Feasibility of interoperability to drive the Home Medical Equipment Market
The Home Medical Equipment Market is slated to witness exponentiation going forward. The IoMT (Internet-of-Medical-Things) is already transforming every walk of life, including healthcare. Healthcare IT has let both – patients and doctors carry/download information about each other anywhere and anytime through their smartphones/tabs. In other words, more connectivity translates to better access to data, thereby rendering better healthcare for patients. This would be the future of the healthcare vertical in the upcoming period.
Home Medical Equipment Market – Overview
Increasing practices of use of technology for self-health management to reduce burden on formal healthcare systems have led to spurt in demand for home medical equipment. Individuals with chronic diseases seek recourse to home medical device to manage their own health, receive assistance for health management, or assist others with healthcare.
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Cost-effective healthcare solutions in home settings are mostly viable for chronic diseases such as blood pressure and arthritis that mostly requires lifelong medical care need. These medical care solutions, however, need to be safe and convenient.
The home medical equipment market is divided on the basis of product, software, and region. Broadly, by product, home medical equipment market comprise testing, screening, and monitoring products, therapeutic products, mobility care products. Mostly, home medical equipment are used for kidney disorders, respiratory diseases, and cancer.
The home medical equipment market report scrutinizes current status and standpoint of home medical equipment market from various perspectives, including market segmentation and competitive structure. The report delves into each and every vital aspect, including competitive dynamics that are all-important to understand the growth trajectory of home medical equipment market in the forthcoming years. It does so via standard statistical tools and industry-centric research methodologies.
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Home Medical Equipment Market – Notable Developments and Competitive Landscape
Partnerships and strategic collaborations are some key growth practices among entities in the home medical equipment market.
- Recently, in a new development, Electromed Inc., entered into an agreement with two distributors for home medical equipment – one regional and one national. Leveraging the distribution network of the two, the company has commercial interests for distribution and sales of SmartVest Airway Clearance System in the U.S. In the quest, Electromed has commenced sale of SmartVest system via home medical equipment distributors in targeted geographies.
Using homecare distribution channel, this enables physicians and patients have access to SmartVest in certain parts of the U.S. Further, the channel also broadens exposure of SmartVest brand airway clearance system.
- In another partnership for distribution, Smiths Medical – a leading medical device manufacturer has partnered with Medline Industries for distribution of its Portex acapella positive expiratory pressure therapy device. This distribution partnership will serve to provide improved access to Smiths Medical’s proprietary acapella devices for patients within home care settings.
Key companies operating in the home medical equipment market that have been profiled in this report are F. Hoffmann-La Roche Ltd, GE Healthcare, Abbott, CareFusion Corporation, Hospira Inc., Philips Healthcare, Medline Industry Inc., B. Braun Melsungen AG, AstraZeneca, Baxter, ResMed, Stryker, and Sunrise Medical LLA.
Home Medical Equipment Market – Key Trends
Vast rise in incidence of chronic diseases has spawned practices of home healthcare. Individuals afflicted with chronic diseases such as hypertension and diabetes look for cost-effective medical care not compromising in quality of care and safety.
Home medical equipment that are certified by regulatory agencies find wide acceptance for cost factor and convenience. For example, insulin delivery devices and inhalers are some commonly used home medical equipment that saves vast healthcare expenses for individuals.
Technological advances in home medical equipment is another key factor behind their increasing adoption. Due to technological advances coupled with cognizance for technology among individuals, use of home medical equipment is pacing rapidly. Adoption of expensive technologically medical equipment for home use involves one-time cost that offsets cost incurred due to repeated hospital visits.
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Home Medical Equipment Market – Regional Outlook
The home medical equipment market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. North America, among all, commands leading share in the home medical equipment market.
Technological advancements, high disposable income, and awareness among individuals for availability of home medical care are key factors behind staggering demand for home medical equipment in the region.
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