World demand to rise 7% annually through 2016
Dallas, TX -- (SBWIRE) -- 01/11/2013 -- RnRMarketResearch.com adds “World Home Medical Equipment to 2016” new market research report to its store. World demand for home medical equipment is forecast to rise 7.0 percent yearly to $28 billion in 2016. The United States will remain the largest market globally based on its extensive network of home health care providers, high health care spending intensity, widespread insurance coverage for the treatment and management of chronic diseases, and shifting patient care strategies toward home settings. The BRIC countries (Brazil, Russia, India, and China) will be among the fastest growing worldwide markets for home medical equipment as greater economic prosperity boosts the level of third-party and direct consumer payments applied to health care. In these countries, home health care activity will rise rapidly due to cost saving advantages and ongoing shortages in the availability and accessibility of professional medical providers.
Home medical equipment markets in Western Europe, Canada, Australia, Japan, South Korea, and other developed countries will provide demand for a complete range of therapeutic, support, and monitoring products with per capita sales levels of all three groups staying comparatively high. However, overall growth in most of these markets will decelerate and will remain below the average worldwide pace as national health insurance plans impose tighter controls on benefit coverage and product reimbursement rates. By contrast, home medical equipment demand in the vast majority of developing countries will increase well above the global average as health care markets expand with improving economic growth. Less favorably,affluent residents covered by private health insurance or able to afford direct payments will account for most sales in these countries.
Home therapeutic equipment to offer best opportunities
On balance, worldwide consumption patterns for various types of home medical equipment will follow evolving demographic and epidemiological trends. A heightened prevalence of chronic conditions, especially respiratory disorders, kidney failure and cancer, will boost global demand for home therapeutic equipment 7.5 percent annually to $17.3 billion in 2016. Portable oxygen concentrators for treating chronic obstructive pulmonary disease (COPD), continuous positive airway products (CPAP) for managing obstructive sleep apnea, and ventilators and accessories for alleviating severe breathing impairments will account for the fastest sales growth among home respiratory therapy equipment. Advances in the ease of use and convenience features of dialysate machines, coupled with a greater number of patients with end-stage kidney failure, will create fast rising worldwide demand for home dialysis products. The global home IV equipment market will see strong upward momentum as shorter hospital stays and tighter controls on outpatient visits lead to a greater number of cancer and other chronic care patients to receive parenteral nutritional and other therapies at home.
World demand for home patient support equipment is forecast to increase 5.5 percent annually to $5.7 billion in 2016. Mobility assist products will continue to dominate sales as fast growth in the elderly population will create opportunities for wheelchairs, walkers, and other products that help orthopedically impaired individuals maintain independent lifestyles. Home medical furniture and bathroom safety products will also fare well in the global marketplace as patient care strategies in most developed and some developing countries shift toward the greater use of home settings.
Profiles 26 global industry players such as Baxter International, CareFusion, Hospira, Invacare, Johnson & Johnson, ResMed, and Royal Philips Electronics.
This comprehensive study analyzes the world market for home medical equipment. Products covered are divided into three major categories:
- Home therapeutic equipment (respiratory, IV administration, dialysis, and other products)
- Home patient monitoring equipment (blood glucose monitoring and other products)
- Home patient support equipment (mobility assist products, medical furniture, and bathroom safety equipment).
The study presents historical data (2001, 2006, and 2011) and forecasts for 2016 and 2021 in millions of US dollars for home medical equipment demand by type, geographical region, and selected countries. The term demand refers to apparent consumption and is defined as shipments (also referred to variously as “production,” “output,” or “supply”) plus imports minus exports. It is used interchangeably with the terms “market,” “sales,” and “consumption.” Global, regional, and selected national statistics are also provided for home medical equipment shipments as well as for key market indicators, including gross domestic product, population and age distribution, health expenditures, hospital beds, physicians, hospital admissions, surgical procedures, and outpatient consultations.
Throughout the study, various references are made to indicators, demand patterns, and other variables in the “developed” and “developing” countries. The “developed” countries include Australia, Canada, Hong Kong, Israel, Japan, New Zealand, Singapore, South Korea, Taiwan, the United Arab Emirates, the United States, and the West European countries and territories. All remaining countries and territories are classified as “developing.”
Macroeconomic and demographic indicators presented in this study were obtained from The Freedonia Group Consensus Forecasts dated June 2012. Gross domestic product (GDP) historical data are derived from the national income and products accounts from the Organisation for Economic Co- Operation and Development (OECD) for its member countries, from the European Bank for Reconstruction and Development (EBRD) for its member countries, and from the International Monetary Fund for its member countries that are not part of the OECD or EBRD. Sources of GDP estimates for other countries are based on information from the World Bank and a variety of sources including the countries’ statistical bureaus. GDP forecasts are developed from a consensus of public agencies and private firms.
All estimates of gross domestic product and components of GDP are done in terms of constant purchasing power parity in a benchmark year (2010) that is one year before the base year (2011) used in this study. Purchasing power parity GDP estimates for the benchmark year are obtained from the OECD; Eurostat; the World Bank; the International Monetary Fund; the US Central Intelligence Agency; and selected other sources. These purchasing power parity GDP estimates for the benchmark year are based on gross domestic product data expressed in the individual countries’ local currency, which are then converted to US dollars by valuing each country’s output at US prices in the benchmark year. This approach values the same physical output at a consistent price for all countries, thereby reducing the distorting influence of different price levels in the different countries. The alternative approach of using exchange rates to convert local currency GDP to US dollars would tend to overvalue the output of countries with high average price levels and undervalue the output of countries with low average price levels, because exchange rate conversions only partially reflect the relative prices for goods and services that are domestically consumed and invested. Furthermore, factors other than relative prices, such as demand and supply in currency markets, interest rates, and capital flows, affect exchange rates.
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