City has huge growth potential for home healthcare

Nearly 72,000 people in Bengaluru are bedridden and 48,000 mainly elderly need home care on a daily basis for their ailments, a market study has revealed.

The data collated from National Family Health Survey (NFHS), CMRI (Capital Market Research Institute), National Investment Centre (NIC) and Markets and Markets also estimate the size of home care market in the city to be 195 million dollars.

Care24, the home health care provider, is preparing to launch in Bengaluru with an eye on the increasing need for elderly care due to urbanization and prevalence of nuclear families. Co-founder Vipin Pathak said the country has an enormous shortage of seven lakh beds and seniors are increasingly reluctant to visit hospitals for follow-ups.

“We train individuals to handle patients with cancer, Alzheimer's and Parkinson's diseases. Many health insurance companies too have thought of including home care to extend their coverage. Home care facility is provided currently at Rs 15,000 per month in Delhi and Mumbai,” Pathak added.

The study estimates India’s geriatric population, over the age of 60, to be more than 100 million and this figure would more than triple to 325 million by 2050.

The burden of chronic disease is also increasing due to aging population, sedentary lifestyles, diet changes, and rising obesity levels.

Lifestyle diseases will account for a whopping 74% of total deaths by 2030, compared to 56% reported in 2008. Cardiovascular diseases, Cancer and Diabetes will alone account for major health burden.

Considered to be in its nascent stage, India’s home care market is estimated at 3 billion USD with a 20% annual growth. Due to changes in the families of the millennials, the home care market is showing high growth potential.