The global demand for durable medical products and home healthcare equipment is, according to one report, predicted to increase to over $500 billion by 2025. The increase is fueled by technological advances, as well as cost containment efforts. Telemedicine patient monitoring systems are seeing fast growth, as is the large home therapeutic segment led by dialysis machinery. The aging population will continue to support demand for home healthcare services. However, the home healthcare equipment industry’s revenue in the USA has been hurt by Medicare’s competitive bidding program.
Nevertheless, the need for home healthcare equipment is expected to keep rising over the next few years. The U.S. remains the largest global market based on its widespread network of care providers, high health care spending, near-universal insurance coverage, and a shift in patient care methods. Not surprisingly, China, the world’s most populous country, is expected to be one of, if not the world’s fastest-growing market for home-based medical products, due to increased prosperity in a rapidly improving health infrastructure.
The Global Outlook
The Canadian, Australian, Japanese, South Korean, as well as other developing markets will spur demand for a wide range of support, therapeutic, and monitoring products. Per capita sales for these product groups are expected to stay relatively high. However, again, national health plan controls on product reimbursement rates have eroded industry profits. By comparison, the demand for medical products and home healthcare equipment in developing countries will increase above the world average, although self-paying patients may represent most of that growth.
The Opportunities Presented in Home Therapy Equipment
Worldwide usage patterns for home-based medical products and equipment are predicted to follow epidemiological and demographic trends. As chronic conditions like cancer, kidney failure, and respiratory disorders become more common, global demand for equipment is expected to increase. Predicted increases in China manufacturing for these product categories point to portable oxygen machines, CPAP equipment, ventilators, and related accessories to make up most of the growth in the home healthcare market.
Dialysis and Home Infusion Equipment
Simplicity, innovations, and the convenience of more portable dialysis machines are predicted to create an increased demand for home dialysis materials. The global home IV infusion market will grow as well, as shortened hospital visits and increased monitoring of outpatient visits encourage chronic care recipients to receive certain therapies in the home setting.
Home Support for Patients
The world’s demand for home support equipment is expected to increase to more than $6 billion over the next year. Mobility products are also driving sales as an aging population increases the demand for walkers, wheelchairs, and other ambulatory assistive products. Bathroom safety and home healthcare furniture products are expected to do well as care strategies shift toward the home setting.
As certain illnesses become more common and patients receive more care at home, the demand for home-based medical products and equipment made in China will increase. While it is possible to get products made in other countries, the Chinese market presents unique opportunities for companies to have their manufacturing needs fulfilled in a cost-effective way.
Consider ITI Manufacturing
For nearly 45 years, ITI Manufacturing has been helping US companies successfully work through the process of China manufacturing, and we can help you do the same. We have the experience and strategies to help your company successfully manufacture your home-based medical products in China. For more information on Chinese manufacturers and the healthcare products market, connect with one of our ITI experts today. Call us toll-free at (888) 574-6823, or learn if China manufacturing is right for you.
Meet ITI Manufacturing at MEDTRADE 2017
On October 24th and 25th, ITI Manufacturing will be in attendance at the MEDTRADE Show for Home Healthcare Equipment in Atlanta, GA. Click MEDTRADE for more information. Connect with Mike Stewart if you have questions about home healthcare products manufactured in China at 281.242.7030 Ext. 18, or via email at [email protected].