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.
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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.
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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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