CMR: India's home healthcare market to reach $6.2 billion by 2020

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According to a new report by CMR, the Indian home healthcare market is expected to reach $6.2 billion in 2020, growing at a CAGR of around 18% over the next few years. Currently, the market is dominated by promising startups, although healthcare providers have started to take notice.

With the changing family structure and demographic structure of households, as well as the rising income, the demand for better preventive care among Indians is also growing, and home healthcare in India will rise rapidly in the coming years.

Globally, the home healthcare market is expected to grow from $270 billion this year to $368 billion in 2020, a compound annual growth rate of 8%. Moreover, India's home healthcare market is growing faster. The current size of India's home healthcare market is $3.2 billion, and it will reach $6.2 billion by 2020, with a compound annual growth rate of about 18%.

Currently, the Indian home healthcare market is dominated by a few startups such as Portea Medical, Pramati Care, India Home Healthcare, Unique Home Healthcare, Nightingales.

Apalak Ghosh, head of industry intelligence at CMR, believes that these companies are very focused on innovation and are working to use wearable medical devices to record patient data in real time, which can quickly trigger alarm systems and take preemptive measures.

Currently, India's home healthcare sector is mainly focused on elderly care, rehabilitation and diabetic management. Although elderly care contributes to revenue, new categories in the home healthcare sector are emerging, including neonatal care.

In India, home healthcare will help hospitals reduce 65% of patients and help hospitals save 20% of costs.

Investor interest in the sector is also growing, as evidenced by the level of funding for start-ups.

In a competitive market environment, Portea Medical meets the needs of patients by improving services. Prabhu believes that Portea Medical's achievements in the prescription drugs and medical devices fields will further consolidate its dominant position.

It was only a matter of time before large healthcare players entered this space, and Apollo Homecare and Max Home Healthcare are just signs of this shift.

To succeed in the home healthcare space, startups should focus not only on passenger planes but also on consulting with medical professionals around the world.

199IT.com Originally compiled from: CMR India. Please do not reprint without authorization