North America home healthcare market is expected to reach USD 1.7 billion by 2022, according to a new report by Grand View Research Inc. Rising prevalence of chronic condition demanding constant care, rising geriatric population demanding round the clock care and growing hospital stay cost are some factors driving the home care industry.
With increasing difference in number of hospital beds and patients, the need for home healthcare is on the rise. Furthermore, financial assistance provided by Medicare, Medicaid and other private insurance companies for long-term care are expected to further propel the demand for such services.
Growing geriatric population base, increasing demand for independent living and subsequent rise in demand of wound management, mobility assistance, and other self-care products are the high impact rendering drivers of the home healthcare market in North America.
Supportive initiatives by government bodies such as Canadian Home Care Association, designed to incorporate increasing post-operative home based health and long-term care plans boosts the home care industry. Increasing licensing of home care agencies and other specialty care facilities with provision for reimbursement by public insurers is anticipated to drive the demand over the forecast period.
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Further key findings from the study suggest:
- Wound care and mattress overlays together are expected to capture over 85.0% of the market share by 2022 owing to increasing incidences pressure ulcers, diabetic ulcers, and venous stasis ulcers.
- Durable Medical Equipment segment is anticipated to witness fastest growth and contribute share of over 25.0% by 2022 owing to rising demand for mobility assistance devices by elderly patients. According to the Population Reference Bureau, currently over 50 million citizens of North America are over the age of 65 and the number is expected to reach to 89 million by 2050.
- The U.S. is anticipated to contribute for over 85.0% share in 2022, owing to rising geriatric population base, increasing number of immigrants, and rising patient awareness levels coupled with relatively higher healthcare expenditures in the region.
- Key market players are Johnson & Johnson, Covidien, Stryker Corporation, Invacare, VCP Mobility Inc. and others.
- In May 2015, ConvaTec expands portfolio of AQUACEL Foam dressings, this expansion includes range of advanced rectangular dimensions and more anatomical wound care applications. This expansion is expected to give comparative edge in wound dressing product portfolio.
- In July 2015, Smith & Nephew acquired DeOST LLC and DeLLC, part of DeOST group, this acquisition is expected to help the company enhance wound care product portfolio.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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