Home Healthcare Software Market – Global Industry Analysis 2024

Home healthcare market is expected to grow at a robust rate between 2016 and 2023 with emergence of new entrants in market and improving macroeconomic conditions worldwide.

Few years back, medical documentation involved cumbersome paper work. Technological advancement and introduction of software has eased the way industry use to operate, making work process easier and more efficient. Even, healthcare industry has benefitted with integration of IT market. With technological advancement, home healthcare software such as telehealth solutions and clinical management systems were made available in the market.

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Home healthcare enables healthcare services to be delivered at patient’s home – thereby alleviating healthcare cost.

Population aged above 65 years forms the bulk of home healthcare market

Home healthcare market is driven by various sociological, demographics and macroeconomic factors most notably the integration of information technology solutions with 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 boost healthcare infrastructure.

High prevalence of chronic disorders among geriatrics population has demanded 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 lucrative rate, weak financial support from government along with low adaptability in emerging regions are major challenges towards growth of overall industry.

Market Taxonomy:

Coherent Market Insights has segmented the home healthcare software market by:

Product Type
Therapeutic Application
Devices
Platform
End-user
By product type, the industry has been segmented into agency homecare software, hospice solutions, telehealth solutions, clinical management systems, and others.

On the basis of therapeutic application, CA has segmented the 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 market.

Homecare agencies and hospice agencies are key end-use market for home healthcare software market.

Alignment between payers and providers along with access to electronic health records has boosted overall North America market

Among regions, North America is expected to dominate the market throughout the forecast period. However, is expected to lose considerable market share to developing regions. The region is primarily driven by U.S. accounting for over 85% of overall market. Technological advancement along with high healthcare spending across all verticals is expected to propel the market positively. Moreover, awareness level is high compared to other regions. Canada is expected to witness sluggish growth over the period.

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Europe follows North America and is expected to create substantial opportunities for players. Over 65% of the revenue is expected to generate from Germany, UK and France. Russia and Poland are expected to grow at substantial rate.

Asia-Pacific is 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 mainly 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 MNC’s in the region. Though the Asia Pacific market is vibrant, there is lot more challenges exist to fully capitalize the market. The market is highly volatile with wide variations not only in demographics but also economically. China once the power engine of Asia Pacific is witnessing staggering growth. There has been noticeable decline in healthcare expenditure in the region. On the other side, 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. 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.

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