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Home Healthcare Software Market - Forecast(2024 - 2030)
Home Healthcare Software Market Overview
Home
Healthcare Software market size is estimated to reach $7.92 billion by 2026 at
a CAGR of 14.6% during the forecast period 2021-2026 owing to the increasing
health awareness coupled with the development of digital health sector across the
world and the increasing aging population. In addition, Governments of various economies are estimated
to expand incentives along with heavy investment in healthcare which has
significantly triggered the growth of digital health, resulting in an expansion
of the home healthcare software industry. In August 2020, the Ministry of Health
and Family Welfare, Government of India launched a new health project, National
Digital Health Mission (NDHM), in order to promote the integration of digital
health infrastructure by providing necessary support in India. Thus, these kinds
of investments will drive the demand for clinical management system, health agency
management system, patient care management system and others; which in turn
drives the
growth of home healthcare software market. Furthermore, this technology also
helps in keeping electronic health record, which fuels the growth
of this market. The increasing usage rate of electronic visit verification (EVV) and revenue cycle management
technology also creates the demand for home healthcare software market. Hence, the
above-mentioned factors will drive the growth of this market in the forecast
period 2021-2026.
Report Coverage
The
report: “Home Healthcare Software Market–
Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the
following segments of the Home Healthcare software market.
Key Takeaways
- North America dominated the market with 30% of Home Healthcare Software market share in 2020, early adoption for new technologies and rising health awareness among the public, are the key factors contributing towards the market growth.
- The demand for home healthcare software is estimated to witness significant upsurge during the forecast period, owing to the growing investment for digital health sector across the globe.
- Home Healthcare Software industry outlook is consolidated with top market players including Cerner Corporation, Carestream Health, Inc., GE Healthcare Systems, Agfa Healthcare Corporation, Mckesson Corporation and others.
Home Healthcare Software Market, by Geography, 2020
Home Healthcare Software Market Segment Analysis - By Deployment
By
Deployment, this market is segmented into On-premise
and cloud-based deployment. Cloud-based deployment of Home
Healthcare Software is estimated to witness the fastest growth with a CAGR of
16.32% in the forecast period 2021-2026, owing to the digital transformation of
health sector and technological development across the world. In May 2020,
Microsoft announced their $1 billion investment plan to drive the digital
transformation in Poland and signed an agreement to support Poland in various
sector including government, health, education, retail and others. Apart
from that, companies investing, collaborating and launching cloud-based
software is fuelling the demand for it. In December 2019, NextGen acquired OTTO
health to enhance its tele-medicine capabilities and to integrate OTTO’s
tele-health platform into the Medfusion patient experience platform. Increased investments
along with such strategic business development will provide significant
opportunities for cloud-based deployment of home healthcare software in the
forecast period 2021-2026.
Home Healthcare Software Market Segment Analysis - By End-User
Based on the end-user, home healthcare software market is segmented into providers and payers and
the providers segment is sub-segmented into homecare agencies, hospice care
agencies, private duty agencies, rehabilitation centers, therapy centers and
others. According to the Home
Healthcare Software market report of IndustryARC, the
hospice care agencies is the fastest growing segment of home healthcare
software market, growing at CAGR of 1.78% in the forecast period, owing to
increasing incidence of fatal diseases such as cancer, tuberculosis and others,
along with the continuous requirement for medical support for the terminally
ill patients. A cancer research institute presented a report which states that,
the number of new cancer cases was estimated to be 1.8 million and the number
of deaths due to this disease was projected to be 606,520 in United States. Hence,
home healthcare software is being seen as the opportunity for the payers and
for the professionals to keep a continuous eye on the patients, thus set to
witness a prominent upsurge of demand for this technology with the rise in such
diseases in the forecast period 2021-2026.
Home
Healthcare Software Market Segment Analysis - By Geography
North America dominated the market by a market share of more than 30% in 2020, early adoption for new technologies and rising awareness about health issues along are the key factors behind the growth. In addition, Government initiatives in the form of investments, for the development of health sector for the aging generation are accelerating the growth of this market in this region. In January 2019, AGE-WELL national innovation hub: Digital Health Circle, received $3.5 Million investment from the government of Canada, to improve the quality of life through innovation for the generation of seniors and to support digital healthcare solutions designed for the current and upcoming aging populations. Furthermore, APAC is anticipated to witness the fastest growth during the forecast period 2021-2026 owing to the rising investment for digital healthcare along with technological development. In April 2019, India-based start-up company, MFine acquired $17.2 m fund to enhance the access to doctors and healthcare though digital platform by using internet. Hence these factors are analysed to boost the market growth in the forecast period 2021-2026.
Home Healthcare Software Market Drivers
Digital Healthcare Investments is Driving the Growth of this Market for a long term period
Growing
digitalization coupled with increasing investment for modernization is
affecting every sector including healthcare. Increasing investment for digital
healthcare is one of the major drivers for the Home Healthcare Software market,
set to boost the growth during the forecast period 2021-2026. According to Rock
Health’s latest digital health funding report published on October 2020,
funding on healthcare sector was supposed to hit $12 Billion by the end of
2020. Apart from this, Government is also taking initiatives to promote digital
healthcare which is fuelling the market growth. In May 2020,
Invest India published a report on digital healthcare investment and according
to that report, the digital health market will reach $504.4 Billion by 2025. Hence these types
of investments are analyzed to drive the market in the forecast period
2021-2026.
Rising Aging Population and Inclination towards Health-Consciousness Creating Huge Impact on this Market:
With the rise in
senior population along with busy life schedule, the demand for constant
healthcare support is rising rapidly. Due to better health services and growing
health awareness the mortality rate went down over the years, increasing the
population of old generation. International federation of ageing reported that,
the life expectancy had increased from 46 years to 73 years between 1950 and
2020 and is anticipated to rise four more years by 2050. According to a report
of population division of the United Nations Department of Economic and Social
Affair, in 2020, the number of people above the age of 65, was anticipated to
reach 727 million across the world. In current time period, due to various
reasons people are more inclined towards living independently including senior
citizens, making them responsible for their own health issues and to face any
medical emergency situation, the adoption of various health solution including
home healthcare software is growing. Apart from that, many young people,
staying away from their family, also opt for this service to look after their
old family members which is fuelling the market growth.
Home Healthcare Software Market Challenges
Increasing Security Threats is Harming the Growth of home healthcare software Market:
Although home
healthcare software market is growing at a rapid phase, the increasing number
of security threats is anticipated to hinder the market growth. On January
2021, a report was published by Check Point and Fortified health security,
according to which the rates of cyber-attacks against healthcare sectors had
increased over 45% since November 2020. According to a report of HIPPA on
healthcare data breaches, published in December 2019, 41.2 million healthcare
records were stolen, exposed or illegally disclosed in 505 healthcare data
beaches. This type of data breaches exposes the personal and confidential
information which is harming the market growth during 2021-2026.
Home Healthcare Software Market Landscape
Technology launches, acquisitions,
Partnerships and R&D activities are key strategies adopted by players in
the Home Healthcare software market. In 2020, the market of Home Healthcare
software industry outlook has been fragmented by several companies. Home
Healthcare software top 10 companies include
- Cerner Corporation
- Carestream Health, Inc.
- GE Healthcare Systems
- Agfa Healthcare Corporation
- Mckesson Corporation
- Alora Healthcare Systems LLC
- NextGen Healthcare Information System LLC
- WellSky Corporation
- Axxess Technology Solutions
- Delta Health Technologies
Acquisitions/Technology Launches
- In February 2019, Wellsky acquired Health Care Software, to deliver enhanced post-acute care solutions including home health, hospice, rehab, home infusion, home medical equipment, LTACH, psychiatric care and others.
- In June 2019, Axxess launched a new software solution Axxess Hospice, in order to meet the unique requirements of the hospice provides.