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.
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.
- 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
- 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.