The global home medical equipment consumption pattern will depend on demographic and epidemiological development. Increased efforts in the fight against chronic illnesses such as respiratory diseases, kidney disorders, and cancer will boost the demand for home therapeutic devices. Products such as portable oxygen concentrators, continuous positive airway products, ventilators, and other accessories will undergo the fastest growth in sales in this market. Increasing numbers of baby boomers and an increase in the population of aged people on a global scale will also assist in the growth of this market.
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Development in the convenience in handling and usage of these equipments due to the increase in chronically ill patients will create a rapid increase in demand. The home IV devices segment will also experience upward growth as intense control in outpatient visits and shorter hospital stays will lead to an increase in the number of cancer and other chronic disease patients to be administered parenteral nutrition, and other therapeutic
modalities at home.
It is estimated that the U.S. will be the largest market for home medical equipments owing to its wide base of home healthcare equipment providers, good reimbursement policies, better healthcare infrastructure and high healthcare expenditure. Moreover, the recent changes in the healthcare industry due to ‘Obamacare’ will also boost the demand for such equipment, since almost 30 million uninsured Americans will now enjoy medical coverage.
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Emerging economies such as the BRIC countries will be the fastest growing market for such products as the economic condition of such countries is rapidly improving. On the other hand, the already developed markets of Europe, Canada, Japan, Australia, and South Korea will show fair demand for therapeutic, monitoring, and support products as the sales levels in these markets will rise.