Dutch technology major Philips has entered the promising home healthcare business in India by launching Philips Home Care Services, a new wholly-owned subsidiary of Philips India to deliver devices and medical services at the consumers household, a media report said.
Philips Home Care Services will provide home healthcare treatment, diagnosis and care for ailments such as heart failure, respiratory disease, post-surgical treatment, sleep disorder, kidney and cancer care, the Econonomic Times reported.
To provide these services, the new Philips entity will maintain a team of nurses, para-medics, respiratory therapists and other trained personnel, who will be monitored remotely by doctors.
According to a market research report, the home healthcare segment in India, which has startups like Portea and hospital chains like Apollo and Max, is expected to reach $6.2 billion by 2020, growing at a Compound Annual Growth Rate (CAGR) of 18 per cent from $3.2 billion in 2016.
The new Philips subsidiary is launched at a time when Philips India’s overall sales from lighting business is witnessing a sharp decline. This has led the company to demerge its lighting business into a separate entity in India from the current fiscal, according to media reports.