With an increasing number of consumers investing in physical well-being, personal care or home medical devices are witnessing a huge surge in terms of demand and sales. Reduced service time or shorter hospital stays can considerably reduce the overall expenditure on healthcare by the patients. The traditionally prevalent doctor-patient monitoring system is one of the major cost factors associated with healthcare expenditure adding a huge financial burden on the patients and their families. For instance, after a patient has undergone a surgery, he can be shifted to his home which is a much low cost treatment environment and mobile health devices such as home monitors of different kinds can be used to monitor his health parameters. This can considerably reduce the financial burden on the patients and their families. With the formal healthcare system becoming increasingly stressed, patients are being discharged from healthcare facilities while still needing some amount of care. Home care medical devices prove immensely helpful in such cases where patients can efficiently manage their own health in non-institutional settings.
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Medical devices used in home care settings need to be appropriate for the environment in which they are used and for the people using them. These people may be lay or professional caregivers or the recipients themselves. These people may have distinct cognitive, sensory, physical, and emotional characteristics. Environments may vary in terms of accessibility of utilities, amount of available space, humidity and temperature levels and noise and light levels. All these factors have to be considered in order to ensure that the medical devices are effective and safe for the people receiving home care. The most common homecare medical devices are first aid equipment including thermometers, bandages, heating pads and ace bandages. Users of medical devices in homecare settings are a diverse set of people. Some are professional care-givers such as nurses, physicians, occupational therapists and homecare aides. They are typically associated with homecare organizations or may operate as independent providers. Others are lay care-givers who may be family members or friends of the patients receiving care. Some recipients may operate the devices themselves.
Rise in geriatric population, increasing cases of chronic disorders, and increased demand for affordable home care medical devices owing to ever increasing costs of institutional healthcare are set to drive the market growth. With increased life expectancy the risk of suffering from chronic diseases also increases considerably. As elder people require more time to recover from an illness, the homecare alternative is favorable for providing care to these patients. Also, rising consumer expectations about the convenience of medical treatment have resulted in an increased demand for home care medical devices. However, factors such as safety concerns related to patients and limited insurance coverage are expected to hamper the growth of homecare devices market.
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Developing medical devices which can be easily and efficiently operated in homecare settings and which ensure patient safety in such environments, holds favorable future prospects. With rising demand for effective yet low cost homecare medical devices by the patients, providers are aggressively investing time and resources in product advancement and development.
Some of the key players operating in this market are Chart Industries, Drive Medical, Inogen, Sunrise Medical (US) LLC, Invacare Corporation, and Philips. These companies focus on product development aided by technological advancements to develop more sophisticated and patient centric homecare products in order to capture a larger share of the market.
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