The latest report pertaining to ‘Home Healthcare Software Market’ provides a detailed analysis regarding market size, revenue estimations and growth rate of the industry. In addition, the report illustrates the major obstacles and newest growth strategies adopted by leading manufacturers who are a part of the competitive landscape of this market.
Global Home Healthcare Software Market is valued at USD 6.52 Mn in 2018 and expected to reach 13.56 Mn by 2025 with the CAGR of 13.45% over the forecast period.
Increasing incurring healthcare costs, growing geriatric population, shortage on the availability of nursing staff, rising advent of chronic diseases and ease of convenience are the major factors for driving the growth of Global Home Healthcare Software Market.
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Home care software is a term referring to the category of health care information technology (HIT), which provides a wide range of home health care services to treat various illnesses and injuries. The main functions of home care software services include cost effectiveness, high quality home care services and various other functions.
Family health care is a broad field, comprising various software, products and services provided in the patient's home. The trend observed worldwide is the transfer of treatments from hospitals to homes to reduce costs and achieve profitability. The convenience and cost-effectiveness of home health care and services compared to hospital treatment is the driving force in this market. In the home care market, third-party service providers face a huge demand for better quality treatment and trained professionals. Asian countries like Japan, India and China have a growing demand for an aging population and a high demand for family health care. North America is also showing continued growth in the home health care market, with the United States offering reimbursements through specific equipment and health policies.
Technologies that are changing the face of the home medical software market are the integration of cloud computing, mobile medical applications, telemedicine, business analysis tools and home care software. The adoption of these technologies has improved the quality of home care and reduces the cost of implementing IT solutions for home care.
Global Home Healthcare Software Market is segmented on the basis of component type, product type, usage outlook, delivery outlook and end-user. On the basis of component type, the market is segmented into software and service. On the basis of product type, market is segmented into agency software, hospital solutions, telehealth solutions, traditional clinical solutions. On the basis of usage, the market is segmented into mobiles, PC, laptops, tablets, and others. On the basis of delivery outlook, the market is segmented into web-based, cloud-based and on-premise. On the basis of end-user, the market is segmented into private medical assistance, homecare services, home agency, home nutrition, hospice agency and others.
The regions covered in this Home Healthcare Software market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country level, market of Home Healthcare Software is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Home Healthcare Software Companies:
Home Healthcare Software Market report covers major key players in the market like,
Allscripts Healthcare Solutions, Inc.
Carestream Health, Inc
NextGen Healthcare Information System LLC
Global Home Healthcare Software Market Dynamics-
Increasing incurring healthcare costs, growing geriatric population, shortage on the availability of nursing staff, rising advent of chronic diseases and ease of convenience are the major factors for driving the growth of Global Home Healthcare Software Market. Based on the statistics, around 49.2% of women are likely to possess more than three critical chronic health conditions as compared to men with over 37.5%. As per the statistics from National Association for Home Care & Hospice (NAHC), close to 12 million people are receiving home healthcare from more than 33000 service providers. Based on the statistics from Home Care Association of America, almost 75% people with an age above 65 will need medical attention at home, some point of time.
Moreover, rising endeavours by government to encourage people about the adoption of home healthcare services to decrease hospital readmission rate, technological advancements in healthcare services, are other major factors contributing to the growth of women healthcare market. As per Home Care Association of America, approximately 44.3 billion USD or 73% of funding for Home healthcare provisions come from government programs.
However, growing recorded instances of data breaching, rising issues of data safeguarding, lack of technological IT expertise, transforming healthcare policies, and changing technology are some major factors that are expected to act as restraints for the growth of women health market.
There is an increasing incorporation of advanced technical tools and technologies like cloud computing into delivery of healthcare software. Additionally, rising smartphone penetration, growing trend of home healthcare as compared to conventional clinics, and spurring investments in optimising healthcare at home is gaining a traction. This is expected to offer lucrative opportunities for the growth of Home Healthcare Software market.
North America is expected to remain a dominant region in the Global Home Healthcare Software Market.
North America is the dominant region in the market with the largest share of the global Home Healthcare Software market, owing to the countries in the region being early adopters of technology, a stable and well-developed IT environment and infrastructure makes it a dominating region for providing better technology-assisted home healthcare services to its netizens. Additionally, there are rising initiatives by government of US, to reduce the hospital readmissions into the country, for which it is empowering the adoption of home healthcare software for a convenient and cost-effective treatment to treat chronic diseases in elderly population. US had more than 12200 functional home health agencies to nurture home healthcare, in 2016. Also, as per Home Care Association of America, the country saved more than 25 billion USD by adopting home healthcare services, in the previous decade. In a survey posted in HCAA, 9 out of 10 US adults would prefer to be treated at home for a speedy recovery.
Whereas Asia Pacific region is expected to grow at a fastest rate and exhibit a spurring growth in the Home Healthcare Software market. The major reasons being a large aging population in the countries like India and China. Additionally, there is an availability of cheap and skilled manpower along with the presence of an efficient IT industry in major developing economies, India being a leader in IT vertical. Although the APAC region is quite volatile, still there are factors like increasing investments and initiatives by governments to uphold the technology and improvise on healthcare segment due to which the region is expected to grow at an increasing pace.
Key Benefits of Global Home Healthcare Software Market Report-
Global market report covers in depth historical and forecast analysis.
Global market research report provides detailed information about Market Introduction, Market Summary, Global Market Revenue (USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
Global Home Healthcare Software Market Segmentation: –
By Component type: Software, Service
By Product Type: Agency software, Hospital solutions, Telehealth solutions, Traditional Clinical Solutions
By Usage: Mobiles, PC, Laptops, Tablets
By Delivery: Web-based, Cloud-based, On-premise
By End-User: Private Medical Assistance, Homecare services, Home agency, Home nutrition, Hospice agency
By Regional Analysis:
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
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