Home Healthcare Software Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Home Healthcare Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The home healthcare software market size has grown rapidly in recent years. It will grow from $6.96 billion in 2023 to $7.79 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to increasing prevalence of chronic diseases, government initiatives and incentive plans for homecare providers, move towards cloud-based solutions in home healthcare software, integration of telehealth capabilities, rapid digital transformation.

The home healthcare software market size is expected to see rapid growth in the next few years. It will grow to $12.41 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to emphasis on security measures and compliance with healthcare standards, increasing focus on mental health and wellness features in home healthcare software, increasing focus on patient-centric healthcare solutions. Major trends in the forecast period include emergence of new technologies like the Internet of Things (IoT), artificial intelligence (AI), and virtual reality (VR), trend towards mobile solutions in home healthcare, increased adoption of telehealth and remote monitoring, adoption of fast healthcare interoperability resources (FHIR), AI-powered chatbots and virtual assistants to enhance patient engagement.

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Market Drivers and Trends:

The increasing prevalence of chronic illnesses is expected to propel the growth of the home healthcare software market going forward. Chronic illnesses are problems that last a year or longer, necessitating continuing medical care, restricting everyday activities, or both. The prevalence of chronic illnesses is increasing due to the aging population, unhealthy lifestyle habits, urbanization, genetic predisposition, improved disease management and diagnosis, and changes in food systems. Home healthcare software helps manage chronic illness by enabling healthcare providers to remotely monitor patients' health, track their progress, and ensure they adhere to treatment plans. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, the number of individuals aged 50 and older with at least one chronic illness will increase by 99.5%, reaching 142.66 million by 2050, up from 71.522 million in 2020. Therefore, the increasing prevalence of chronic illnesses is driving the growth of the home healthcare software market.

Major companies operating in the home healthcare software market are innovative products integrated with artificial intelligence (AI) into home healthcare software, such as Home Smart Clinic solutions, to gain a competitive edge in the market. The Home Smart Clinic solution is a virtual care device enabling families to conduct remote physical exams with a doctor, replicating in-clinic exams for immediate answers from their homes. For instance, in September 2022, TytoCare, a US-based virtual care company, launched a Home Smart Clinic solution enabling clinicians to remote physical exams for accessible, high-quality virtual care from home. It includes a handheld medical exam device and AI-powered support software that guides patients through various medical exams, such as ear, chest, and throat exams, while securely connected to a remote physician. This solution has been recognized for reducing the total cost of care, diverting emergency department visits, increasing primary care utilization, and significantly improving patient outcomes.

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Major Key Players of the Market:

Mckesson Corporation, DarioHealth Corp., Koninklijke Philips N.V., GE HealthCare Technologies Inc., B. Braun SE, Cerner Corporation, ResMed Inc., NextGen Healthcare Information System LLC, Medical Information Technology Inc. (Meditech), Homecare Homebase LLC, AlayaCare USA Inc., Omada Health Inc., Loyal Healthcare LLC, Casamba Home & Hospice, Axxess Technology Solutions Inc., Delta Health Technologies Inc., Family First Inc., KanTime Inc., ClearCare Inc. (WellSky), Thornberry Ltd., Centex AxisCare LLC, Alora Healthcare Systems Inc., Carallel LLC, HomeHero Inc.

Home Healthcare Software Market 2024 Key Insights:

• The home healthcare software market size is expected to see rapid growth in the next few years. It will grow to $12.41 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
• Increasing Prevalence Of Chronic Illnesses Driving Home Healthcare Software Market Growth
• Technological Advancements In Home Healthcare Software Market
• North America was the largest region in the home healthcare software market in 2023

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