Canada Home Healthcare Market to Expand with a CAGR of 8.9% due to Increasing Number of People Suffering from Chronic Diseases
According to Transparency Market Research (TMR), the Canada home healthcare market has a fragmented vendor landscape as numerous local and global companies are offering services in the country. These players are increasingly adopting the strategies such as acquisitions and mergers in order to acquire a substantial share in the market.
According to a report by Transparency Market Research (TMR), the Canada home healthcare market is expected to expand at CAGR of 8.9% from 2014 to 2020, to attain the value of US$18,939.9 mn by the end of 2020 from US$10,449.1 mn in the year 2013. Based on services, the Canada home healthcare market is dominated by the telehealth and telemedicine segment and expected to expand with a CAGR of 11.0% by the end of 2020. Canada home healthcare market is dominated by the province Ontario followed by Quebec in 2013, expand with CAGR of 9.2%.
Increasing Number of People Suffering from Chronic Diseases to Fuel Adoption
Increasing number of the people suffering from chronic diseases such as diabetes, arthritis, and cancer is driving the growth of the home healthcare market presence in Canada. The home healthcare market is fuelled by the prevalence of diseases and growing geriatric population in Canada. Additionally, rising need for the first aid at home is augmenting adoption of the home healthcare products, which is boosting growth of the home healthcare market in Canada.
Factors such as technological advancement and cost-effectiveness of the home healthcare products are propelling its adoption and which is driving growth of the home healthcare market presence in Canada. Moreover, technological advances have increased efficiency of the products which delivers the optimum time is propelling growth of the home healthcare market in Canada.
Concerns over Patients Safety to Restrain Growth
Despite of these growth prospects, limited insurance coverage and changing reimbursement policies are restraining growth of the home healthcare market. Additionally, some of the concerns over patient safety are limiting growth of home healthcare market presence in Canada. Nevertheless, high capital investment for new product launch is creating lucrative opportunities for growth of the home health care home market in Canada. Additionally, high cost of treatment and hospitals stays are leading to adopt the home healthcare products which is having potential opportunities for growth over the forecast period.
This information is encompassed in the new report by TMR, titled “Canada Home Healthcare Market (By Device Types - Diagnostics and Monitoring Devices, Therapeutic Home Healthcare Devices, Mobility Assist Devices and Medical Supplies; By Services - Rehabilitation, Telehealth and Telemedicine, Respiratory Therapy, Infusion Therapy and Unskilled Home Healthcare Services) - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
Canada home healthcare market has been segmented as:
By Device Types:
- Diagnostics and Monitoring Devices
- Therapeutic Home Healthcare Devices
- Mobility Assist Devices
- Medical Supplies
- Telehealth and Telemedicine
- Respiratory Therapy
- Infusion Therapy
- Unskilled Home Healthcare Services
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