Canada Home Healthcare Market is Expected to Reach USD 18,939.9 Mn by 2020

Canada Home Healthcare Market represents a wide range of home medical devices and services to support patients with chronic disease conditions. The risk and prevalence of chronic and lifestyle related diseases are constantly increasing in Canada which would drive the acceptance of home medical devices and services, consequently leading to the growth of the market. Moreover, changing demographics in Canada further supports the growth of Canada home healthcare market. Statistics Canada projected that around 5 million people in Canada were aged over 60– 65 years in 2011 and the number is expected to double in the next 25 years (10.4 million).

Such change in demographics will shift a substantial portion of population to the higher risk level for illnesses that demand continuous medical intervention. Thus, this factor would in turn increase the utilization of home healthcare devices and services hence driving the market growth. Moreover, advancement in technologies, increasing sedentary lifestyle and growing preference for alternatives to hospital based long-term care also supports the Canada home healthcare market growth. However, high costs coupled with strict regulatory environment restraints the market growth. The Canada home healthcare market is estimated to be USD 10,449.1 million in 2013 and is expected to reach USD 18,939.9 million by 2020, growing at a CAGR of 8.9% from 2014 to 2020.

The Canada home healthcare market has been studied from three perspectives: by device types, by services and by provinces. Based on device types, the market has been segmented into four categories: diagnostic and monitoring devices, therapeutic home healthcare devices, home mobility assist devices and medical supplies. Among these, diagnostics and monitoring devices are accounted for the largest market, capturing over 30% of the total Canada home medical devices market in 2013. Efforts of the Canadian government to increase awareness about hypertension, diabetes and sleep apnea management through home monitoring drives the growth of diagnostics and monitoring devices segment. Moreover, home mobility assist devices market segment recorded the lowest revenue in 2013 owing to the low cost of market constituents such as cranes and crutches, walkers and rollators and others.

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Based on services, the Canada home healthcare market is categorized into rehabilitation, telehealth and telemedicine, respiratory therapy, infusion therapy and unskilled home healthcare services. In 2013, unskilled home healthcare services market accounted for the largest market and is expected to dominate the market in future. Growing geriatric population coupled with increasing uptake of nonprofessional home care services in Canada helps this segment to grow consistently during the forecast period.

Moreover, telehealth and telemedicine services only accounted for 2% revenue of the total home healthcare services market in 2013 but is expected to grow with the highest CAGR of around 11% during the forecast period from 2014 to 2020. Fundamental benefits availed from these services such as high cost-effectiveness, quality health care and access to health care services throughout rural and urban areas supports the growth of the market in Canada.

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Ganesh Rajput

As one of the lead news writers on CMFE News, Ganesh’s specialization lies in the science and technology domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Ganesh’s take on the impact of digital technologies across the science, technology, and business domains gives his writing a fresh and modern outlook.

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