Home Medical Equipment Market Detailed in 2021 Global Study Report | Astra, B. Braun, Baxter
SEATTLE, USA, USA, December 14, 2021 /EINPresswire.com/ – Home medical equipment (HME) are medical devices used to provide safe and effective treatment to patients in home care settings. Such medical settings reduce the significant stress associated with treatment and contribute to the rapid recovery of patients, while improving quality of life. Home care equipment is also referred to as durable medical equipment (EMR) and can withstand repeated use by patients or non-professionals and hence, it is suitable for home care. Typically, MCHs include blood glucose meters, digital blood pressure monitors, peak flow meters, and pulse oximeters. In addition, other devices that can be considered home medical equipment are nebulizers, breast pumps, artificial limbs, and other prosthetic devices. In fact, personal hygiene products such as toothbrushes and denture cleaners are MCHs, while mechanical assistants, walkers, lifts and wheelchairs can be considered equipment. home medical care.
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The increase in the geriatric population combined with the increase in health expenditure and the increase in the incidence of chronic diseases is expected to drive the growth of the world population. home medical equipment market during the forecast period. According to the World Health Organization (WHO), by 2050, the global population aged 65 and over is expected to reach around 2 billion, up from 900 million in 2015. In addition, increasing consumer awareness of the convenience and The profitability of these devices is is expected to propel the growth of the global home medical equipment market during the forecast period.
Among the regions, North America is expected to hold a dominant position in the global home medical equipment market during the forecast period, followed by Europe. This is due to the presence of well-established healthcare infrastructure, high disposable income, technological developments and adequate reimbursement policies across the region. In the United States, the provisions of the Obamacare Act which provides health insurance to 30 million uninsured people in the country create a very favorable environment for the growth of the home medical equipment market.
In addition, Asia-Pacific is expected to register the highest growth rate, driven by rising healthcare spending, shortage of healthcare professionals, and technological innovations in emerging economies such as India and China.
Frequently changing reimbursement policies, limited insurance coverage, and growing concerns for patient safety have less control over their work environment which can contain various safety risks. These hazards include bloodborne pathogens, biological hazards, ergonomic hazards, hostile animal abuse, latex sensitivity, etc. The United States Food and Drug Administration (FDA) has regulated medical devices used by consumers in the home in the same way that it regulates all other medical devices. However, given the growing number of potential safety concerns associated with the use of home care equipment, the United States FDA has announced plans to more closely monitor home care equipment in the United States. in April 2010.
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The major players operating in the global home medical equipment market are AstraZeneca, B. Braun Melsungen AG, Baxter, GE Healthcare, F. Hoffmann-La Roche Ltd, Stryker, Sunrise Medical LLC, ResMed, Philips Healthcare., Medline Industry, CareFusion Corporation, and Abbott Laboratories.
1. Large companies in the market focus on various business strategies such as collaboration and partnership, in order to improve their presence in the market. For example, in January 2018, GE Healthcare and Roche Ltd. have partnered to develop a diagnostic platform to improve critical care treatment. This partnership will apply advanced analyzes to in-vivo data from GE’s medical imaging and surveillance equipment along with in-vitro data from Roche’s biomarkers, sequencing portfolio and tissue pathology.
2. The major players of the marker are involved in various business strategies such as mergers and acquisitions, in order to gain competitive advantage in the global market. For example, in March 2019, ResMed, a US medical equipment company, acquired HB Healthcare, a home medical equipment supplier. HB Healthcare is a South Korea-based company providing sleep and respiratory care devices.
3. The key companies in the market are involved in various growth strategies such as service and business expansion, in order to improve their presence in the market. For example, in February 2018, Phillips India Ltd., a healthcare technology company, expanded its âHealthcare @ homeâ services to Chennai, India with the launch of ICY @ home. This new service will provide high quality resuscitation equipment and medical care to patients at home.
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