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.

Segment Insights

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.

5G in Healthcare Market: Growing adoption of telemedicine and robotic surgery is augmenting the market growth at a healthy CAGR of ~ 74.5% during the forecast period of 2021 to 2028. 

The post Home Healthcare Market in India 2021 first appeared on CRI Report.

Market Segmentation

• Products (Monitoring Devices, Health Maintenance & Promotion Devices, Diagnostic Devices, IT & Software, and Services (SaaS))
• End User (Independent Homes/Villas, Condominium/Apartments, Elderly Care Homes, and Other Residents)

Country Segmentation

• U.S.
• China
• EU5
• Japan
• Nordic Countries
• Brazil
• India
• South Korea
• Rest-of-the-World

Growth Drivers

• Rise of Healthcare Consumerism
• Growth in Adoption of mHealth
• Advances in Wearable Technology
• Remote Monitoring Enabling Anything-as-a-Service
• Connected Devices Causing a Paradigm Shift in the Medtech Landscape
• Growth in the Number of Regional Startups

Market Challenges

• Lack of Insurance Coverage for Home Healthcare Services
• Patient Preferences and Prejudice Hampering Adoption Rate
• Lack of Well-Defined Regulations

Market Opportunities

• Product Expansion
• Home Healthcare Service
• Business Collaborations
• Regional Opportunities

Key Companies Profiled

Apple, Inc, Alphabet, Inc., Demant, Fitbit, Inc., Garmin Ltd, HK Smartmv Limited, Huami Corporation, Huawei Technologies Co., Ltd., Koninklijke Philips N.V., Omron Corporation, ResMed, Samsung Electronics Co., Ltd., Sonova Holding AG, Withings, Xiaomi Corporation, among others

Key Questions Answered in this Report:

• How has COVID-19 impacted the global home healthcare market?
• What are the key regulations for the development, commercialization, and adoption of home healthcare devices?
• Which are the leading players that currently hold significant dominance in the global home healthcare market?
• What are the key strategies incorporated by the players of the global home healthcare market to sustain the competition and retain their supremacy?
• What is the patent landscape of the home healthcare market?
• What are the key technological developments on which the current industry leaders are spending their major share of research and development (R&D) investment?
• What different business models have been adopted in the home healthcare market?
• What is the current market potential of different types of home healthcare services, and what are the factors deciding the growth potential of home healthcare services for the forecast period?
• What is the current revenue contribution of different products, and how would it evolve in the forecast period?
• How many products are in pipeline in different countries in the home healthcare market?
• How does the end-user perception impact the growth of the global home healthcare market?
• Which countries contribute to a major share of the current demand, and which countries hold significant scope for expansion for business activities by players of the global home healthcare market?
• What are the drivers, restraints, and opportunities in the global home healthcare market?

Key USPs of the Report

Following are some of the key contents of the report:

• Return on Investment Analysis
This section encompasses a description of the basic-level and advanced0level set-up-cost of home healthcare business.

• Home Healthcare Adoption Curve
This section includes information on adoption curve of home healthcare products in different countries.

• Business Model Analysis
This section comprises information on the key business models deployed in the market by leading players.

• Readiness Index
This section of the report encompasses the readiness index of home healthcare technology in different countries

In addition, the report provides:

• A detailed analysis and growth forecast (2021-2025) for different market segments
• Recent developments and trends in the global market landscape
• Factors promoting and inhibiting the market growth
• Case studies to assess the delivery models and strategies adopted by some of the highly funded players in the market

Expert Quote

“The market for home healthcare has grown significantly over the years. Furthermore, the development of connected medical devices and software has propelled the growth of the field. Moreover, the COVID-19 pandemic has played a key role in changing the perception of home healthcare, especially in emerging economies such as India”.

Scope of the Global Home Healthcare Market

The purpose of the study is to enable the reader to gain a holistic view of the global home healthcare market, by each of the segments mentioned above.

The report constitutes an in-depth analysis of the global home healthcare market, including a thorough analysis of the products. The study also provides market and business-related information on various end users and countries.

Key Companies in the Global Home Healthcare Market

Some of the key players contributing to the global home healthcare market include Apple, Inc, Alphabet, Inc., Demant, Fitbit, Inc., Garmin Ltd, HK Smartmv Limited, Huami Corporation, Huawei Technologies Co., Ltd., Koninklijke Philips N.V., Omron Corporation, ResMed, Samsung Electronics Co., Ltd., Sonova Holding AG, Withings, Xiaomi Corporation, among others.

The post Global Home Healthcare Market: Analysis and Forecast, 2020-2025 first appeared on CRI Report.