Home health care industry sees demand rising in India's smaller cities
India's home healthcare industry, projected to be worth US$ 8.8 billion, is experiencing notable expansion into smaller cities due to reduced service costs and increased insurance coverage, according to industry experts. Factors such as an ageing population, a burgeoning middle class, a rise in lifestyle diseases, emphasis on public-private partnerships, and the integration of digital technologies contribute to the growth of this sector, also known as out-of-hospital care.
Founder and CEO of HCAH India, Mr. Vivek Srivastava, defines out-of-hospital care as services not requiring a super-specialist physically present or specialized infrastructure. He highlights the relevance of such services beyond metro cities, addressing access, affordability, and standardized outcomes, which are particularly crucial in smaller cities. Companies in the home healthcare sector aim to alleviate families' out-of-pocket expenditures. Founder and CEO of MedRabbits, Mr. Amol Deshmukh, highlights the cost-effectiveness of home health care by eliminating room rent charges, minimizing unnecessary doctor visits, and reducing hospital overhead costs.
Home healthcare companies are actively working to alleviate the financial burden on families by minimizing out-of-pocket expenditures. Government estimates from the National Health Accounts for 2019-20 reveal that private out-of-pocket expenses constituted a significant portion, amounting to 47.1% of families' total healthcare costs.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.