15th November 2019 – North
America Home Healthcare Market was valued at USD 756.8 million in 2014
owing to the increasing geriatric population, increasing chronic diseases and
high disposable income for health care expenditure. Home healthcare is a
diversified industry that comprises home nursing care, companion care, infusion
services, and others. Home healthcare is particularly referred as home medical
care and usually involves assisting the elderly population to recover from
illnesses or injuries and allow them to live independently for as long as they
can.
Home healthcare includes physical &
occupational therapy, skilled nursing, and speech therapy. It also assists
other adults with activities like dressing, eating, bathing, daily living,
cleaning, cooking, housekeeping tasks and monitoring one’s medication routine.
Personalized medical assistance to control treatment expenditure is predicted
to boost North America home healthcare market with a CAGR of 10.09% in the
forecast period.
North America is majorly driven by the
growing geriatric population and increase in chronic disorders. The increase in
demand for affordable healthcare delivery systems because of rising healthcare
costs, technological modernizations and government initiatives to promote home
healthcare is also expected to drive North America home healthcare industry.
Conversely, limited insurance coverage, unstable reimbursement policies, and
patient’s safety concerns are few factors that may restrict the growth of the
market.
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One of the significant trends witnessed
recently in North America home healthcare market is the growing consumer
preference for treatment at home rather than hospitals to reduce hospital
expenditure. The shift from hospital treatment to proactive monitoring will
introducing new opportunities for the market. At present, large number of
patients are preferring home healthcare over hospitals for the convenience,
cost and privacy it offers. Other factors like easy availability, innovation,
aging demographics and growing chronic diseases are driving the market growth
in terms of revenue.
The rising healthcare cost and growing
chronic illnesses are forcing Canadian government to put forth more initiatives
for home healthcare services. This has propelled several Canadian home
healthcare companies to invest significantly. However, cut in Medicare payments
for home health agencies and safety risk of home healthcare workers are the
factors restricting the growth of the market.
North America home healthcare industry
is categorized on the basis of type, product, service, software and geography.
On the basis of type, the market is divided into home telehealth monitoring
devices, home telehealth services, and home telehealth software.
Based on product, North America home
healthcare market is divided into testing, screening, & monitoring
products, therapeutic products, mobility care products. In terms of service,
the market is segmented as rehabilitation therapy services, infusion therapy
services, unskilled care services, respiratory therapy services, pregnancy care
services, skilled nursing care services, hospice and palliative care services.
On the basis of software, the market is divided into agency software, clinical
management systems, and hospice solutions. Geographically, North America home
healthcare industry is segmented as USA, Mexico and Canada. Canada is predicted
to hold larger market share due to growing number of government policies
concerning the market.
The key players in North America home
healthcare industry comprise Abbott Laboratories, Apria Healthcare Group,
Almost Family Inc., A&D Company Limited, Amedisys Inc., General Electric
Company (GE), Omron Corporation, Roche Holding AG, Kinnser Software Inc., Linde
Group, Philips Healthcare (A Subsidiary of Royal Philips Electronics), Mckesson
Corporation, LHC Group Inc., Kindred Healthcare, and Fresenius Se & Co
KGaA.
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