Between 2013 and 2018, the global HomeHealthcare Software Market is expected to reach $6.4 billion, growingat a CAGR of 13.4 percent. The market will be fueled by rising healthcare costs,an ageing population that is increasing the frequency of chronic diseases, theUnited States' hospital readmission reduction programme, a nursing and doctorshortage, OASIS documentation, and favourable government initiatives. However,increasing instances of data breach and loss of confidentiality, highmaintenance and service costs, and a scarcity of educated IT workers may stymiemarket expansion.
Home Healthcare Software Market is an IT solutionused by homecare agencies, hospice agencies, private duty agencies, and nursinghomes, among others, to deliver care at home. The primary function of homecaresoftware is to manage large amounts of patient clinical data and streamlineadministrative tasks.
The cost of implementation, maintenance, and post-salesservices, as well as training and education, upgradation, integration, andinteroperability services, are all included in the definition of homehealthcare IT services.
Products, applications, delivery modalities, components, andend users are all used to segment the home healthcare software industry. Thehome healthcare market is divided into four categories based on products:agency software, clinical management system, hospice solution, and telehealthsolution. The fastest expanding markets in the forecast period will be clinicalmanagement systems and telehomecare.
Clinical and non-clinical applications make up the HomeHealthcare Software Market. Homecare-EMR, medication management, electronicpoint-of-care documentation, and others, such as physicians portal, are allpart of the clinical segment.
During the projected period (2013–2018), the global HomeHealthcare Software Market is expected to reach $6.4 billion, growing at aCAGR of 13.4 percent. The increasing demand for IT solutions capable ofhandling multiple challenges connected to data storage, retrieval, andaccessibility, which in turn helps to cut costs and enhance the quality ofcare, is a major factor driving the market's expansion. Integrated homecaresoftware packages have developed as a viable solution to the problem ofmedication mistakes and the rising expense of healthcare.
The use of new technologies such as mobile health,telemedicine, and cloud-based models provides the homecare software market asignificant potential for growth. Furthermore, the ICD-10 conversion systemwill raise demand for new software development and testing, providing enormousprospects for homecare IT vendors.
Growing security concerns, interoperability issues,integration challenges, insufficient IT skills among personnel, and weakfinancial backing from governments in specific regions of Europe and Asia arethe key impediments for market expansion.
Several sociological, demographic, and macroeconomicaspects, particularly the integration of information technology in thehealthcare industry, all contribute to market growth. The use of informationtechnology in the healthcare sector helps to solve problems includingretrieving patient data, processing payments and claims, and storing andaccessing data. Government activities aimed at improving healthcareinfrastructure are also projected to enhance market growth.
The growing senior population, which is more prone tochronic diseases, is predicted to increase demand for specialised care innursing homes and assisted living facilities. Furthermore, the introduction of HomeHealthcare Software Market solutions is predicted to improve theconvenience of both geriatric patients and healthcare professionals, as thesesolutions reduce total operational costs and deliver a high return oninvestment for providers.
