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.
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.
Key Players:
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.
Home Healthcare Software Market Taxonomy:
Coherent Market Insights (CMI) has segmented the home healthcare software market by:
• Product Type
• Therapeutic Application
• Devices
• Platform
• End User
By product type, the home healthcare software market has been segmented into agency homecare software, hospice solutions, telehealth solutions, clinical management systems, and others.
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