Global Home Healthcare Equipment Market Driven by Patient Demand

These are the latest findings of GBI research (New York, NY, USA), a market-leading provider of business intelligence reports.

The growth in the global home healthcare equipment market will be further stimulated by reimbursement reforms and the increasingly aging population in developed nations. In developing countries, the major drivers for home healthcare equipment are the increasing incidence of chronic diseases such as asthma, chronic obstructive pulmonary disease (COPD), and diabetes, along with growing affordability and awareness. Demand for home healthcare equipment is rising as more people are increasingly becoming aware of the importance of self-monitoring of chronic conditions and staying healthy, leading to increased usage of self-monitoring devices.

Home healthcare equipment manufacturers are therefore focusing on designing devices with easy to see displays that are compact, less painful, more automated, and require minimal user interaction. Another important factor is that monitoring at home is more convenient compared to going to a professional, and also cuts down on healthcare expenditure. Continuous innovation in design and technology have led to user friendly devices which can be used by patients without disturbing their normal routine of work, and are being adopted by patients worldwide.

For example, the demand for self-monitoring glucose devices is being stimulated by the introduction of modern glucose meters that require low volumes of blood sample and are easy to use with speedy results. Another aspect is that insulin vials and syringes, widely used in emerging economies, are being replaced by insulin pens, as they are easier to use, more discreet and have better compliance. Emerging economies with a large diabetic population, such as India and China, will increase the demand for such easy to use diabetes care devices. All these advancements in design and technology are leading to user-friendly home healthcare equipment, with a resulting increase in adoption of these devices worldwide.

The demand for compact, lightweight, quiet, and portable hand-held nebulizers for the treatment of respiratory disorders is also increasing. However, while markets such as inhalation systems are dominated by generic players, the market for metered dose inhalers (MDIs) is expected to drive the drug delivery device market. A significant trend is the entry of telecom and IT services companies, such as Verizon (New York, NY, USA), Alcatel, Lucent, and Intel into the remote patient monitoring market. These companies are leveraging their expertise in areas such as networking and data security to deliver healthcare solutions to providers.

GlaxoSmithKline (London, United Kingdom) and Hoffmann-La Roche (Roche; Basel, Switzerland) are the key companies in the global home healthcare equipment market, with about 10% market share each. The rest of the market is quite fragmented, due to the presence of a number of small players, which account for nearly 60% of the total market. The global home healthcare equipment market was valued at US$32.6 billion in 2010 and is forecast to grow to about $48 billion by 2017, representing a compound annual growth rate (CAGR) of 6%.

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