Canada Home Healthcare Market is expected to Reach USD 18.9 Billion by 2020

The Canada home healthcare market was valued at USD 10,449.1 million in 2013 and is estimated to reach USD 18,939.9 million by 2020 growing at  a CAGR of 8.9% from 2014 to 2020.

 

Home healthcare devices and services are commonly used for the diagnosis and mitigation of the chronic diseases. The home healthcare market is witnessing positive growth in Canada due to the rising incidence of chronic diseases such as diabetes, cancer and hypertension. According to the Public Health Agency of Canada, three individuals out of five aged 20 years and above suffer from chronic diseases such as diabetes, cancer, mental illness, and cardiovascular diseases in Canada, and four individuals are at risk of developing chronic conditions. The advent of technologically advanced yet cost efficient devices and new services have further boosted the uptake of home healthcare devices and services in Canada. For instance, in April 2015, Abbott Laboratories introduced cost effective Freestyle Precision Neo Blood Glucose Monitoring System in the price range USD 14 to USD 30. This blood glucose monitoring system offers higher precision and accuracy as compared to the conventional blood glucose monitors available in the market. However, unfavorable regulatory environment coupled with low research and development expenditure by medical device companies in Canada hampers the market growth to some extent. For example, in 2011, the Centre for Health Innovation and Leadership published a study which stated that over the past 20 years research and development expenditure in the medical device industry comprised only 0.014% of GDP in Canada as compared to 0.167% GDP in the U.S. Lower research and development initiatives ultimately slow down the introduction of novel medical devices in Canada market which nay hamper the overall market growth.

 

This report categorizes the Canada home healthcare market into three segments namely by device types, by services and by provinces. Among the device types, diagnostics and monitoring of the total Canada home healthcare market. Blood glucose monitor plays a major role in devices dominated the market with around 34% share the dominance of the diagnostics and monitoring devices segment in the Canada home healthcare market. Increasing incidence of diabetes augments the growth of the blood glucose monitors segment in Canada. Moreover, therapeutic home healthcare devices is expected to growth with the highest CAGR i.e. 11.5% from 2014 to 2020 owing to rising uptake of devices such as nebulizers, intravenous equipment, insulin delivery devices and others.

 

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Based on services, the home health care market has been analyzed into rehabilitation services, respiratory therapy services, telehealth and telemedicine services, infusion therapy services, and unskilled home health care services. Rehabilitation services recorded 36% share of the total Canada home healthcare services market in 2013. Rising investment by public sector to develop and offer professional home healthcare services such as physical therapy services, occupational services and others in Canada supports the growth of rehabilitation services market. Respiratory therapy services captured approximately 10% share of the total Canada home healthcare market. High incidence rate of respiratory disorders coupled with government efforts and initiatives to promote respiratory care services in Canada drive the respective market growth. 

 

The Canada home healthcare market is fragmented in nature, characterized by the presence of a large number of mid- and large-scale home medical device and service providers. Key companies such as Abbott Laboratories, Johnson & Johnson, Cardinal Health, GE Healthcare, 3M Health Care and others are expanding their presence in Canada by adopting market consolidation strategies.

 

Browse the full 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 report at http://www.transparencymarketresearch.com/canada-home-healthcare-market.html