Seattle, WA -- (SBWIRE) -- 09/24/2019 -- The entry of new companies in the market and significant development in the macroeconomic conditions worldwide is expected boost growth of the home healthcare software market during 2016-2024. Conventional methods in home healthcare services included cumbersome paper work. However, increasing technological advancements and launch of advanced software has made home healthcare services more convenient and efficient. The integration of IT systems in the healthcare sector has offered several advantages. Healthcare software such as telehealth solutions and clinical management systems are available in the market. The major advantage of home healthcare software is the decrease in healthcare expenditure.
Increasing geriatric population is expected to boost growth of the home healthcare software market
Various sociological, demographics, and macroeconomic factors, especially the integration of information technology in the healthcare sector boost growth of the market. The integration of information technology in the healthcare sector aids in overcoming the issue of retrieving patient data, payment and claim processing, and storage and accessibility. Favorable government initiatives to improve healthcare infrastructure is also expected to boost the market growth.
Increasing geriatric population prone to chronic diseases is expected to lead to high demand for nursing homes and assisted living care facilities for specialized attention. Moreover, launch of home healthcare software solutions is expected to increase convenience of both geriatric patients and healthcare providers as such solutions minimize the overall operational costs and offer high ROI for providers.
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However, implementation of home healthcare solution and related training is associated with significant costs, which dampens its adoption in emerging economies, thereby hindering the global market growth.
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.
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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.
Key Developments
1. Key players in the market are focused on various business strategies such as signing collaborating agreements, in order to expand its customer base and gain competitive edge in the market. For instance, in September 2018, Homecare Homebase and McKesson Medical-Surgical Inc., entered into an agreement. This agreement will solidify the integration between McKesson as the preferred supplier of management solution for Homecare Homebase customers.
2. Key players in the market are focused on different business strategies such as partnership and collaboration to provide novel services to its customers. For instance, in October 2018, NextGen Healthcare Inc., a leading provider of ambulatory-only technology entered into partnership with OTTO Health, a telehealth vendor, to bring virtual visit capability to NextGen Enterprise clients.
3. Key players in the market are involved in different business strategies such as attending various health conferences to showcase its products. For instance, Royal Phillips, a global healthcare technology company, showcased its connected care technology at Healthcare Information and Management Systems Society (HIMMS) 2019 annual meeting, held at Orlando, U.S. This integrated solution would enable remote monitoring and connected care for patients in their homes with medical devices, tools, and applications. This would reduce the cost of hospital readmission.
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