The modern healthcare industry is welcoming technological innovations in order to bolster its efficiency and quality of patient care. As a result, leading healthcare organizations and businesses are accepting and welcoming technologically advanced and innovative applications that can prove to be a value addition to their current medical offerings.
Home healthcare software is one of the latest outcomes of the trend of digital healthcare operations, and its adoption is growing at an impressive rate across the global healthcare landscape.
In the coming decade, the global home healthcare software market is expected to grow fourfold, mainly attributing to the benefits of technological interventions in different healthcare applications.
The adoption of home healthcare software is expected to grow at a double-digit rate, and leading market players are expected to experiment with the advancements in technologies to diversify the features of their home healthcare software solutions.
Home Healthcare Software Witness Adoption by Both Healthcare Professionals and Patients
The booming trend of digitalization in the healthcare industry. Consumer awareness about their health attributes and growing inclination towards health-consciousness coupled with digitalization of healthcare is triggering the adoption of home health applications and software among consumers worldwide.
Consumers are becoming more critical about their medical documentations including clinical records and reports, which is emerging as an important feature in modern home health software.
Leading players in the global home health software solutions are increasing their focus on offering user-friendly features in order to ensure that error-free healthcare information has been stored and processed. Home healthcare solutions are gaining popularity among patients as well as physicians and homecare agencies as they can dramatically improve the operational efficiency and quality of patient care.
With the quest for offering superior patient care services, leading homecare agencies are resorting to home healthcare software to gain access to real-time information, and ultimately gain an edge in the competitive environment.
In the coming years, the global market for home healthcare software is expected to gain momentum, attributing to the massive convergence of information technology and the healthcare industry.
Leading market players are offering specially-designed or customized software solutions that can be used for various management tasks such as electronic medical records, billing records, point-of-care clinical documentation, and medication history of patients, in healthcare organizations.
COVID-19 Outbreak will Boost Telehealth Programs through Home Healthcare Software Offerings
With the global outbreak of the novel coronavirus, the need for telehealth tools and services to support healthcare professionals to deal with the pandemic by remotely monitoring and tracking the progress of their patients.
Information services and devices are being used as a part of telehealth services by healthcare providers in order to benefit from the features of home healthcare software such as real-time video for patient telehealth visits and emergency care.
Leading economies are investing heavily in the development of home healthcare software and telehealth services in order to keep their healthcare system from collapsing during the COVID-19 pandemic.
For instance, the Federal Communications Commission’s (FCC) Wireline Competition Bureau announced in June 2020, that it has approved nearly US$ 17 million for 67 new funding for COVID-19 Telehealth Program applications. Until this announcement, the CARES Act-authorised COVID-19 Telehealth Program by the FCC has approved the funding of worth nearly US$ 105 million for 305 healthcare providers from 42 states including the ones from Washington, D.C.
Governing bodies as well as private home healthcare software companies are investing heavily in the development of telehealth services during the emergency times triggered by COVID-19. This will instigate a wave of innovation through growing research & development activities among stakeholders in the global home healthcare software market in the coming years.
Home Healthcare Software Market: Region-wise Analysis
Based on the geographical factors, the home healthcare software market is broadly divided into seven regions - North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. North America followed by Europe, is expected to create the most lucrative growth opportunities for stakeholders in the home healthcare software market.
Growing presence of leaders in the IT industry in the United States is expected to contribute heavily to growth of the home healthcare software market.
Highly developed healthcare and IT infrastructure is boosting the adoption of advanced technologies in the healthcare sectors of developed economies, and this is expected to further bolster the rate of implementation of innovative IT tools in the North America home healthcare software market.
Infrastructural facilities in the developed countries will continue to create more lucrative opportunities in the region for home healthcare software developing countries.
On the other hand, developing countries such as China and India are also becoming a home to many IT infrastructure companies, which highlights the intensifying competition in the Asia Pacific home healthcare software market.
Easy availability of skilled manpower along with the rapidly developing IT sector in the region will continue to create a favourable environment for home healthcare software developing companies in Asia Pacific’s emerging economies.
Home Healthcare Software Market: Competitive Landscape
- GE Healthcare
- NextGen Healthcare Information System LLC
- Siemens Healthcare
- Agfa Healthcare
- Medical Information Technology, Inc. (Meditech)
- Mckesson Corporation
- Cerner Corporation
- Allscripts Healthcare Solutions, Inc.
In July 2020, KanTime Healthcare Software - an American based healthcare technology company and a leading post-acute software provider in the country - announced that it is expanding its geographical footprint by introducing its services in Ohio,
United States as an approved Electronic Visit Verification vendor. The company further declared that KanTime EVV offers features that enable healthcare professionals to manage all of the regional rules and regulations, reducing administrative burden for businesses.
In January 2020, Lenovo Group Limited (Lenovo) - a multinational technology company headquartered in Quarry Bay, Hong Kong - announced that it has introduced a Virtual Care solution for healthcare provider organizations in order to monitor and track, while engaging with and educating their patients remotely about many of chronic health conditions, including diabetes, hypertension, congestive heart failure (CHF), and COPD.
In June 2020, ECHO Health, Inc. (ECHO) - a leading provider of electronic healthcare payment solutions - announced that it has entered a partnership with WLT Software - a leading provider of advanced benefits administration and claims adjudication system - to integrate payment processing solutions with WLT software. With these integrations, both the companies are aiming to improve operational experiences for their customers by allowing post-adjudicated payment claims.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Home Healthcare Software Market: Segment Analysis
The home healthcare software market can be segmented on the basis of the following:
Commercially Available Software Products
- Clinical Management Systems
- Hospice Systems
- Tele-Health Systems
- Agency Software Systems
- Clinical Homecare Systems
- Non Clinical Homecare Systems
- Web- based software
- On-premises software
- Cloud-based software
- Hospice Agencies
- Homecare Agencies
- Private Duty
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