About Home Care Services
The Canadian home care services market is expected to grow at a moderate pace during the forecast period, according to the AMA study. The Canadian home care services market was estimated to be around USD 5.9 Billion in 2019 which is expected to witness a CAGR of 3.9% during the forecast period. Moreover, the rising elder age population across Canada and the rising demand for remaining at home for having healthcare services across Canada are expected to be the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a moderate pace after the COVID-19 pandemic is over.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 3.9% |
The vendors in this market are majorly focusing on developing innovative solutions & services in order to cater to the market's demands to remain competitive in the market based on the current scenario. The recent industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the market vendors have been witnessing a decrease in the adoption of home care services across Canada which involves screening assessments and full assessments. Analyst at AMA Research estimates that Canada Players will contribute the maximum growth to Global Home Care Services market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Assurance Home Care (Canada), Bayshore HealthCare (Canada), Canadian Back Institute Operating Limited Partnership (Canada), ComForCare Franchise Systems, LLC (Canada), Comfort Life (Canada), Comfort Keepers (Canada), CuePath Innovation Inc. (Canada), Home Care Assistance (Canada), Home Care Ontario (Canada), Home Instead, Inc. (Canada) and Just Like Family (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Nurse Next Door Professional Home Care Services Inc. (Canada), Onecare Southampton (Canada), ParaMed (Canada), Right at Home LLC (United States), The Care Company (Canada) and Vancouver Home Care & Assisted Living Services (Canada).
Segmentation Overview
AMA Research has segmented the market of Global Home Care Services market by Type (Traditional Home Health & Nursing care, Home Hospice, Home Therapy Services, Homemaker & Personal Services and Others) and Region.
On the basis of geography, the market of Home Care Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Age Group, the sub-segment i.e. 15-24 Years will boost the Home Care Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Consumer Preference Towards Home Care Over Institutional Health Care and COVID-19 has Boosted the Adoption of Smart Home Care Services
Market Growth Drivers:
Rising Old Age Population Across Canada and Increasing Awareness for Remaining at Home for Healthcare Services
Challenges:
Canadian Health Accord is Expected to Slowdown the Industry Growth and COVID-19 has led to a Decline in the Adoption of Home Care Services Across Canada in FY 2020
Restraints:
High Competition in the Market Due to Presence of a Large Number of Players
Opportunities:
Rising Disposable Income of Canadian Population Propelling the Investments in Home Care Services Across Canada
Market Leaders and their expansionary development strategies
January 10, 2024, Philips and Wellbox team up to offer connected home care solutions to remotely monitor patients' health
November 15, 2023: Rite Aid launches its own home care services business to provide in-home care for seniors
Rising Government Spending on Home Care but Acquires a Small Share in the Total healthcare Budget of Canada
Analyst View
The Canadian population shows a rising shift towards the adoption of home care services rather than institutional care services in order to stay at home within their comfort zone. With rapidly growing elder age population across Canada, the demand for home care services is also increasing with a fast pace. Based on the regional distribution, Ontario was estimated to be the largest markets for home care services in Canada in 2019, followed by British Colombia, Quebec, and Alberta due to high penetration of old age population across these regions. Moreover, some of the other major markets after these provinces are Newfoundland & Labrador, followed by Manitoba, New Brunswick, Saskatchewan, and Nova Scotia. Furthermore, some of the factors such as pressure from government payers and private insurers is hampering the market growth. In addition, the outbreak of COVID-19 pandemic across the world has also led to decline in the adoption of home care services across the Canada region.
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.