North America Home Healthcare Market Growth Factors, Competitive Landscape and Revenue Forecast till 2022

Posted on 2020-12-29 by researchinsights in Healthcare // 0 Comments

Felton, Calif., USA, Dec. 29, 2020 — /EPR Network/ —

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.

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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.

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.

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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North America Home Healthcare Market, By Country (USD Million, 2012 – 2022)

U.S.
Canada
Mexico

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