Global Home Healthcare Software Market - Segmented by Product, Component, Mode of Delivery, Application, End-users, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Home healthcare software is the application of information processing, involving both computer hardware and software that deals with the storage, retrieval, sharing and use of health care information, data and knowledge for communication, and decision-making. It is specifically designed for the companies employing home healthcare provider, as well as government entities, who track payments to home health care providers. Home healthcare software market has seen rapid development since its inception, which was initially limited to companies working on the Omaha systems of software. The advent of new technologies like cloud computing, telehealth, and business analytical tools, have contributed to the growth of the home healthcare software market. The global home healthcare software market is expected to register a CAGR of 14.5% during the forecast period (2018 - 2023).
Rapid Rise in Aging Population
According to the 2015 Revision data from World Population Prospects, the number of older persons, aged 60 years or over, has increased substantially in the recent years, in most countries and regions, and that growth is projected to accelerate in the coming decades. Old people can benefit from these services, as home care is high-quality, yet affordable, when compared to nursing homes. Other benefits that home healthcare services provide, are giving the family the comfort of home, personalized care, independence, comfort and confidence to recover. The use of home health care services has increased in recent years, reflecting both an aging population, and the rise in the incidence of chronic conditions.
Rise in demand of home healthcare services to reduce the growing healthcare costs, increasing awareness triggering the adoption rate, and technological advancements leading to cost effectiveness and ease of use, are some of the other factors contributing to the growth of the market.
Affordability Issues among Emerging Economies Hindering the Market Growth
Affordability of home healthcare services remains a problem in developing countries and emerging economies. In these countries, which do not have a properly developed healthcare infrastructure, the adoption of these services is hindered due to less disposable income of people. Still, these countries are constantly striving to achieve a healthcare system, accessible to all and at affordable costs.
Additionally, data privacy concerns, insufficient technical support, and expensive upgradation and maintenance costs, are also restraining the home healthcare software market growth.
Asia-Pacific to Register the Highest CAGR
The global home healthcare software market is segmented by product, component, mode of delivery, application, end-users and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific is a lucrative market for home healthcare software, due to the easy availability of skilled manpower, innovations, and highly developed information technology sectors in the emerging countries, mainly China and India. India accounts for the second largest population in the world. With the aging of the population in a country like India, the prevalence of chronic diseases will be higher, which will result in higher patient population, and thus the higher demand for home healthcare software in such country.
Key Developments in the Market
January 2018: Allscripts to acquire Practice Fusion business, which will significantly expand Allscripts client reach in the United States with physician practices, and combined scale of clinical data and tools will help bring life-changing therapies to the market sooner.
Major players: ALLSCRIPTS HEALTHCARE SOLUTIONS, INC., CERNER CORPORATION, DELTA HEALTH TECHNOLOGIES, HEALTHMEDX, KINNSER SOFTWARE INC., MCKESSON CORPORATION, THORNBERRY LIMITED, AND MEDICAL INFORMATION TECHNOLOGY INC., amongst others
Reasons to Purchase the Report
Market analysis for the global home healthcare software market, with region-specific assessments and competition analysis on a global and regional scale
Analyze various perspectives on the industry, with the help of Porter’s five forces analysis
The treatment type that is expected to dominate the market
Regions that are expected to witness the fastest growth, during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the market estimate sheet (in Excel)
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