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.
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.
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.
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