The global market for home medical equipment (HME) reached $17.9 billion in 2010 and $18.9 bill ion in 2011. It is expected to grow to $26.2 billion by 2016, a compound annual growth rate (CAGR) of 6.7%.
The BRIC countries were the third largest geographical market; with a 14.3% global market share in 2010. The BRIC market for HME was worth almost $2.6 billion in 2010 and more than $2.7 billion in 2011. By 2016, the market is projected to exceed $3.7 billion, a CAGR of 6.6% between 2011 and 2016.
The BRIC market for home assistive devices such as wheelchairs, scooters and home care beds was valued at nearly $1.28 billion in 2010. BCC projects that this market will grow to almost $1.3 billion in 2011 and $1.42 billion by 2016, a CAGR of 1.9% between 2011 and 2016.
Home medical equipment (HME) is a multibillion-dollar market. Since BCC published its last study of the HME market in 2010, the market has continued to evolve, as populations age and a growing number of older people wish and are financially able to live in their own homes for as long as possible, rather than going into a nursing home or other institutional care facility. These demographic and attitudinal shifts in the health care market are reinforced by technological developments such as wireless home monitoring, and economic trends, like the rising cost of institutional care and a growing receptivity to home health care among physicians and private and public insurers.
Since the prior research study was published, the market has continued to evolve, due to factors such as an aging population, increased incidence of heart disease and other conditions requiring close patient monitoring and technological developments such as wireless remote monitoring.
These trends are global, at least in advanced industrial nations. However, most published analyses of the HME market focus on the U.S. market. Since U.S. medical equipment manufacturers are among the largest suppliers to the global health care market, they need to gain the most detailed understanding of international markets for their products, including HME.
This report is intended to provide an objective, quantitative analysis that addresses the global market for HME in the context of technological change and an evolving market. More specific objectives are to
The report has been written for the entire medical and health care interest community, but it is tailored especially for readers with an interest in the marketing and management dimensions of home medical equipment, such as
This report is an analytical business tool whose primary purpose is to describe and analyze the dynamics of the global market for home medical equipment. Home medical equipment is defined as durable equipment (i.e., equipment with an expected service life of at least three years) that:
While the report's coverage is global, it focuses on selected international markets for HME, including:
The report includes sections on the following topics:
This study was prepared using both primary and secondary research methodologies. The findings and conclusions of this report are based on information gathered from manufacturers and distributors of HME, multilateral and government agencies, caregivers, insurance companies and other knowledgeable sources. Interview data were combined with information gathered through an extensive review of secondary sources such as trade publications, trade associations, company literature and online databases to produce the baseline market estimates contained in this report.
The base year for analysis and projection is 2010. With 2010 as a baseline, market projections were developed for 2011 to 2016. These projections are based on a combination of a consensus among primary research sources and our understanding of key market drivers and their impact from a historical and analytical perspective. The analytical methodologies used to generate the market estimates are described in detail in the section titled Detailed Market Projections.
All dollar projections presented in this report are in 2010 constant dollars.
The author of this report is Andrew McWilliams. Mr. McWilliams is a partner in the Boston-based international technology and marketing consulting firm, 43rd Parallel LLC. In addition to being the author of the previous (2007 and 2010) editions of this report, Mr. McWilliams is the author of several other Business Communications Company studies of health care and related industries. These include HLC016D Microelectronic Medical Implants: Products, Technologies and Opportunities; HLC036D Medical Robotics and Computer-assisted Surgery: The Global Market; HLC038C Patient Monitoring; HLC047C Disabled and Elderly Assistive Technologies; HLC051F The Market for Minimally Invasive Medical Devices; HLC070A Preventive Healthcare Technologies, Products and Markets; and AVM050B Smart and Interactive Textiles.