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Growth of Home Healthcare Market in Canada Expected due to Rising Geriatric Population

Article Description

The Canada home healthcare market in comprises a wide range of medical devices and services used by doctors to diagnose, monitor, and treat various chronic ailments and diseases. These devices are a cost-effective way of offering home healthcare to patients. Home healthcare is a cost-effective and convenient modality, since it eliminates the need for visiting the hospital frequently and allows a patient to stay at their own house, which is convenient and carries emotional value for most patients. Since Canada has a large geriatric population suffering from a number of chronic diseases such as diabetes, cancer, and respiratory diseases, home healthcare is one of the most feasible solutions for their treatment. Three out of five individuals in Canada aged 20 and above suffer from some chronic disease, such as mental illness or cardiovascular disease, thus helping the home healthcare market in Canada post strong growth figures.

Organizations offering accreditation programs to home care service providers to improve the quality of patient care and also to bring about an improvement in the operations of the home care business is also boosting the home healthcare market in Canada. Other drivers include the increasing geriatric population, a rise in the spending on home care services by the government, and the cost-effectiveness of this mode of healthcare. On the other hand, the high cost associated with healthcare services and home medical devices acts as a restraint to the growth of the home healthcare market in Canada.

Browse the full Canada Home Healthcare Market report at http://www.mrrse.com/canada-home-healthcare-market

Diagnostics and Monitoring Devices Captured 30% of Home Healthcare Market in Canada in 2013

The Canada home healthcare market is segmented on the basis of device, service, and province. In terms of device type, the Canada home healthcare market is segmented into device types such as therapeutic home healthcare devices, diagnostic and monitoring devices, medical supplies, and home mobility assist devices. The segment of diagnostic and monitoring devices led the home healthcare market in 2013 market in Canada with a 30% share. The growth of the segment can be attributed to an increased awareness about sleep apnea management, diabetes control, and hypertension management via the use of home monitoring devices.

Telehealth and Telemedicine Services Anticipated to Expand at 11% CAGR 2014-2020

Based on service, the Canada home healthcare market is segmented into rehabilitation, respiratory therapy, telehealth and telemedicine, unskilled home healthcare services, and infusion therapy. The unskilled home healthcare services market held the largest market share in 2013 and is expected to continue its dominance in the Canada home healthcare market, driven by the growing geriatric population of the country.

The telehealth and telemedicine services segment, which accounted for a mere 2% of the revenue in the Canada home healthcare market in 2013, is anticipated to display the highest CAGR of 11% during the forecast period from 2014 to 2020. The availability of home healthcare services all through Canada thanks to the country’s sophisticated healthcare network has supported the growth of the home healthcare market in Canada.

Some of the key players in the Canada home healthcare market are: Omron Healthcare, Johnson & Johnson, 3M Healthcare, We Care Health Services, GM Healthcare, The Canadian Home Care Association, and Home Care Ontario.