India Home Healthcare Market Analysis

India Home Healthcare Market Analysis


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India's home healthcare market was valued at $179 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.40% from 2022 to 2030 and will reach $295 Mn in 2030. One of the main reasons propelling the growth of this market is the introduction of newer technologies, The increased prevalence of chronic ailments. The market is segmented by equipment outlook and by services. Some key players in this market are Apollo Homecare, Portea Medical, India Home Health Care, Healthcare at Home, and Care24.

ID: IN10INHS010 CATEGORY: Healthcare Services GEOGRAPHY: India AUTHOR: Nandini Shah

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India Home Healthcare Market Executive Summary

India's home healthcare market was valued at $179 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.40% from 2022 to 2030 and will reach $295 Mn in 2030. The demand for home healthcare is anticipated to increase as India's geriatric population and dependency ratio both grow. India's ageing population is anticipated to total 298 million by 2051, or 17% of the country's total population, according to the Economic and Social Commission for Asia and the Pacific.

In India, the healthcare industry has grown significantly in both revenue and employment. Hospitals, medical equipment, pharmaceutical products, and services including clinical trials, telemedicine, e-health, health tourism, home healthcare, and health insurance are all included in the definition of healthcare. The extension of services increased coverage, and rising governmental and private investment in the healthcare industry in India have all contributed to the sector's growth.

The home healthcare market in India has a big number of participants and is still in its early stages of development. Some of these players only provide a particular specialty service, while others provide a wide range of services in different geographic areas. 30-35 businesses have experienced rapid expansion in the organized market, and they now have the strongest brand recognition and traction in terms of service sales across several regions. India has multiple home healthcare players providing healthcare across preventive, promotive, chronic, acute rehabilitative, and palliative care in the comfort of the patient’s home. Traditionally, 60–80 percent of demand for home care has been driven by senior citizens seeking supportive long-term care at home.

india home healthcare market

Market Dynamics

Market Growth Drivers

Technological advancements have made healthcare devices portable, user-friendly, and more convenient for patients at home or traveling. The introduction of newer technologies in this market has greatly boosted the current communication flow between patients and healthcare providers, enabling better, faster, and more effective care. Developments in technology coupled with increasing demand are likely to drive market growth in India. Several companies have ventured into the delivery of medicines, further contributing to the patient-centric advantages of in-home care. Federation of Indian Chambers of Commerce & Industry (FICCI), 54% of people preferred laboratory tests, delivery of medicines, and nursing care at home.

The increased prevalence of chronic ailments such as hypertension, diabetes, arthritis, cancer, and cardiovascular diseases are aiding the growth of the market. Approximately 50% of all home healthcare patients have at least one chronic illness, and this number is expected to keep increasing in the future. Chronic illness is a long-lasting condition that can be controlled but not cured. Treating and managing chronic illnesses has become a major concern.

The need for better primary and postoperative care is likely to drive market growth in the country. Companies are expanding their service offerings to maintain and increase market share. Portea Medical offers geriatric care inclusive of physiotherapy, palliative care, primary care, and postoperative care.

The growth of this population segment will boost the demand for healthcare and greatly increase the burden on governments and health systems as the aging population is more prone to chronic diseases. Home healthcare reduces unnecessary hospital admissions & readmissions and the time and costs involved in traveling to meet healthcare professionals.

Market Restraints

The lack of skilled nursing personnel with a compassionate attitude is anticipated to slow the rate of expansion of the India home healthcare market. A study highlighted that the density of the active health workforce in India is a little over one-fourth of the WHO recommended threshold of 44.5 skilled health workers per 10,000 persons. In home care, the nurse-physician association involves lesser face-to-face contact, and the nurse is responsible for making assessments and communicating findings. In India, home healthcare treatments are covered by insurance only if they are post-hospitalization treatments; in-home treatments for geriatric and chronic ailments are not covered by insurance companies.

Competitive Landscape

Key Players

Due to the existence of numerous local and national companies, the Indian market is very fragmented. Some of the well-known businesses in this sector are Portea Medical, Apollo Homecare, Nightingales Home Health Services, and India Home Health Care (IHHC). In response to an increase in demand, businesses are expanding their operations. For instance, Nightingales Home Health Services has only recently started operating in Chennai. By offering at-home COVID-19 testing, Portea Medical is broadening the scope of its service offerings. In addition, the market's lack of regulation could lead to unfair competition and hostile takeovers.

  • Apollo Homecare
  • Portea Medical
  • India Home Health Care
  • Healthcare atHome
  • Care24
  • Nightingales Home Health Services
  • Bharat Home Medicare
  • Grand World Elder Care
  • Medfind
  • Swarg Community Care
  • Suburban Diagnostics

Healthcare Policies and Regulatory Landscape

In order to boost home healthcare in India, the Indian government has unveiled new programs. For example, the Healthcare Federation of India produced Home Healthcare 2.0 in January 2022, which included government suggestions and viewpoints from industry stakeholders for generating major growth potential for home healthcare services in India.

The widely popular NABH (National Accreditation Board for Hospitals & Healthcare Providers) has also not framed any healthcare regulatory framework for the private home healthcare segment. The entire market of Home Healthcare is worth above Rs 12,000 crore and so far not even one percent of the market has been captured by all the players combined. The National Health Policy, 2017, which was approved by the Union Cabinet on March 15, envisages the setting up of a National Digital Health Authority (NDHA) to regulate, develop and deploy digital health across the continuum of care.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

India Home Healthcare Market Segmentation

By Equipment 

  • Therapeutic
    • Home Respiratory Therapy
    • Insulin Delivery
    • Home Intravenous Pumps
    • Home Dialysis Equipment
    • Other Therapeutic Equipment
  • Diagnostic
    • Diabetic Care Unit
    • Blood Pressure Monitors
    • Multi-Parameter Diagnostic Monitors
    • Home Pregnancy and Fertility Kits
    • Other Self-Monitoring Equipment
    • Apnea and Sleep Monitors
    • Holter Monitors
    • Heart Rate Meters
    • Other Diagnostic Equipment
  • Mobility Assist Equipment
    • Wheelchair
    • Home Medical Furniture
    • Walking Assist Devices
       
  • By Services 
     
  • Skilled Home Care
    • Physician/Primary Care
    • Nursing Care
    • Physical, Occupational, and/or Speech Therapy
    • Nutritional Support
    • Hospice & Palliative Care
    • Other Skilled Home Care Services
  • Unskilled Home Care

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 29 May 2023
Updated by: Shivam Zalke

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