Global Home Healthcare Software Market size was valued at $6.56 billion in 2019, and it is estimated to grow at a CAGR of 9.32% during 2020-2025. The growth is mainly attributed to the increasing investments and funding activities have created demand for the adoption of advanced software solutions which set to propel the market growth.
Type – Segment Analysis
Cloud based deployment held the major share of 63.11% in 2019. Cloud based deployment mode is more preferred for mobile and web application security and this is poised to drive the market growth. Cloud deployment provides greater flexibility and offer much less in the means of customization when compared to on-premises. This drives the cloud based deployment of home healthcare software market.
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End Users – Segment Analysis
Rehabilitation or Therapy Centers is the fastest growing segment in Home healthcare software market and estimated to grow at a CAGR of 13.06% during forecast period 2020-2025. Many hospitals have been investing in adoption of advanced technologies which set to drive the market during forecast period. Increasing number of home healthcare software activities and growing awareness of therapies in various regions create opportunities for the home healthcare software market during forecast period.
Geography- Segment Analysis
North America dominated the Home healthcare Software market in 2019 with a market share of 35.81%, followed by Europe and APAC owing to the presence of large number of players. In addition to these, high adoption of advanced technologies and high investments in healthcare sector drive the market growth in this region. Additionally, healthcare sectors is one of the largest industrial vertical in the U.S. region. This further propels the market growth in this region. According to World Bank, the elderly population of North America has been increased from 65.05 million to 69.30 million during 2017-2109 period. Increase in elderly population has been driving the market growth.
Drivers –Home healthcare Software Market
Growing aging population and adoption of cloud computing
Integration of cloud computing, mobile medical applications in home healthcare sector drives the market growth. . According to World Bank, the elderly population across the world have been increased from 625.39 million to 697.96 million during 2016-2019 period. Adoption of home healthcare software solutions with increasing elderly population drive the market growth. Growing smartphone penetration and increasing trend of home healthcare when compared to conventional clinics with increasing investments is set to drive the market growth. Growing trend for smart homes have created demand for home healthcare software due to its ease of use and implementation. For instance, increasing cardiovascular patients and growing awareness in adopting healthcare solutions drive the market.
Advancements in technology
Technological advancements such as electronic visit verification, blockchain, adoption of remote patient monitoring tools set to drive the market growth. Home healthcare is mainly dependent on huge data from various resources. It can easily help verify and manage patient’s medical data. The integration of blockchain and healthcare used in clinical research is used to maintain data of trial patients, manage and keep a track of documentation, and reduce falsification of results. This set to drive the market growth.
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Challenges – Home Healthcare Software Market
Security Concern
Security issues with rising incidence of data breaches and loss of confidentiality hamper the home healthcare software market. High cost associated with software solutions restrict the market growth. Cybersecurity has become one of the significant threats in the home healthcare software market.
Market Landscape
Technology launches, Acquisitions, Partnership, and R&D activities are key strategies adopted by players in the Home healthcare software market. Home healthcare Software top 10 companies include Allscripts Healthcare Solutions, Cerner Corporation, Carestream Health, Inc, GE Healthcare, Agfa Healthcare, Mckesson Corporation, NextGen Healthcare Information System LLC, WellSky, Delta Health Technologies and others.
Acquisitions/Technology Launches
In October 2019, Cerner Corporation had collaborated with ResMed in order to launch home health hospice platform and assist providers in making more informed treatment decisions, control costs and deliver seamless care across health systems to the home. This increases the Company’s home healthcare software market share.
In February 2019, Wellsky a health and community care technology company had acquired HCS’s software Company in order to provide comprehensive suite of solutions across post-acute care including home health, hospice, long-term care, rehab, home infusion, and many others. This drives the Company’s market growth.
Key Takeaways
North America dominated the Home healthcare software market in term of revenue in 2019 owing to the presence of major number of players.
Increasing investments and funding activities on healthcare sector provide opportunities for the market growth
Cloud based deployment owing its low cost and flexibility is set to drive the market.
Security issue is the major challenge that hampers the market growth.
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