North America home healthcare
market was valued at USD 756.8 million in 2014. Rising aging human population,
high disposable income for healthcare expenditure, and increasing rate of
target diseases are some of the key factors driving growth. Predominance of
chronic diseases, and increasing diagnosis expenditure is anticipated to boost
growth.
Personalized medical assistance
is a cost effective measure to control treatment expenditure and acts as major
driver for the industry. According to the U.S. Bureau of Labor Statistics
(USBLS), personal care and healthcare assistance in a home-setting environment
is anticipated to reach a value of USD 13 million by 2020, an increase of 70%
from 2010 to 2020.
The home healthcare industry is
anticipated to be majorly driven by the huge aging population volume which is
highly prone to various diseases such as venous stasis ulcers, diabetic ulcers,
and pressure ulcers. According to WHO, the global volume of population falls
under the age group of 60 years and above has reached 841 million in 2014 and
is expected to reach 2 billion by 2050. Therefore, rising global
aging-population along with the statistics that approximately 70% of home
healthcare patients belong to 65 years and above age group, is anticipated to
fuel demand in the near future.
In depth research report on North America Home Healthcare
Market
Wound care accounted for 65% of
the global market revenue in 2014. Substantial demand for wound closures, wound
care dressings, and wound cleanser has resulted in the dominance of the segment
over the past few years and this trend is expected to continue over the
forecast period. Wound infection is a key safety concern for medical professionals
and patients, thus the market is anticipated to fuel the demand as it compelled
to reduce the infection rates. Wound care products improve the overall health
of patients affected from various disorders such as, diabetic ulcers, pressure
ulcers and venous stasis ulcers, therefore creating strong need for these
products in the industry.
Rising number of geriatric
patients with growing awareness about personal safety and hygiene is further
expected to intensify home healthcare service demand in the North America.
Mattress overlays and wound care together are projected to capture more than
85% of the overall market share by 2022.
Home care service dominated the
global industry accounting for 32.0% in 2014 owing to rising number of
geriatric patients. This service provides several benefits such as personalized
care, familiar surroundings, and low treatment cost. On the other hand, durable
medical equipment (DME) which includes mobility support is anticipated to
witness attractive growth in the coming years owing to their increasing
utilization for long term medical care coupled with provision of favorable
repayment facility on these devices.
The U.S. lead the home
healthcare market in North America with more than 80% share.
Large base of
aging population, growing healthcare infrastructure and high purchasing power
are some of the key factors driving growth. Moreover, favorable government
initiatives aimed at controlling treatment expenditure by promoting home care
services is anticipated to fuel growth. According to the PRB (Population
Reference Bureau), at present, approximately 50 million citizens of North
America are over 65 years and the number is projected to reach to 89 million by
2050.
Major market participants in
this industry include Medline Industries, Invacare, Stryker, Johnson &
Johnson, Hill-Roam Holdings, Smith & Nephew, Span America, Kinetic
Concepts, ConvaTec, and Molyncke HealthCare. The market is characterized by
strategic alliance, innovative product launch, and mergers & acquisitions.
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