Press release
Canada Home Healthcare Market Predicted to Rake in USD 18,939.9 Mn by 2020
Canada is predicted to grow steadily owing to rising awareness on home-based devices, and rising prevalence of chronic and lifestyle diseases such as obesity, cardiovascular diseases, diabetes, etc. Factors such as growth in aging demographics and technological developments drive the market for home healthcare in Canada. In Canada, in 2011, approximately 5 million individuals ranged between the age group of 60-65 years and it is predicted that this count would double over the coming 25 years, according to Statistics Canada. Subsequently, this shift in demographics will result in a huge percentage of population being at a greater risk for various illnesses, which will in turn demand increased medical attention.
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Diagnostics and Monitoring Devices Hold Dominant 30% Market Share
In terms of device types, the Canada home healthcare market can be categorized into therapeutic home healthcare devices, diagnostic and monitoring devices, medical supplies, and home mobility assist devices. Within these, diagnostics and monitoring devices dominated the Canada home medical devices market, with a share of more than 30% in 2013. Factors stimulating the growth of this segment include initiatives by the government of Canada for increasing awareness on diabetes, hypertension, and management of sleep apnea with the help of these devices.
Telehealth and Telemedicine Services to Expand at 11% CAGR
On the basis of services, in 2013, telehealth and telemedicine services displayed a very low revenue share of just 2% in the overall healthcare services market. However, this segment is predicted to expand at an impressive 11% CAGR in the forecast horizon between 2014 and 2020. In the same year, unskilled home healthcare services represented the biggest share in the Canada home healthcare market and are predicted to remain dominant in the nearby future. The factors responsible for augmenting the growth of the unskilled home healthcare services segment are the increased implementation of nonprofessional homecare services and the expanding aging population in Canada.
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In terms of geography, the market has been segmented into four regions: Quebec, Alberta, Ontario, and Rest of Canada. In 2013, the home healthcare market in Ontario dominated the overall market owing to increased demand for home healthcare services and devices.
On the other hand, the Quebec home healthcare market is predicted to expand at a remarkable 9.2% CAGR between 2014 and 2020 owing to increase in chronic diseases and the growing population of this province. Due to reasons such as a rise in obese population, Rest of Canada emerged as the second biggest market in the Canada home healthcare market.Omron Healthcare, Johnson & Johnson, 3M Healthcare, We Care Health Services, GM Healthcare, Home Care Ontario, and The Canadian Home Care Association are some of the major providers of home healthcare services and devices in Canada.
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