A new report into the global homecare medical market has forecasted considerable growth globally over the next six years, with mobility & patient support equipment expected to be the fastest growing segment and Asia Pacific set to be the fastest growing region.

Mobility global outlook 2022The report by Allied Market Research examined the global market for equipment intended for use in any environment outside of a professional healthcare setup, such as hospitals and clinics, and includes mobility and patient support products, including mobility scooters, wheelchairs, stairlifts, specialist seating and more, as well as therapeutic equipment.

According to the report titled “Homecare Medical Market Report by Functionality: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global homecare medical equipment market accounted for $21,912 million in 2016 and is estimated to reach $35,183 million by 2023, registering a compound annual growth rate (CAGR) of 7.1{2b56f69eed902e060b0ece4e951518e78184250fd95605277e040c84763239be} from 2017 to 2023.

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Generating a revenue of $13,514 million in 2016, therapeutic equipment was the highest contributor in the market, however, the mobility & patient support equipment segment is expected to witness the highest growth rate during the forecast period at an estimated growth rate of 7.8{2b56f69eed902e060b0ece4e951518e78184250fd95605277e040c84763239be}. Importantly, within that segment, wheelchairs are expected to see a CAGR of 8.2{2b56f69eed902e060b0ece4e951518e78184250fd95605277e040c84763239be}.

The research suggests that the rise in prevalence of respiratory disorders, growth in the elderly population worldwide and advancements in the field of homecare medical devices are driving the market growth.

North America accounted for the maximum contribution to the total revenue in 2016, generating $9,050 million. This is expected to continue over the period to 2023, due in part to a high prevalence of chronic diseases such as diabetes, as well as increased investment in R&D activities.

“Now is a great time for companies in the mobility sector and all fields of homecare to look at reaching out to new markets, especially with the considerable growth predicted in Asia Pacific.” David Russell

Asia Pacific, however, is predicted to witness the highest growth of 8.3{2b56f69eed902e060b0ece4e951518e78184250fd95605277e040c84763239be} during the period, attributable again to a rise in the prevalence rate of chronic diseases, increasing government initiatives to improve healthcare infrastructure and a rise in healthcare expenditure to improve the medical health of the masses in the region.

The report profiled and analysed a range of major companies operating in the industry, including British Healthcare Trades Association members Hill-Rom and Invacare, to understand the competitive outlook of the global homecare medical equipment market.

Some manufacturers in the industry are taking advantage of this continued global market growth, such as Acorn stairlifts, which jumped up almost 50 places in the 13th Sunday Times Top Track 250 league table following record global sales.

The latest ranking was based on Acorn’s published accounts for the year ending September 2016, revealing global sales of its British-made stairlifts at £177.2 million, an operating profit of £18.9 million and a total workforce of 1,307.

Joanne Richardson, Finance Director of Acorn, commented: “We now export to around 85 countries and have grown to become the world’s biggest business concerned solely with the manufacture, supply, installation and maintenance of home stairlifts.”

The company, which manufactures around 70,000 stairlifts per year in its UK factories, exports to 82 countries and says that two-thirds of its revenue now comes from export sales and in particular a booming USA market.

The Sunday Times Top Track 250 list also identified Blatchford as ‘one to watch’ with the prosthetics and orthotics manufacturer recently expanding into Norway through a recent acquisition, as well as having subsidiaries in the US, France and Germany.

David Russell, Director of BHTA Engage, commented: “As the research suggests, now is a great time for companies in the mobility sector and all fields of home care to look at reaching out to new markets, especially with the considerable growth predicted in the Asia Pacific region. This is something we are seeing too, with more and more interest in companies looking to sign up for GHT in order to take advantage of the export opportunities out there.”

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