India home healthcare market to hit Rs 3,228.19B by 2026

New industry report on India home healthcare market status and prospects [2023-2030] has been released. The report provides an overview of the business with key types and applications along with the industrial chain structure. It includes information about the market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market.

In 2019, the market accounted for approximately 4% of India’s overall healthcare industry earnings. It was valued at INR 460.00 Billion in 2020. It is expected to reach INR 3,228.19 Billion by 2026, expanding at a compound annual growth rate (CAGR) of ~38.59% during the 2021-2026 period.

Home healthcare refers to the supportive and cost-effective medical assistance received at home for any kind of illness or injury.

Market insights:
An increase in the size of the aging population and the increased prevalence of chronic ailments such as hypertension, diabetes, arthritis, cancer, and cardiovascular diseases are aiding the growth of the market. The government is trying to motivate patients to reduce hospital visits and avail home-care services through its healthcare initiative, Ayushman Bharat Scheme (Union Budget 2019). This will propel market growth. Competition is intense because of the presence of existing players and the entry of new digital healthcare firms (such as Netmeds, 1MG, and Myra), who are expanding their portfolios for home healthcare services.

Segment insights:
The market is broadly segmented into home healthcare services, devices, and solutions. In 2020, home healthcare services was the largest segment, accounting for ~51.29% of the total market revenue. During the 2021 – 2026 period, home healthcare solutions is expected to become the fastest-growing segment of the market as a result of social distancing rules and self-isolation norms that are in place to curb the spread of Covid-19. By 2026, the home healthcare devices and home healthcare solution segments are expected to hold ~19.15% and ~41.60% shares, respectively, in terms of market revenue.

Covid-19 impact analysis:
The outbreak of Covid-19 in India and subsequent lockdowns to curb its spread severely impacted the home healthcare market in India. As the crisis continues, telehealth solutions, health screening and monitoring devices, and home nursing services segments are likely to witness significant growth. Social distancing norms, limited outdoor medical capacities, and initiatives undertaken by the Indian government to encourage at-home treatments and telehealth solutions are likely to accelerate market growth. Other home healthcare segments that may be affected favourably during this period include health diagnostic devices, at-home therapeutic services, and other medical supplies. Ocean