Home-based health care in India is gaining traction and is poised for transformation. It is fast catching the attention of entrepreneurs and investors and becoming an organized, technology-led industry with standards and protocols.
Considering the above facts Hospaccx team started working the mapping of market trends and dynamic. This is microficial study of home healthcare market if you want to get into more detail you can contact info@hhbc.
MARKET OVERVIEW OF HOME HEALTHCARE MARKET IN THE WORLD
- Growing incidence of target diseases such as dementia and Alzheimer’s as well as orthopaedic diseases is expected to stoke the growth of the home healthcare market.
- Rehabilitation services accounted for more than 59.0% of the overall home healthcare services market.
- North America dominates the home healthcare market. This can be attributed to presence of advanced medical infrastructure, high awareness among patients, and comparatively higher healthcare expenditure in the region
HISTORY OF HOME HEALTHCARE
1813- The Ladies Benevolent Society, (LBS), a group of women volunteers in Charleston, South Carolina, began the first efforts at providing home care services.
1875- The National Nursing Association for Providing Trained Nurses for the Sick Poor was created in England.
1890- There were 21 home care visiting nursing associations.
1909- The Metropolitan Life Insurance Company began to send nurses into their policyholders’ homes to provide nursing services.
1920s- Many of the home care agencies closed due to the poor economy and the nursing shortage during World War II. The establishment of hospitals resulted in a model where patients moved from receiving care in the homes to into hospitals.
1950s – 1960s- It became clear that there was again a growing need for home care services.
1965- Medicare was established for people over 65 years of age, that home care services were once again covered by insurance.
1980- Omnibus Reconciliation Act:-
- Removed the limits on the number of home care visits.
- Removed the prior hospitalization requirements.
- Extended participation in Medicare home care to for-profit home care agencies.
1989-1996 – Medicare home health care payments increased an average of 33% per year.
1990s- Home health care services continued to expand due to:
- Earlier hospital discharges
- Declines in nursing home beds
- Increased numbers of frail adults and elders
- Cost-based financing of home care
1997- There were 10,444 Medicare certified home health care agencies in the U.S.
HOME HEALTHCARE INNOVATIONS
Few of recent home healthcare technology innovations:
- Mobile technology partners with artificial intelligence to guide patients through therapy treatments at home.
- For Alzheimer’s patients, there is a tool that detects when they are having a difficult time with a specific daily task. The artificial intelligence reacts to emotional cues from the patients, using a microphone and camera equipment installed in the home. It then guides the patient through the task.
- Another technology, called a “tremor spoon,” evaluates patients with Parkinson’s to evaluate and monitor symptoms.
- Barcode Medication Administration (BCMA), the software was designed to improve medication administration accuracy and to generate online patient medication records. The application was created by the Eastern Kansas Health Care System and the Colmery-O’Neil VA Medical Centre. The nationally implemented Barcode Medication Administration software enables users to document electronically the administration of medications at the bedside, or where other points of care are involved. Barcode technology and real-time network connectivity are used to improve the accuracy of medication administration.
HOME HEALTHCARE DEVICES
HOME HEALTHCARE SERVICES
GLOBAL HOME HEALTHCARE MARKET
- The global home healthcare market size is anticipated to reach USD 517.23 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.8% during the forecast period.
- Growing geriatric population is one of the key drivers for the market. As per the Department of Economic and Social Affairs of the United Nations, population aged above 60 is likely to reach 2.1 billion by 2050.
- The demographic group is prone to chronic diseases, which require long term care and approximately 70.0% patients opting for home healthcare are geriatric.
- Diagnostics equipment accounted for just over 38.0% of the market for home healthcare equipment. The segment is poised to gain share over the forecast period, owing to increasing prevalence of diabetes, cardiovascular, and cardiopulmonary diseases.
- Rehabilitation services accounted for approximately 60.0% of the market for home healthcare services. The growth of the segment can be attributed to widening geriatric population base and growing incidence rate of surgeries pertaining to trauma.
- North America held the largest revenue share in the global home healthcare market in 2016, with a share of a little over 44.0% of the overall market.
HOME HEALTHCARE MARKET IN INDIA
- The market for home healthcare in India is expected to grow at a CAGR of 18% to reach US $6.2 Billion by 2020.
- India is home to the second-largest geriatric population in the world. India is home to some 87.6 million people above the age of 60. Home healthcare has emerged as the imminent solution to India’s elderly care woes
- India has 1.7 million new cases of cancer every year and 800,000 deaths due to cancer. Since cancer treatments can be long drawn out, there is a need for a more holistic approach.
HOME HEALTHCARE CHALLENGES IN INDIA
- Finding the right staff with skills and care attitude
- The home healthcare industry is in the middle of a tremendous technological revolution. Learning these new gadgets takes a considerable investment of time and effort.
- Lack of clear regulation can makes it diﬃcult to quantify what home healthcare needs to do.
HOME HEALTHCARE MARKET DRIVERS IN INDIA
- Increase in geriatric population and child with special need in India increases number of dependency population.
- Rise in number of kidney diseases and cancer patients lead to increase demand home healthcare services.
HOME HEALTHCARE SERVICES IN DEMAND IN INDIA
Home Healthcare has the potential to replace upto 65% of unnecessary hospital visits in India, and costs upto <20% incurred on hospital costs.
LIST OF HOME HEALTHCARE SERVICE PROVIDERS IN INDIA
1. Bharath Home Medicare (BHMC)
It was incorporated to provide world class holistic home healthcare services to all age groups at your door steps with affordable cost follow treatment plan and instructions of the patient’s existing doctor / hospital with additional feature of Electronic Medical Records (EMR).
It has been in operation since 2014 and has successfully helped 40000+ families heal at home in Mumbai and Delhi.
3. Care at Homes
The Care At Homes – Home Care Team, with CIMS Hospital in Ahmedabad offers quality home care services across Ahmedabad and some of its surrounding regions.
4. Grand World Elder Care
A geriatrics dedicated healthcare organization that provides elders the access to a wide range of outpatient services, wellness & confidence in a single setting through quality care and coordination
5. Portea Heal at Home
Portea Medical’s clinical procedures were developed in consultation with leading home healthcare professionals in the United States, ensuring that patients receive only the highest quality medical care; doctors are members of international medical accreditation bodies.
6. India Home Health Care (IHHC)
Established in 2009, (IHHC) founded by V.Thiyagarajan provides home health care and home nursing services in Chennai, Bangalore, Hyderabad, Pune & Mumbai in India. It has 800 employees — registered nurses, associate nurses and medical caretakers across these cities. IHHC announced expansion into Hyderabad & Pune in 2014.
7. Apollo Home Care
With its unique treatment options, delivers clinical excellence with compassion and care to the comfort at home.
In the last 20 years they have had a wealth of experience with services ranging from rehabilitation, physiotherapy, dental care and dementia care to elderly care, palliative care and ICU at home.
Rising ageing population, high hospitalisation bills and need for personal medical care costs is fuelling rapid growth in home health care services sector in India. Home Care saves 20-50% cost as compared to regular hospital treatment depending upon the services taken. Need for a personalized care for chronic and lifestyle-based diseases, changes in the traditional family system and rise of nuclear families are contributory factors in market growth. Hence, Home Healthcare has huge scope in India.
Are you planning to build or restructure or venture in Home Healthcare Centre or Hospital in India? Looking for information about the major healthcare players in Government, Private diagnostic centers that are available in India? Are you looking to find out which part of the city’s is best to venture in or what all facilities are available and what all should be planned for new setup? In this article Hospaccx Healthcare Consultancy has mapped all on major players in terms of Home Healthcare facilities and healthcare scenario in India.
Below is the superficial and macro level survey if you need a refined market and financial feasibility or any other study related to healthcare is required you can contact Hospaccx Healthcare business consulting Pvt. ltd on firstname.lastname@example.org or email@example.com Or you can visit our website on www.hhbc.in