As part of the final report, an analysis will be included to examine the effects of the Russia-Ukraine War and COVID-19 on the India Home Healthcare industry.
New Industry Report on India Home Healthcare Market Status and Prospects [2023-2032] has been released. The report is 100 pages long and provides an overview of the business with key types and applications along with the industrial chain structure. It includes information about the global market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market. If you are interested in the report, Please Request Free a Sample Copy
In 2019, the market accounted for approximately 4% of India’s overall healthcare industry earnings. It was valued at INR 460.00 Billion in 2020. It is expected to reach INR 3,228.19 Billion by 2026, expanding at a compound annual growth rate (CAGR) of ~38.59% during the 2021-2026 period.
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Home healthcare refers to the supportive and cost-effective medical assistance received at home for any kind of illness or injury.
An increase in the size of the aging population and the increased prevalence of chronic ailments such as hypertension, diabetes, arthritis, cancer, and cardiovascular diseases are aiding the growth of the market. The government is trying to motivate patients to reduce hospital visits and avail home-care services through its healthcare initiative, Ayushman Bharat Scheme (Union Budget 2019). This will propel market growth. Competition is intense because of the presence of existing players and the entry of new digital healthcare firms (such as Netmeds, 1MG, and Myra), who are expanding their portfolios for home healthcare services.
The market is broadly segmented into home healthcare services, devices, and solutions. In 2020, home healthcare services was the largest segment, accounting for ~51.29% of the total market revenue. During the 2021 2026 period, home healthcare solutions is expected to become the fastest-growing segment of the market as a result of social distancing rules and self-isolation norms that are in place to curb the spread of COVID-19. By 2026, the home healthcare devices and home healthcare solution segments are expected to hold ~19.15% and ~41.60% shares, respectively, in terms of market revenue.
COVID-19 Impact Analysis:
The outbreak of COVID-19 in India and subsequent lockdowns to curb its spread severely impacted the home healthcare market in India. As the crisis continues, telehealth solutions, health screening and monitoring devices, and home nursing services segments are likely to witness significant growth. Social distancing norms, limited outdoor medical capacities, and initiatives undertaken by the Indian government to encourage at-home treatments and telehealth solutions are likely to accelerate market growth. Other home healthcare segments that may be affected favourably during this period include health diagnostic devices, at-home therapeutic services, and other medical supplies.
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On June 8th, 2022, the Bureau of Economic Analysis and U.S. Census Bureau released a report detailing the recovery of the U.S. market and international trade. The report highlighted the significant growth in exports and imports, with exports reaching $300 billion in April 2022, an increase of $13.4 billion, and imports amounting to $294.5 billion, increasing by $17.4 billion. Despite the impact of COVID-19 on the global economy, the U.S. market is showing signs of recovery.
However, the Healthcare/ICT/Chemical industries are still feeling the effects of the pandemic, which is creating a large market for India Home Healthcare. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for India Home Healthcare is likely to increase. The report highlights the need for businesses to stay informed about market trends and adjust their strategies accordingly to take advantage of emerging opportunities in this evolving landscape.
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
In-depth Analysis of the Russia-Ukraine War Impact:
Global industries were impacted by the Russia-Ukraine War, which started in February 2022. There have been widespread announcements of strict travel restrictions over Ukrainian airspace. The market in 2022 has been damaged by the Russia-Ukraine War.
The conflict between Russia and Ukraine raises defense spending and fortifies NATO nations’ armed forces. Due to Russia’s invasion, the majority of European nations have raised their defense budget. Germany earmarked USD 109 billion, which is more than the whole cost of the military in 2021, increasing its defense spending above 2% of GDP.
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Some Questions Answered in the India Home Healthcare Market Report:
- What is the projected size of the India Home Healthcare market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the India Home Healthcare industry?
- What are the major market trends that are affecting the expansion of the India Home Healthcare market?
- What obstacles must be overcome in order to achieve sustained growth in the India Home Healthcare market?
- What opportunities and threats do vendors in the India Home Healthcare Market face?
- What are the raw materials and manufacturing equipment used in the production of India Home Healthcare, and what is the manufacturing process?
- What are the different types and applications of India Home Healthcare, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the India Home Healthcare market?
- What factors are driving the growth of the India Home Healthcare market in the top regions worldwide?
- Who are the major players in the India Home Healthcare market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the India Home Healthcare market?
- What are the main findings of a five forces analysis of the India Home Healthcare market?
To gain a better understanding of market conditions, a Five Forces analysis is conducted, which includes an assessment of the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
Additionally, a PESTLE analysis is performed to evaluate the external factors that may impact the market:
- Political factors: This includes political policies and stability, as well as trade, fiscal, and taxation policies.
- Economic factors: Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates are all considered under this category.
- Social factors: Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles are taken into account when analyzing the social factors that may affect the market.
- Technological factors: Changes in digital or mobile technology, automation, research, and development are evaluated to determine the potential impact on the market.
- Legal factors: Employment legislation, consumer law, health and safety regulations, and international trade restrictions are among the legal factors that may affect the market.
- Environmental factors: Climate, recycling procedures, carbon footprint, waste disposal, and sustainability are all taken into consideration when assessing the potential impact of environmental factors on the market.
Our India Home Healthcare Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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