Global Home Healthcare Equipment Market Forecast to Increase at a CAGR of 6% During the Period 2010-2017

Friday 21 October 2011, Amsterdam

Global Home Healthcare Equipment Market Forecast to Increase at a CAGR of 6% During the Period 2010-2017

The global home healthcare equipment market was valued at $32.6 billion in 2010 and is forecast to grow to $47.9 billion by 2017, at a compound annual growth rate (CAGR) of 6% during the period 2010-2017. The global home healthcare equipment market is forecast to be driven by a growing focus on reducing healthcare expenditure and reducing the burden on the healthcare system by self-monitoring of chronic conditions. The growth in the 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.
 

GlaxoSmithKline and F. Hoffmann-La Roche Ltd. (Roche) Dominate the Global Home Healthcare Equipment Market

GlaxoSmithKline and F. Hoffmann-La Roche Ltd. (Roche) were key companies in the global home healthcare equipment market in 2009. GlaxoSmithKline was the market leader and accounted for 10% of the overall market in 2009. GlaxoSmithKline has a wide portfolio in metered dose inhalers and dry powder inhalers and is also a market leader in the inhalation systems sector. Roche accounted for an 8% share of the market. The global market for home healthcare is quite fragmented, due to the presence of a number of small players, which account for nearly 60% of the total market. Markets such as inhalation systems are dominated by generic players. However, due to technological advances such as introduction of hydro-fluoro alkane (HFA), 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, 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.


Easy to Use Self-Monitoring Devices Spurring the Demand for Home Healthcare Equipment

The 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. The trend is towards preventive healthcare, leading to increased usage of self-monitoring devices.

There is widespread adoption of user friendly self-monitoring home healthcare equipment and this is reflected in the demand for these devices. Home healthcare equipment manufacturers are focusing on designing devices with easy to see displays that are compact, implantable, less painful, more automated and require minimal user interaction.

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 increasingly being adopted by patients worldwide.

For example, 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. Insulin pens are more costly than insulin vials and syringes, resulting in an increase in revenue for the home healthcare equipment market. 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. Emerging economies with a large diabetic population, such as India and China, will increase the demand for such easy to use diabetes care devices.

The demand for compact, lightweight, quiet and portable hand-held nebulizers for the treatment of respiratory disorders is increasing around the world. All these advancements in design and technology are leading to user friendly home healthcare equipment. This is resulting in increased adoption of these devices worldwide.


Diabetes Care Devices Have the Highest Number of Pipeline Products

The number of pipeline products in the diabetes care device segment is the highest in the global home healthcare equipment market, with 78% of the total number of pipeline products. Increasing prevalence of diabetes across the world is driving the demand for diabetes care devices. There are 188 products in the pipeline in the diabetes care device segment. 118 of these are glucose monitoring devices, while the rest are insulin delivery devices.

Increasing prevalence of diabetes around the world is a major driver for the home healthcare market. Diabetes requires regular monitoring and easy to use self-monitoring homecare devices.

With the increasing prevalence of diabetes and the addition of a larger patient pool, the demand for SMBG devices used at home will increase. Monitoring at home is more convenient compared to going to a professional and also cuts down on healthcare expenditure. Several companies are trying to realize the potential for this market and have their focus on the development of these devices which would cater to the needs of a vast population afflicted with diabetes and need regular monitoring of their blood sugar levels. The number of pipeline products that exists in the diabetes care market to be used at home reflects the interest that several companies have in this market. With all of these pipeline products, it can be expected that newer diabetes care products to be used at home will be introduced in the coming years.


About this new market study:
The report provides market landscape, competitive landscape and market trends information on five home healthcare equipment market categories: diabetes care device, home hearing aid devices, drug delivery device, respiratory device and patient monitoring devices. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape and gives a detailed analysis of the pipeline products in each category. The report also reviews details regarding important merger and acquisition deals that have taken place in the home healthcare equipment market during the past four years. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.