- The Industry will reach $11-13 billion by 2025.
- It can reduce avoidable hospital visits by up to 65 percent.
- Home healthcare solutions could be up to 40 percent less expensive.
THDNewsDesk: On Monday, a Redseer Consulting report stated that India’s home healthcare industry is likely to grow at 15-19 percent a year. It will reach $11-13 billion by 2025 from currently being at $5.4 billion.
In India, consumer distresses over hospital services like access and availability, risk of infections, rising costs with a hassle of recurrent hospital visits, lack of individual care, and high hospitalization prices. These are the leading factors that consumers are facing towards home healthcare as an emerging solution.
A homegrown consulting firm stated that home healthcare solutions could be up to 40 percent less expensive than hospitals as they use free capacity in patient homes.
Moreover, home healthcare can diminish avoidable hospital visits by up to 65 percent and lessen hospitals’ total serviceable expenses by 20 percent. A report stated that patients in home health care have a quicker recovery cycle.
Factors like expanding customer receptiveness towards home healthcare, doctors’ approval of home healthcare, and enhanced insurers’ enthusiasm to satisfy these costs encourage the growth of India’s market.
Kushal Bhatnagar, engagement manager at Redseer Consulting Firm, stated, “With hospital safety concerns exposed due to Covid, the consumer demand for home healthcare solutions is expected to rise significantly in the next few years.”
“Even hospitals are willing to partner with home care providers or launch their services, to ensure that in-patient care can be made available for more critical needs.”
Inspired by customer receptivity progress, the established home healthcare section will likely reach almost $300 million spent by FY 25. It is increasing at over 40 percent aggregate annual growth rate. HCAH (HealthCare At Home), Portea, Nightingales, Care24, Apollo Homecare are some of India’s established home healthcare channels.
According to RedSeer’s calculations, established home healthcare channels are likely to serve 4-5 lakh patients by FY 25, up from approximately 1 lakh patients assisted today.