Home Healthcare Software Market Register a Hugh Growth In Healthcare Industry by 2026
Home healthcare services market is expected to grow at a robust rate between 2016 and 2024, with emergence of new entrants in market and improving macroeconomic conditions worldwide.
Until recently, medical documentation involved cumbersome paper work. Technological advancements and introduction of advanced software has eased the way industry use to operate, making work process easier and more efficient. Healthcare industry has greatly benefitted from integration of IT systems. With technological advancements, home healthcare software such as telehealth solutions and clinical management systems are available in the market.
Home healthcare enables healthcare services to be delivered at patient’s home – thereby alleviating healthcare costs.
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Population aged above 65 years forms the bulk of home healthcare software market
Home healthcare market is driven by various sociological, demographics, and macroeconomic factors, most notably the integration of information technology solutions in healthcare industry to meet challenges in patient data retrieval, payment and claim processing as well as storage and accessibility. This is further propelled by government initiatives to improve healthcare infrastructure.
High prevalence of chronic disorders among geriatric population in turn fuels demand for nursing homes and assisted living care facilities for specialized attention. However, introduction of home healthcare software solutions is expected to bridge the gap between geriatric patient expectation and healthcare providers. The system offers solutions at patient’s home, thereby minimizing overall operational cost and high ROI for providers as well.
Though the market is expected to grow at a rapid rate, weak financial support from government along with low adaptability in emerging economies are major challenges inhibiting growth of overall industry.
By product type, the home healthcare software market has been segmented into agency homecare software, hospice solutions, telehealth solutions, clinical management systems, and others.
On the basis of therapeutic application, CMI has segmented the home healthcare software market into clinical and non-clinical solutions. Clinical segment is expected to grow at impressive rate over the forecast period.
On the basis of devices, mobile devices are expected to gain traction over laptop and tablet in the home healthcare software market.
Homecare agencies and hospice agencies are key end-use segments in the home healthcare software market.
Alignment between payers and providers along with access to electronic health records has boosted overall North America home healthcare software market growth
Among regions, North America is expected to dominate the global home healthcare software market throughout the forecast period. However, the market in the region is expected to lose considerable market share to developing regions, namely Latin America and Asia. Growth of the market in the region is primarily driven by increasing demand in the U.S., accounting for over 85% of overall market. Technological advancements along with high healthcare spending across all verticals is expected to propel market growth. Moreover, health awareness level among the population in developed regions is high compared to other regions. However, the market in Canada is expected to witness sluggish growth over the forecast period.
Europe is the second-largest market and is expected to create substantial opportunities for players. Over 65% of the revenue generated in the regional market is expected to be from Germany, UK and France. Markets in Russia and Poland are expected to grow at substantial rate.
Asia-Pacific is a lucrative market for home healthcare software due to the easy availability of skilled manpower, cheap labor and highly developed information technology sectors in the countries particularly China and India. Moreover, India is one of the leading markets for IT software. Relaxation in FDI cap is expected to boost overall presence of MNCs in the region. Though the Asia Pacific market is vibrant, there are a lot more challenges present in the market that inhibit proper capitalization of the market opportunities. The market is highly volatile with wide variations in demographics and economic conditions. The market in China, once the power engine of Asia Pacific, is witnessing low growth, due to noticeable decline in healthcare expenditure in the region. On a positive note, India is witnessing rapid transformation across various healthcare verticals. Companies need to fully understand the demographic and macroeconomic situation to generate high ROI from the region. Markets in Latin America and MEA are expected to witness sluggish growth over the forecast period.
Some of the major companies contributing to the global home healthcare software market are Agfa Healthcare, Mckesson Corporation, NextGen Healthcare Information System LLC, GE Healthcare, MEDITECH, Medical Information Technology, Inc. (Meditech), Cerner Corporation, Siemens Healthcare and Allscripts Healthcare Solutions, Inc.
Key players in the market are focused on various business strategies such as signing collaborating agreements, in order to expand its customer base and gain competitive edge in the market. For instance, in September 2018, Homecare Homebase and McKesson Medical-Surgical Inc., entered into an agreement. This agreement will solidify the integration between McKesson as the preferred supplier of management solution for Homecare Homebase customers.
Key players in the market are focused on different business strategies such as partnership and collaboration to provide novel services to its customers. For instance, in October 2018, NextGen Healthcare Inc., a leading provider of ambulatory-only technology entered into partnership with OTTO Health, a telehealth vendor, to bring virtual visit capability to NextGen Enterprise clients.
Key players in the market are involved in different business strategies such as attending various health conferences to showcase its products. For instance, Royal Phillips, a global healthcare technology company, showcased its connected care technology at Healthcare Information and Management Systems Society (HIMMS) 2019 annual meeting, held at Orlando, U.S. This integrated solution would enable remote monitoring and connected care for patients in their homes with medical devices, tools, and applications. This would reduce the cost of hospital readmission.
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