Encouraging growth in home healthcare market

The group is forecasting the market to increase to nearly $23.8bn in 2015, at a compound annual growth rate of 6.1% over the five-year period.

BCC said that since it published its last study of the home medical equipment market in 2007, the market has continued to evolve as populations age. It said this means “…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”.

As well as demographic shifts in the healthcare market, other factors in the sector include technological developments – for example wireless home monitoring – and economic trends such as the rising cost of institutional care. BCC also notes a growing receptivity to home healthcare among physicians and private and public insurers.

The largest segment of the market is made up of monitors, sensors, and telemetry devices. This is projected to increase at 7% per annum, rising to $11.3bn in 2015, after being valued at nearly $8.1bn in 2010.

The second largest segment, assistive devices, is estimated at $5.3 billion in 2010, and is expected to increase at 1.7% per annum to reach more than $5.8bn in 2015.

The segment made up of therapeutic devices is expected to reach nearly $6.7bn in 2015, after rising at 9.3% per annum from its 2010 value of nearly $4.3bn.

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