Home healthcare is a supportive care, which can be availed at home. This type of care can be provided by healthcare professionals and other professional caregivers, who visit the ailing person to ensure the ADLs or (activities of daily living), are taken care of. However, introduction of healthcare software programs in the recent past has started to change the trends in the industry. This software runs through cloud computing and other technologies like Telehealth and integrated mobile health applications. Growth in the aging population and advancement of technologies that offer professional care, are expected to drive the global home healthcare software market. Rise in the instances of chronic disorders is also driving the customers to opt for this software as an easy to use option.
Segmentation in Healthcare Software Market for Home Care
The global home healthcare software market is segmented on the basis of several vital factors, which include the types of products, applications, delivery modes, usage modes, components, end-users, and geographic regions. Following are the details of this segmentation:
- Products: Hospice and Telehealth solutions, agency software, and clinical management system
- Component: Service and software
- Application: Clinical and non-clinical homecare
- Usage: PC based, laptop based and handheld mobile devices
- Delivery: Cloud, on-premise and web-based
- End-User: Private duty, hospice agencies, homecare agencies and others
- Geography: Asia, North America, Europe and RoW (MEA, LATAM & Pacific countries)
Drivers and Forecasting Reports
The global home healthcare software market is driven by four major drivers, which include global growth in the aging population, rising adoption of technologies and solutions which can curtail healthcare costs, cost-effectiveness and easy to use nature of these programs, and governmental efforts like Hospital Readmission Reduction Program by the US government are also creating strong demand for these advanced software solutions. Technological advancements in the existing products and impressive investments across global scale are expected to create better business opportunities in future.
According to the experts, high maintenance costs and fragmented nature of the market are going to the major restraints for the industry. The home healthcare software market is expected to grow at a CAGR of over 13% by 2018. At the estimated compound annual growth rate, the industry is expected to become worth more than $6.4 billion by the end of the year 2018. During the forecasting period, emerging regions like India, Saudi Arabia, China, South Korea and Brazil are expected to witness hefty investments from established players.