Home healthcare refers to the supportive and cost-effective medical assistance received at home for any kind of illness or injury.
Home Healthcare Market insights
In 2019, the market accounted for approximately 4% of India’s overall healthcare industry earnings. It was valued at INR 460.00 Bn in 2020. It is expected to reach INR 3,228.19 Bn by 2026, expanding at a compound annual growth rate (CAGR) of ~38.59% during the 2021 – 2026 period.
An increase in the size of the aging population and the increased prevalence of chronic ailments such as hypertension, diabetes, arthritis, cancer, and cardiovascular diseases are aiding the growth of the market. The government is trying to motivate patients to reduce hospital visits and avail home-care services through its healthcare initiative, Ayushman Bharat Scheme (Union Budget 2019).
This will propel market growth. Competition is intense because of the presence of existing players and the entry of new digital healthcare firms (such as Netmeds, 1MG, and Myra), who are expanding their portfolios for home healthcare services.
The market is broadly segmented into home healthcare services, devices, and solutions. In 2020, home healthcare services was the largest segment, accounting for ~51.29% of the total market revenue. During the 2021 – 2026 period, home healthcare solutions is expected to become the fastest-growing segment of the market as a result of social distancing rules and self-isolation norms that are in place to curb the spread of COVID-19.
By 2026, the home healthcare devices and home healthcare solution segments are expected to hold ~19.15% and ~41.60% shares, respectively, in terms of market revenue.
COVID-19 impact analysis
The outbreak of COVID-19 in India and subsequent lockdowns to curb its spread severely impacted the home healthcare market in India. As the crisis continues, telehealth solutions, health screening and monitoring devices, and home nursing services segments are likely to witness significant growth.
Social distancing norms, limited outdoor medical capacities, and initiatives undertaken by the Indian government to encourage at-home treatments and telehealth solutions are likely to accelerate market growth. Other home healthcare segments that may be affected favourably during this period include health diagnostic devices, at-home therapeutic services, and other medical supplies.