With rapidly changing dynamics in healthcare space, the demand for India's home health sector is only set to rise.
INDIA, HOME to one of the largest young population in the world, also has a growing number of geriatric population. According to data from Deloitte, the global elderly population is expected to grow more than double to two billion by 2050 from 840 million in 2013 and India will have 340 million elderly by 2050. Coupled with changes in the traditional family system and rise of nuclear families as well as diseases triggered by lifestyle changes, the geriatric population needs healthcare by their side. This, in turn, is where the concept of home healthcare comes to play.
The convenience of receiving healthcare services at home is the highest level of access that a patient can hope to get. And this service is not only being accessed by the elderly, the young generation is also looking for the convenience and effectiveness of ongoing therapy. Though at a nascent stage in India, the home healthcare market is going to witness a phenomenal growth in years to come. Providing accessible, affordable and high quality treatment will be the motto of the home healthcare providers.
Today, the country is witnessing a dearth of doctors and paramedics. Hence, patients travel far and wide to get quality treatment as there is a disparity between metropolitan cities and tier II and III cities when it comes to quality healthcare. Also, cost factors force many to forgo treatment mid-course. Home healthcare, if properly implemented, can play a pivotal role and get rid of these issues.
Growth prospects
According to a report by Zion Market Research, the global home healthcare market was valued at $228.90 billion in 2015 and is expected to generate revenue of $391.41 billion by 2021, growing at a CAGR of 9.4 per cent between 2016 and 2021.
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