Global Market Research Reports : Ken Research: Home Healthcare Patients in India

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Monday, June 1, 2020

Introduction of Regulatory Guidelines and Insurance Tie-Ups will be a Game Changer for India’s Home Healthcare Industry in Future: Ken Research

The number of inquiries has grown significantly between 25%-30% for chemotherapy services, dialysis at home and other chronic diseases owing to the COVID-19 pandemic as these diseases are critical in nature and cannot be skipped repetitively.
The increasingly unhealthy lifestyles of the younger generation due to the shift in dietary habits, as well as the increasingly busy schedules, have led to an increase in the prevalence of chronic diseases among the population, leading to an increase in the demand for home healthcare services.
There is a need to bring on set regulations and standards for the industry as well as bringing the services under the ambit of insurance. These things are expected to happen in the future, aiding the growth of the industry.

Country Outlook

The home healthcare market in India is still at its early growth stage and offers immense investment opportunities owing to the shifting demographics as well as changing demand trends from traditional healthcare services to home care services. The home healthcare market in India is gaining popularity at a rapid rate. The market primarily includes numerous unorganized players in comparison to 30-35 highly visible organized players. There is a very high possibility that with the introduction of set regulations by the government, there will be significant developments in the home healthcare industry which will pave the path of its future growth in the coming years.

Increase in the Number of Organized Players: 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. The decrease in the unorganized sector is expected to be due to the extensive expansion strategies adopted by the current major players as well as the emergence of strict service guidelines from healthcare regulatory bodies with the aim to provide a framework for service quality consistency within the market.

Insurance Coverage: Home healthcare providers have been in talks with insurance companies for a while now, trying to bring homecare services under the purview of insurance. It is expected that with the introduction of home healthcare service regulations, the industry will grow at a dynamic pace and more insurance companies will come forward to partner with the home healthcare providers. This will be a major disruption as more people will come forward to avail home healthcare services which are already cost efficient in nature.

Impact of COIVD-19 Pandemic: Owing to the lockdown and limited access to healthcare services, The Ministry of Health and Family Welfare with NITI Aayog have released the official guidelines for telemedicine practices in the country. These are aimed at allowing registered medical practitioners to provide remote consultation in supersession of the Medical Council of India (MCI). The government’s recent notification regulating telemedicine amid the COVID-19 pandemic has given a boost to the business of Home Healthtech startups operating in the segment. More companies are now offering teleconsultation and telemedicine services. For instance, Portea has started offering teleconsultation and video-consultation services in Bengaluru to reach out to the consumers. Many companies have also started COVID-19 helplines, awareness campaigns, and free doctor consultations.

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, 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: -

India Home Healthcare Industry Growth

Related Reports by Ken Research: -

India Online and Offline Pharmacy Retail Market Outlook to 2025 - By Organized and Unorganized; By Standalone and Hospital based Pharmacy; By Product Category (Prescribed Drugs, OTC Drugs and Non-Pharmaceutical Goods) and Therapeutic Class

Global Home Healthcare Market Outlook to 2025– By Patient Profile (Elderly Care, Rehabilitation, Physiotherapy, Wound Care and Others), By Age Group in Years (Mother and Infant, Below 25, 25-40, 40-65 and 65 & Above) and By Region (USA, Germany, UK, Canada, Japan, Australia, China, India, South Africa, UAE and Others)

India Medical Device Market Outlook to 2023 - by IVD Market (Type of Device, Sales Channel, Domestic Manufacturing and Import), by Diagnostic Imaging Market (Type of Device, Domestic Manufacturing and Import) and by Patient Aid Market (Orthopedic Device, Hospital Furniture and Hearing Aid)

Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Thursday, April 30, 2020

Future Of Home Healthcare Market in India: Ken Research

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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.