Worldwide demand for HME to increase, study says
NEW YORK – Global demand for home medical equipment is forecast to increase 7% yearly to $28 billion in 2016, according to a new study from Freedonia, an international business research company. The United States will remain the world’s largest market based on “its extensive network of home health care providers, high health care spending intensity, widespread insurance coverage for the treatment and management of chronic diseases, and shifting patient care strategies toward home settings,” according to the study. The BRIC countries—Brazil, Russia, India, China—are expected to be among the fastest growing markets for HME, due in part to greater economic prosperity. Overall growth for HME markets in Western Europe, Canada, Australia, Japan, South Korea, and other developed countries will decelerate and remain below the global average, as national health insurance plans impose tighter restrictions on benefit coverage and product reimbursement rates, according to the study.