of medical conditions and patients adaptable to effective home treatment, management, and monitoring. Cost saving advantages will promote the increasing substitution of home health care services for hospital, ambulatory, and nursing home procedures whenever feasible. These and other trends are presented in Home Medical Equipment, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
A rising prevalence of chronic conditions, especially respiratory disorders, kidney failure, and cancer, will boost demand for home therapeutic equipment 8.2 percent annually through 2018. Portable oxygen concentrators for treating chronic obstructive pulmonary disease (COPD), continuous positive airway pressure (CPAP) products for managing obstructive sleep apnea, and ventilators and accessories for alleviating severe breathing impairments will account for the fastest revenue growth among home respiratory therapy equipment.
Among all types of home medical equipment, remote monitoring and real-time systems based on telemedicine technology will generate the fastest revenue growth as physicians, hospitals, and other medical providers are pressured by health insurers to become more accountable for improving patient outcomes and controlling treatment costs.
Demand for mobility assist and other home patient support equipment is forecast to increase 5.1 percent annually to nearly $2.3 billion in 2018. Wheelchairs will continue to dominate revenues as aging population trends lead to a rising incidence of activity-limiting orthopedic 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 avoid transfer to nursing homes or assisted living facilities.