Home Healthcare Software Market size and Key Trends in terms of volume and value 2015-2025
Home Healthcare Software is the most evolving and cutting-edge technology in the healthcare industry in the recent years. In the past decade, medical documentation was not only difficult to maintain, but also time consuming. It involved a lot of paper work to maintain patient and clinical records.
Home Healthcare solutions are extremely user friendly solutions that provides error free healthcare information which increases the operational efficacy and also enables home care agencies and physicians to communicate effectively to provide quality care to the patients. These solutions provides all healthcare professionals with real time information to deliver superior patient care.
These specially designed software’s are used for maintaining patient electronic medical records, medication history, billing records, scheduling, and point-of-care clinical documentation.
Home Healthcare Software Market: Drivers
Today, aging population is a key factor for driving home healthcare software market. With the advancement of technology and growing adaptation of home healthcare based solutions. There is a pressure to reduce healthcare cost, patient readmission and increase in the quality of care in home care settings. These solutions are cost effective, ease of use and provides error free medical information. With this cutting edge technology and remarkable investments from the stakeholders, this market is expected to create a better business opportunities in the coming years.
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Home Healthcare Software Market: Segmentation
Based on the commercially available software products, global home healthcare software market is segmented as follows:
- Hospice Systems
- Agency Software Systems
- Tele-Health Systems
- Clinical Management Systems
Furthermore, the global home healthcare software market is classified based on usage mode as:
- Non Clinical Homecare Systems
- Clinical Homecare Systems
Based on the delivery mode, the global home healthcare software market is segmented as follows:
- Cloud-based software
- On-premises software
- Web- based software
The major end-uses of this market include:
- Private duty
- Hospice agencies
- Homecare agencies
Cloud based software segment is currently growing at a faster rate due to its offered advantage of data storage and accessibility. Tele-Health Systems is the fastest growing product segment among other commercially available home healthcare software products.
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Home Healthcare Software Market: Overview
With rapid acceptance of technology and taking into account the above mentioned drivers and other macroeconomic factors, it is expected to grow at a rate of around 13-15% in the forecast years (2015-2025). The home healthcare software market will reach four times by 2025. There was an immense demand for home healthcare software in the recent past and as per our estimates, it will witness further growth in the forecast years as well. The emphasis of using such kind of systems by different healthcare agencies has prompted companies to focus more on the existing technologies and products.
Home Healthcare Software Market: Regional Outlook
Geographically, the global home healthcare software market is segmented into North America, Latin America (LATAM), Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East and African regions. At present, North America dominates the global home healthcare software market followed by Western Europe. Factors such as existence of highly developed healthcare infrastructure, rapid adoption of advanced technologies and higher rate of implementation of innovative technology in the practice are driving the North America home healthcare software market towards growth. Asia-Pacific is lucrative market for home healthcare software due to the easy availability of skilled manpower, innovations and highly developed information technology sectors in the emerging countries mainly China and India. India accounts for second largest population pool in the world. With aging of population in country like India, the prevalence of chronic diseases will be higher, which will result in higher patient population and thus demand for home healthcare software to grow more in such country.
Home Healthcare Software Market: Key Players
Some of the major companies contributing to the global home healthcare software market are Agfa Healthcare, NextGen Healthcare Information System LLC, Cerner Corporation, GE Healthcare, MEDITECH, Mckesson Corporation, Medical Information Technology, Inc. (Meditech), Siemens Healthcare and Allscripts Healthcare Solutions, Inc.
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