The Canada home healthcare market is exhibiting a CAGR of 8.9% in the forecast period of 2014 to 2020. According to a research report released by Transparency Market Research, the Canada home healthcare market is expected to reach US$18.94 bn by the end of 2020, after being recorded at US$10.45 bn in 2013.
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According to the report, the Canada home healthcare market is primarily driven by the rising number of patients who suffer from ailments such as diabetes, arthritis, cancer, and multiple chronic diseases. This rising prevalence of diseases, coupled with a growing population of geriatric Canadian citizens, is boosting the Canada home healthcare market at a rapid rate.
Other drivers of the Canada home healthcare market include technological advancements that allow for a more efficient healthcare service that can be delivered at an optimum time, and a growing awareness of citizens towards the Canada home healthcare market and its services.Between the different segments of the Canada home healthcare market according to type, the market is led by diagnostics and monitoring devices, a segment that held over 30% of the market in 2013. This segment is boosted by consistent government efforts taken to increase awareness among citizens regarding the existence of diagnostic and monitoring devices and their benefits.
The home mobility segment earned the lowest revenue for the Canada home healthcare market in 2013. This is attributed to the low market cost of the instruments sold in the home mobility segment, such as walkers, crutches, cranes, and rollators.In terms of services, the Canada home healthcare market is led by the segment of telehealth and telemedicine. The segment is progressing at a CAGR of 11.0% by 2020. The telehealth and telemedicine segment generated 2% of the usual revenue recorded in the Canada home healthcare market in 2013. The Canada home healthcare market services are constantly driven by factors such as high cost-effectiveness, easier access to rural locations, and high quality care of patients.
From a geographical perspective, the Canada home healthcare market was led by the province of Ontario in 2013. At the same time, the Canada home healthcare market in the Quebec is expected to rise at a rapid CAGR of 9.2%. The report cites increasing population of chronically ill people as the key reason for the high growth rate of the Canada home healthcare market in Quebec.Key players involved in the Canada home healthcare market are Home Care Ontario, The Canadian Home Caress, We Care Health Services, GM Healthcare, 3M Healthcare, Omron Healthcare, and Johnson & Johnson.
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