1. There is a growing need towards an alternative solution among the consumers
Consumer pain points with hospital services in India
1. Access & Availability
Hospital infrastructure is over stretched with only 0.71 beds and 1.52 nurses per 1000 population.
2. Risk of getting other infections
1 in 4 patients has a risk of developing a Hospital Acquired Infection (HAI).
3. Costs & Hassle associated with lifestyle disease treatments
Lifestyle diseases contribute to about 50% of expenditure on in-patient beds in urban India and also require frequent hospital visits creating hassle for patients.
4. Lack of personal Care
Hospital services do not provide personalized care to the patients which leads to low health outcomes post the critical situation is overcome (specially in case of elderly patients).
5. High hospitalization expenses
A patient admitted to ICU in a hospital pays between INR 35k to 50k per day.
2. And some really good solutions in the form of Home Healthcare have also come up
HHC Business Models
We are witnessing a number of players in this emerging market. And what makes home healthcare a preferable choice is that it is 40% less costly as compared to hospitals. More importantly, with the love and care of friends and family along with a comfortable environment, patients have a faster recovery cycle.
3. With the growing acceptance among doctors and insurance companies it will soon serve more people than what some of our large hospitals can do right now
The Indian Home healthcare market is projected to grow at a 15-19% CAGR over the next 5 years
Indian Home Healthcare Market, USD Bn
Driven by multiple favorable factors:
- Increasing consumer receptiveness towards Home Healthcare
- Rising Doctor’s acceptance of Home HealthCare
- Improved Insurer’s willingness to cover Home HC expenses
The scope and the opportunity gives us the confidence that this market will be huge in the coming years. And hopefully we will be able to manage more than just the pandemic if god forbid such a thing hits us again.