India Home Healthcare Market Worth US $6.2 Billion by 2020
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According to a new research report by CMR, the market for home healthcare in India is projected to reach US $6.2 Billion by 2020 at a CAGR of 18% from US $3.2 Billion in 2016; the landscape is currently led by some promising startups, even as healthcare providers begin to eye the growing market.
Gurugram: Propelled by increasing changing family landscape, favorable demographics, increasing disposable incomes, and quest for better preventive care, the home healthcare, which represents a small chunk of the overall healthcare industry, is likely to grow immensely in the years ahead in India.
Globally, the home healthcare market is anticipated to reach US $368 Billion by 2020 from US $270 Billion in 2016 at a CAGR of 8%. In contrast, the market for home healthcare is growing faster in India. The current market for home healthcare in India is US $3.2 Billion, and this is expected to grow at a CAGR of 18% to reach US $6.2 Billion by 2020.
CMR has released the CMR Initial Market Guidance report on home healthcare. The report provides the big picture of the home healthcare market, and captures current demand and supply drivers; opportunities and challenges.
According to Prabhu Ram, General Manager, CMR Industry Consulting Practice, technology and strong consumer demand are driving the home healthcare market. The space is dotted with healthcare aggregators, doctor discovery platforms, and start-ups offering home healthcare services.
Today, the home healthcare market in India is fragmented and comprises of some exciting start-ups such as Portea Medical, Pramati Care, India Home Healthcare, Unique Home Healthcare, Nightingales, among others.
Apalak Ghosh, Practice Head at CMR Industry Consulting Practice, believes that amongst the home healthcare start-ups, there is a clear focus on innovation, and companies are looking to bank on wearable medical devices to record patient data in real-time, which can trigger alerts in the system for quick and pre-emptive action.
Presently, the Indian home healthcare companies are focused on elderly care; rehabilitation; diabetes management. Although, the elderly care still contributes a substantial portion of the revenues, there are new market segments within home healthcare that are opening up, including neo natal care, says Prabhu.
Home healthcare has the potential to replace upto 65% of unnecessary hospital visits in India, and costs upto <20% incurred on hospital costs.
The interest from the investor community is also increasing, as evident from new start-ups entering the space.
In a competitive market environment, Portea Medical is responding to patient needs by strengthening its offerings. Prabhu believes that Portea Medical’s recent acquisitions in medical prescription and medical equipment domain provides it with more teeth in cementing its leadership position.
It is only a matter of time before the big healthcare providers enter the home healthcare space. Apollo Homecare and Max Home Healthcare are just signs of the changing times.
To truly succeed in the home healthcare segment, start-ups should focus not just on technology, but also on acquiring world-class medical expertise.
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