The Home Healthcare industry in India was once an unorganized and scattered division with the lack of appropriate technology and a proper business model. However, the scenario has changed in the last few years with new entrepreneurs and investors focusing their interest towards the hugely potent sector whose worth was evaluated at a whopping $2.2 billion in 2013 by a reputed consulting firm. Further, the projected rate of growth is said to be 8 percent per annum till 2020 which is again quite promising, to say the least.
With an aging population and an increase in the type of chronic illness, there is an increase in the need of quality health care. With the current hospitals and conventional health care system seeming too inconvenient to access, the home healthcare industry has a massive market to thrive on. The medical industry has evolved a lot in the last few years with advanced medical gadgets making it easier to monitor the patients irrespective of their location even for some of the most chronic illness including Alzheimer’s, heart failure and respiratory failure.
Another data suggests that the number of people over 60 will increase to 300 million by 2050 which will be up from 100 million registered in the year 2011. This effectively means that one in five Indians would be 60 years old or more with a high probability of suffering from one of the other chronic ailments.
Kshitij Garg, Founder of Healers at Home, states that “the concept of a retirement home or old age home is not as popular in India as some of the western counterparts, therefore, providing a favorable ambiance for the Home Healthcare market.” He further said that scenarios have changed in the country as oppose to a decade back and now a major section of the society is willing to pay for home health care services.
There are quite a few home health care setups already in the market that are catering to the popular of big cities and offering services for Physiotherapy, Nursing, Attendant services, Mother and Child care among many others. The horizon of the products offered is bound to broaden in the coming future as these firms start to figure out the dynamics of the industry more as they move into the future. The rise of smartphone platforms including Android has also opened up a whole lot of possibilities for businesses to reach a large section of the society. Customers can now seek services and support along with making payments for the services through Android, Windows or iOS apps in addition to the conventional web portal and phone call system.
There are quite a few advantages with Home Health Care services for which customers will be willing to pay for and convenience is one of the biggest factors among them, especially for a busy metro city life. Further, the personalized attention and the familiar and comfortable environment of your own home is quite tempting as oppose to the crowded hospitals. With new players popping up, it will be interesting to see how investors and existing entrepreneurs adapt to the growing industry.