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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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.
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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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