Showing posts with label Healthcare in India. Show all posts
Showing posts with label Healthcare in India. Show all posts

Thursday, April 30, 2020

Future Of Home Healthcare Market in India: Ken Research

How India Home Healthcare Market Is Positioned?
The home healthcare market in India is still at its early growth stage. The unorganized sector still dominates the market having a market share by revenue of ~%. The home healthcare market has grown at a CAGR of 17.2% from FY’2014 to FY’2019 and is expected to grow at a CAGR of 19.2% from FY’2019 to FY’2025. The market is highly fragmented, thus consisting primarily of unorganized players. There are various services being offered by the firms with their key revenue being contributed from services such as home healthcare, provision of pharmaceuticals, and rent/sale of medical devices. The shifting demand trends indicate that apart from services like elderly care, owing to the unhealthy lifestyles of the younger generation, the industry is also witnessing a rise in the demand for services such as physiotherapy, stroke rehabilitation, infant care, critical care, dialysis at home, and speech and language therapy among others.
The major players in the market such as Portea Medical, Healthcare at Home, Medwell Ventures among others have provided the patients in the healthcare market with the opportunity of saving their time as well as money and being attended to right in the comfort of their home. It has been observed that demand for home healthcare services increased in India primarily due to the surge in the prices of advanced medical equipment, the lack of proper medical infrastructure which is insufficient to cater to the needs of the growing population.
Healthcare is one the biggest market in India and home healthcare is en route to becoming a strong component of it. The rising demand for home care services due to the shift in the preferences from traditional to home healthcare services will pave out the way for this growth.
How Is the Home Healthcare Market In India Segmented?
The India home healthcare market has been segmented by region/tier, by market structure, by age group, by the profile of patients and by subscription and recurring model as opted for by the patients. Tier 1 cities constitute the majority proportion of the market, having a market share of ~% followed by Tier 2 cities a ~% and Tier 3 cities at ~%. Tier 1 cities have the greatest market share owing to their shifting demand trends and greater the pressure being put on the existing medical infrastructure due to the rise in population.
Looking at the age groups of patients, patients above the age of 60 years will dominate the market having a share of ~%. Accordingly, elderly care leads the market in the kind of service demanded to contribute ~% to the total market share.
All in all, the home care market in India is currently surging in the tier 1 cities, deriving their key revenue from the elderly care segment.
Further, it must be noted that the market primarily consists of private, unorganized players having a regional presence in only one city of India and doesn’t have a qualified deliverable resource. They have a total market share of ~%. Organized players have a significantly smaller share owing to the early growth stage of the market. Consumers prefer a non-recurring payment model over the subscription model owing to factors such as uncertainty of recovery, lower price difference, and quality of services.
Competitive Landscape
The home healthcare market in India is still in its early growth stage with a higher proportion of unorganized players as compared to organized players. The market is highly fragmented. Organized players are currently focusing on increasing their penetration in Tier-1 and Tier-2 with a focus on service differentiation, complex and high-value margin specialization such as ICU@Home, Oncology services, Mother and Infant care, etc. Owing to various factors like increasing life expectancy, shifting demand trends, and being more cost and time-efficient, the market shows a lot of potentials to grow in the coming years. The major players in the market include Portea Medical, Healthcare AtHome, Apollo Homecare, India Home Healthcare, Medwell Ventures among others. The major players in the market compete on factors such as brand value, QAI Accreditation, presence in a number of cities, quality services, qualified resources, payroll staff, funding partners among others. The major players are also competing on the basis of the technology used in providing the services. Home healthcare providers make use of modern-day technological advances like Internet of Things (IoT) and Artificial Intelligence (AI) in order to provide better quality care to the patients.
Future Outlook And Projections In The India Home Healthcare Market
The overall revenues for the India home healthcare industry are expected to increase at a positive CAGR of ~% during the period FY’2019-FY’2025. The main reasons for the expected growth in revenue are factors such as increasing life expectancy, increasing levels of disposable income, shifting demand trends, unhealthy lifestyles of the younger population leading to a higher prevalence of chronic diseases requiring specialized care are expected to be responsible for this massive growth.
As of now, the market is dominated by private, unorganized players and the trend appears to remain the same for the next 6 years as well, however, the market is expected to witness a nominal decrease in the proportion of unorganized players at an expected rate of ~% per year on average.
Furthermore, it is expected that the market will witness a regulatory reform carried out by the Ministry of Health and Family Welfare and home healthcare services will also be brought under the purview of insurance.
Key Segments Covered: -
India Home Healthcare Market, FY’2014-FY’2025
India Home Healthcare Market Segmentation, FY’2019-FY’2025
By Market Structure (Organized and Unorganized)
By Region/Tier (Tier 1, Tier 2and Tier 3 cities)
By Age Group (0-25 Years, 25-40 Years, 40-60 Years and Above 60 Years)
By Profile of Patients (Elderly care, Physiotherapy, Post-Operative Care, Stroke Rehabilitation, Palliative Care and Others)
By Subscription and Non-Recurring Model
Key Target Audience
Homecare Providers
Hospital Chains
Private Sector Investors
Healthcare Regulatory Bodies
Government and Industry Associations
Medical Device Companies & Distributors
Pharma Manufacturing and Distribution Companies
Time Period Captured in the Report:
Historical Period – FY’2014-FY’2019
Forecast Period – FY’2020-FY’2025
Companies Covered:
Portea Medical (Health Vista Pvt Ltd)
Healthcare AtHome
Medwell Ventures
Care24
CallHealth
Apollo HomeCare
India Home Healthcare
Critical Care Unified
Bharath Home Medicare
Key Topics Covered in the Report: -
Healthcare at Home in India
Home-Based Health Care Industry in India
Homecare Providers in India
E-Health Market India
India Insurance Coverage Market Share
India per Capita Expenditure on Health
India per Capita Expenditure on Hospitalization
Organized Home Healthcare Market India
India Home Healthcare Major Investors
Home Healthcare Patients in India
Critical Care at Home in India
Palliative Care Market India
Stroke Rehabilitation Market India
For More Information on the research report, refer to below link: -
Related Reports by Ken Research: -
Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Wednesday, April 29, 2020

Rising Number of Organized Home Healthcare Providers, Introduction of Standardization by QAI, makes Home Healthcare Vertical, a Lucrative Investment Opportunity: Ken Research

      • Increasing life expectancy leading to a rise in the elderly population and a shift in demand trends towards a more convenience-driven market has led to growth in the home healthcare market in India.
      • The outbreak of the COVID-19 pandemic has also positively impacted the home healthcare services in India. The number of inquiries for services such as Chemotherapy at Home, Dialysis at Home has significantly increased within the past 1-2 months.
 Increase in the Scale of Operations: Tier 1 city has dominated the market at present, with the current market share standing strong at approximately 76.0%. This market share is expected to decline over the period of the next six years, thus increasing the market share of tier 2 and tier 3 by the year 2025. It must be noted that the decline in the share of tier 1 cities is projected not due to an expected decrease in demand in tier 1 cities, but an increasing demand trend in tier 2 and tier 3 cities due to greater awareness, acceptance among people and increase in the disposable income of people belonging to Tier 2 and Tier 3 cities among other factors.
Primary Growth Drivers: The main reasons for the growth in revenue are factors such as increasing life expectancy, increasing levels of disposable income, shifting demand trends, unhealthy lifestyles of the younger population leading to a higher prevalence of chronic diseases requiring specialized care among others which are increasing the demand for home healthcare services in the country. At present, the total number of the elderly population stands at approximately 132 million in India. India is expected to have 34 Crore people above the age of 60 by 2050. The number of old age people is said to increase from 9% to 20% in the next three decades.
Solving Industry Challenges: The main challenge that the home the healthcare industry is currently facing is the lack of regulatory guidelines in the industry to maintain service quality consistency and to record clinical outcomes. However, with the industry growing at a dynamic pace, it is expected that the regulations will soon be introduced for the home healthcare service providers. With this, the industry will come under the purview of insurance and more people would avail of the home healthcare services in the country.
Technology Oriented Growth: Home the healthcare industry, like other markets today, is working on becoming extensively technology-oriented. For instance, Portea Medical and Medwell Ventures have backed their services with a mobile application. The companies are also making use of monitoring devices and home ICU systems, which enables doctors to continuously monitor the conditions of their patients in real-time, without the need of physically being present at the home of the patient. Further, the players are also investing in extensive marketing and awareness programs through digital platforms in order to maximize their reach.
Analysts at Ken Research in their latest publication “India Home Healthcare Market Outlook to 2025 (Second Edition)– By Patient Profile (Elderly Care, Post Operative Care, Physiotherapy, Palliative Care, Stroke Rehabilitation and Others), By Organized (Subscription and Non-Subscription Model) and Unorganized, By Patient Age Profile and By Major Cities believe that the Home Healthcare Market in India will expand due to the adoption of greater technology include IoT and AI into the medical services industry, a shift in demand trends, and the increasing geriatric population. The market is expected to register a positive CAGR of 19.2% in terms of revenue during the forecast period FY’2019-FY’2025. The market is further expected to be driven by the increasing competition from new companies entering the market.
Key Segments Covered: -
India Home Healthcare Market, FY’2014-FY’2025
India Home Healthcare Market Segmentation, FY’2019-FY’2025
By Market Structure (Organized and Unorganized)
By Region/Tier (Tier 1, Tier 2and Tier 3 cities)
By Age Group (0-25 Years, 25-40 Years, 40-60 Years and Above 60 Years)
By Profile of Patients (Elderly care, Physiotherapy, Post-Operative Care, Stroke Rehabilitation, Palliative Care and Others)
By Subscription and Non-Recurring Model
Key Target Audience
Homecare Providers
Hospital Chains
Private Sector Investors
Healthcare Regulatory Bodies
Government and Industry Associations
Medical Device Companies & Distributors
Pharma Manufacturing and Distribution Companies
Time Period Captured in the Report:
Historical Period – FY’2014-FY’2019
Forecast Period – FY’2020-FY’2025
Companies Covered:
Portea Medical (Health Vista Pvt Ltd)
Healthcare AtHome
Medwell Ventures
Care24
CallHealth
Apollo HomeCare
India Home Healthcare
Critical Care Unified
Bharath Home Medicare
Key Topics Covered in the Report: -
Healthcare at Home in India
Home-Based Health Care Industry in India
Homecare Providers in India
E-Health Market India
India Insurance Coverage Market Share
India per Capita Expenditure on Health
India per Capita Expenditure on Hospitalization
Organized Home Healthcare Market India
India Home Healthcare Major Investors
Home Healthcare Patients in India
Critical Care at Home in India
Palliative Care Market India
Stroke Rehabilitation Market India
For More Information on the research report, refer to below link: -
Related Reports by Ken Research: -
Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249