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The home healthcare industry in India is expected to continue growing at 15-19 per cent a year to touch $11-13 billion by 2025 from $5.4 billion currently, a Redseer Consulting report said on Monday.
Consumer pain points with hospital services in India like access and availability, risk of getting infected, increasing costs in addition to the hassle of repeat hospital visits, lack of personal care and high hospitalisation costs are the major factors that consumers are looking at home healthcare as the emerging solution.
Home healthcare solutions can be up to 40 per cent less costly as compared to hospitals as they utilise available capacity in patient homes, said the home-grown consulting firm.
Further, home healthcare can reduce unnecessary hospital visits by up to 65 per cent and reduce the overall operational costs of hospitals by 20 per cent, said the report, adding that patients in home health care have a faster recovery cycle.
These factors along with increasing consumer receptiveness towards home healthcare, rising doctors' acceptance of home healthcare, improved insurers' willingness to cover these expenses are driving the growth of the market in India.
"With hospital safety concerns exposed due to Covid, the consumer demand of home healthcare solutions is expected to rise significantly in the next few years," Kushal Bhatnagar, engagement manager at Redseer Consulting firm said in a statement.
"Even hospitals are willing to partner with home care providers or launch their own services, to ensure that in-patient care can be made available for more critical needs."
Driven by the increase in reach across consumers, organised home healthcare segment is likely to reach almost $300 million spend by FY 25, growing at over 40 per cent compound annual growth rate.
HCAH (HealthCare At Home), Portea, Nightingales, Care24, Apollo Homecare are some of the leading organised home healthcare providers in India.
As per RedSeer's estimates, organised home healthcare providers are likely to serve 4-5 lakh patients by FY 25, up from nearly 1 lakh patients served today.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mon, November 02 2020. 17:54 IST