As of now, the market is dominated by private, unorganized players and the trend appears to remain the same for the next 6 years as well, says a report by Ken Research
1. How the rising trend of nuclear families will result in lucrative opportunities for home healthcare market in india.
Condition of Elderly Population in India
Today, jobs and lifestyle changes are shrinking the number of joint families in the country. According to recent industry survey, 20 cities in India have shown major incline in the share of nuclear families of up to 8%, including Gujarat (6%), Maharashtra (5%), Karnataka (3.5%) and Haryana (2.5%) and Tamil Nadu (5%). The implication of this variable on the home healthcare would be that there could be higher demand for elderly care services as children might not be able to take care of their parents owing to their personal commitments and would require assistance to make sure their parent is able to avail any healthcare service, as and when required.
2. Increase in geriatric population to benefit the home healthcare market of India
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At present, the total number of elderly populations stands at approximately 132 Mn in India. India is expected to have 34 Crore people above the age of 60 by 2050. The number of old age people is said to increase from 9% to 20% in the next three decades. The demographic shift in the next three decades is set to increase the need for home healthcare services in the coming years. As the population is growing at a slower rate, the old age population is said to increase by 300%, putting extreme pressure on the health infrastructure in the country.
3. Potential factors that can drive the home healthcare market in India.
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As goes the trend in the traditional healthcare market, customers are bound to put more trust in those hospitals which are established and have a good brand value, the patients will entrust homecare providers with a good brand value more than those who have little presence.
Homecare providers also compete on the basis of Specialty treatments offered by them, like cancer treatment, mother and child care and dialysis at home, among others.
The portfolio of services a homecare provider caters to is an important parameter as the greater variety a of services a company offers, higher the client base they’ll be able to reach out to.
As home healthcare sector is growing rapidly in India, a greater number of insurance companies is looking to tie up with the home healthcare providers to provide the insurance cover for availing home healthcare services. This will also encourage the customers to choose that home healthcare service provider brand over others in the market.
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