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Canada Home Healthcare Market to Reap Excessive Revenues by 2020
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The Canada home healthcare market comprises a wide range of home healthcare services and devices to support people with chronic diseases. The prevalence and risk of chronic diseases are continually rising in Canada. This has led to the increasing acceptance of home healthcare services as hospital stays can be both expensive and inconvenient. The changing demographics in Canada are further expected to propel the Canada home healthcare market in the years to come. As per recent statistics, in Canada, there were around 5 million people aged over 60 years in 2011 and the number is predicted to reach 10.4 million in the next 25 years. Chronic diseases are more likely to be detected in elderly people. As the pool of aging people is expected to increase in Canada, the number of people affected by chronic diseases is expected to increase, thus benefiting the Canada home healthcare market.
The Canada home healthcare market is segmented on the basis of region, service, and device type. By device type, the Canada home healthcare market is classified into diagnostics and monitoring devices, home mobility assist devices, home healthcare devices, and medical supplies. In 2013, the diagnostics and monitoring devices segment held a share of 30% in the Canada home healthcare market. The Canada government is constantly taking efforts to spread awareness among people about various chronic diseases and illnesses such as hypertension, sleep apnea, and diabetes. Over the past few years, people have thus become aware of the benefits of home healthcare devices for the management of chronic diseases.
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Factors such as challenging regulatory restrictions and the lack of training to operate home healthcare devices are expected to restrict the growth of the Canada home healthcare market in the years to come. However, the constantly rising disposable income, the rising pool of patients with chronic diseases, the development of home healthcare technologies, and the untapped market are some of the factors expected to propel the Canada home healthcare market in the years to come.
By service, the Canada home healthcare market is classified into telehealth and telemedicine, rehabilitation, infusion therapy, unskilled home healthcare, and respiratory therapy services. In 2013, the Canada home healthcare market was dominated by the unskilled home healthcare services owing to the rising geriatric population and the rising uptake of nonprofessional home healthcare services. The telehealth and telemedicine segment is expected to expand at an 11.0% CAGR from 2014 to 2020.
Based on region, the Canada home healthcare market is divided into Quebec, Ontario, Alberta, and Rest of Canada. In 2013, the Canada home healthcare market was dominated by Ontario owing to favorable government policies towards various home healthcare services. Johnson & Johnson, 3M Healthcare, We Care Health Services, Home Care Ontario, Omron Healthcare, GM Healthcare, and The Canadian Home Care Association are some of the key companies operating in the Canada home healthcare market.
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