With
an increasing number of consumers investing in physical well-being, personal
care or home healthcare 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.
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
layperson 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 home healthcare devices are first aid equipment including thermometers,
bandages, heating pads and ace bandages. Users of medical devices in home
healthcare 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 amateur care-givers who may be family members or friends
of the patients receiving care. Some recipients may operate the devices
themselves.
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The
key factors responsible for the growth of home healthcare market are the
growing geriatric population, increasing cases of chronic disorders, and
increased demand for affordable healthcare owing to ever increasing costs of
institutional healthcare. According to a 2015 report by World Health
Organization, the elderly population over the age of 60 is expected to double
by 2050. 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 home healthcare 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 and equipment. However, factors such as safety concerns
related to patients and limited insurance coverage are expected to hamper the
growth of home healthcare market.
Developing
healthcare devices which can be easily and efficiently operated in home care
settings and which ensure patient safety in such environments, holds favorable
future prospects for the home healthcare market. With rising demand for
effective yet low cost home healthcare devices by the patients, providers are
aggressively investing time and resources in product advancement and
development.
The
key players in the home healthcare market focus on product development aided by
technological advancements to develop more sophisticated and patient centric
home healthcare products in order to capture a larger share of the market. For
instance, in November 2014, Intel-GE Care Innovations, LLC (a joint venture
between Intel and General Electric) launched the telehealth technology system
Health Harmony. This advanced platform enables clinicians, family care givers,
and patients to collaborate in order to improve the level of healthcare being
provided to the patient.
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Some
of the major players in the home healthcare market are Abbott, B. Braun
Melsungen AG, Sunrise Medical GmbH, Medtronic plc., 3M Health Care, Cardinal
Health Inc., Arcadia Healthcare Solutions, F. Hoffmann-La Roche Ltd., Bayer AG,
NxStage Medical, Inc., Amedisys, Inc., ARKRAY Inc., Odyssey Healthcare Inc.,
Becton Dickinson and Company, and National Healthcare Corporation.
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