High Risk of Illnesses among Aged Population Creates Opportunities for Home Healthcare Market in Canada
The Canada home healthcare market is gaining pace and clearly the rising incidence of chronic ailments witnessed in the country is the reason behind. Both risk and prevalence of chronic and lifestyle-related diseases have shown tremendous increase in the country, which impelled the market for home medical devices and services.
Besides this, the Canada home healthcare market is gaining from the country’s changing demographics. As per Statistics Canada, nearly 5 million people in Canada belonged to the age group of 60 years to 65 years in 2011 and this number is forecast to double itself in the next 25 years. In the forthcoming years a substantial share of population is therefore expected to shift to the higher risk level for illnesses, which would demand persistent medical intervention. This will be a chief driver of the home healthcare market in Canada.
In addition, the market is foretold to gain from the latest technological advancements, the growing preference towards alternatives to long hospital stays, and the increasing sedentary lifestyle. On the downside, stringent regulations and other environmental restraints are major bottlenecks, which the market players need to address to experience a smooth-run. Nonetheless, Transparency Market Research (TMR) forecasts a healthy 8.9% CAGR for the Canada home healthcare market between 2014 and 2020. At this pace, the market which was valued at US$10.4 bn in 2013, is likely to reach US$18.9 bn by the end of 2020.
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Q: Which provinces in Canada will exhibit most lucrative market opportunities?
A: Based on geographic distribution, the most lucrative segments in the Canada home healthcare market includes Alberta, Quebec, Ontario, and Rest of Canada. Of these, the home healthcare market in Ontario emerged as the leading segment in 2013, as the demand for home medical devices and services was significantly high in the province. Moreover, the increasing geriatric population and favorable government policies have favored the growth of the home healthcare market in Canada as well.
For instance, the Government of Canada joined hands with the Governments of Nunavut, Yukon, and Northwest Territories and agreed to a targeted federal funding for investment in the home healthcare and mental healthcare segments. The investment is likely to span across a period of 10 years.
Rest of Canada trailed Ontario in terms of exhibiting opportunities for the home healthcare services and devices providers. The increasing incidence of obesity in the segment has helped the market in Rest of Canada witness accelerated pace of gains over the last few years. As per TMR, the segment is forecast to exhibit a CAGR of 9.2% from 2014 to 2020.
Q: What is nature of competition impacts the home healthcare market in Canada?
A: The presence of a large number of players has rendered the Canada home healthcare market highly fragmented. Some of the most prominent companies operating in the market are 3M Healthcare, Johnson & Johnson, We Care Health Services, Omron Healthcare, Home Care Ontario, The Canadian Home Care Association, GM Healthcare, and others. Strategies adopted by these companies have a profound impact on the overall market. In addition, the market is also expected to gain from the increasing research spending by these enterprises.