Heart Failure Software Market Key Trends, Share, Growth Factors and Industry Analysis 2016 – 2024
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Rising need for continuous health assessment and dynamic advancements in technology have introduced various applications of clinical decision support system such as heart failure software system. Heart failure software enables management of cardiac patients safely and efficiently. It offers support to patients in cardiac activity monitoring and analyzing risk zone of patients with cardiac diseases. Documenting, assessment, activity monitoring, referrals, communicating between physicians for treatment, follow up, etc. are activities carried out through heart failure software. Thus, it is deployed by hospitals, cardiac clinics and other clinical facilities for continuous assessment and monitoring of patients. With patient numbers increasing due to the combined effects of improved survival after heart attack and an ageing population, the management of heart failure patients will continue to have a significant impact on healthcare resources. Thus, driving growth of the heart failure software market. Continuous monitoring of cardiac condition helps improve treatment compliance, improves control on symptoms, decrease patients clinical visits, improves patient outcome, enables detailed investigation for the cardiac symptoms, etc.
Rising health awareness, increasing demand for continuous health monitoring, and shifting consumer preference towards a healthy lifestyle has led the heart failure software market to upsurge substantially. Technological advancements have led to the emergence of various health monitoring devices such as remote patient monitoring, activity tracker and wearable medical devices that in turn are expected to drive growth of the heart failure software market. Moreover, rising need for continuous monitoring of health in lifestyle diseases such as cardiac arrest, hypertension, etc. has led to increase in demand for heart failure software.
Increasing demand for access to patient health records (PHR/ PHI) is the important factor leading to Heart Failure Software market growth. Awareness is the important factor for increasing the adoption rate for Heart Failure Software. Thus, government and various international organization across the globe are being involved in various initiatives undertaken to increase the awareness about the monitoring devices. Various government and non – government organization continuously operates in development of advanced healthcare solutions by offering funds, leveraging technology and skills. For an instance, according to study published by Wolters Kluwers in 2016, the use of clinical decision support system for heart failure patients has shown improved health outcomes in patients and decrease in readmissions.
In terms of type of model, heart failure software market is categorized into knowledge based and non – knowledge based. Knowledge based heart failure software was observed with relatively significant demand than the other. However, the challenges reported in the type of models is the interoperability of different systems or platforms existing in hospital and clinical setup. Moreover, increasing advancement in personal medical devices is anticipated to exert positive impact on overall heart failure software market.
In terms of delivery mode, heart failure software market is segmented into web-based, on-premises and cloud-based systems. Cloud based systems is the fastest growing segment in the market.
In terms of end users, hospital segment is expected to account for major share in heart failure software market, due to increasing adoption of electronic health records (EHR) and remote patient monitoring system. Rising awareness about personal health amongst the population is expected to drive growth of the consumer segment over the near future.
By geography, due to high adoption rate of technology and improved healthcare policies has made North America to occupy the significant market share in heart failure software market, followed by rest developed markets like Europe. US have been the largest market across the globe. The dominance of North America is due to factors like well-established healthcare and technology infrastructure, rising awareness level, and extensive internet coverage across the region, etc. However, Asia Pacific is anticipated to grow at significant rate, following to developed regions like North America and Europe. Increase in disposable income, rising population, increasing demand for wearable monitoring health devices, increasing government intervention for development of healthcare infrastructure are the major factors leading to drive the Asia Pacific Market. In addition, increasing penetration of virtual healthcare systems like tele-health, e-health and m-health applications has led the significant positive impact on developing regions like Asia Pacific. Thus Asian market is reported with significant new entrants in the heart failure software market compared to rest of the world. China and India are anticipated as favorable market for new entrants in heart failure software sector.
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Most of the players in heart failure software market are focused to develop technologically advance and cost efficient system on the virtue of offering solution to customers like comfortable, compact, easy to use solution, etc. Due to rising competition in the market, the companies adopt various policies including strategic alliances, forward and backward integration, new product development, mergers and acquisitions, etc. in order to sustain the business in the market. The Major players reported in the market include Cerner Corporation, 4S Information Systems Ltd., Axis Clinical Software, Inc., CitiusTech Inc., etc.
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