Home Healthcare Market in India 2022-2027

Home Healthcare Market in India 2022-2027

Market Insights:

The rapid penetration of smartphones and the internet, coupled with supportive government policies, has propelled the growth of the market. The third wave of the COVID-19 pandemic fueled the adoption of home healthcare because it warrants comprehensive planning for disease management. In terms of revenue, the home healthcare market was valued at INR 604.21 Bn in FY 2021. It is expected to reach INR 1,552.64 Bn by FY 2027, expanding at a CAGR of ~19.50% during the 2022 – 2027 period.

Home healthcare is actively used to fight the pandemic through social distancing, contact tracing, disease monitoring, and data exchange. The home healthcare ecosystem includes patients, healthcare providers, and healthcare fund providers. Home healthcare lowers the rate of admissions and re-admissions in hospitals, ensuring compliance with the treatment regimen and early detection of illnesses, leading to reduced cost burden on fund providers. However, the uncertain performance of various home healthcare solutions and inadequate technology infrastructure are major challenges.

Segment Insights:

The market has three segments: services, devices, and solutions. In FY 2021, home healthcare services were the largest segment, accounting for ~47.10% of the total market revenue. The increased adoption of home healthcare apps, because of improved healthcare delivery and clinical outcomes, is anticipated to drive the growth of the home healthcare services market.

COVID-19 Impact Analysis:

The home healthcare ecosystem has gone through a paradigm shift in the wake of the pandemic. The industry witnessed radical changes in terms of consumer behavior. Some of the key changes were the adoption of connected devices, a focus on disease prevention, and enhanced patient engagement. The COVID-19 pandemic has disrupted the country’s healthcare system and has impacted the home healthcare market. Digital and e-services platforms such as online consultation platforms have developed further during the pandemic. Despite the setbacks, the pandemic has promoted the adoption and deployment of home healthcare devices and apps to establish a safe and connected healthcare ecosystem. Various hospitals have collaborated with health-tech companies to offer teleconsultation through mobile apps. For example, Columbia Asia Hospital has partnered with health-tech company Cure.fit to offer teleconsultation through its app Care.fit.