Due to an increase in healthcare spending in both developed and emerging nations, it is projected that the worldwide Home Healthcare Software Market will grow more quickly in the near future. There is a higher need for home healthcare software because elderly people are more likely to suffer from serious illnesses. One of the most innovative options that is simple to use, does deliver accurate medical information, is affordable, and does improve patient care is software for home healthcare.
Governments are investing more and more in telehealth solutions, which are currently dominating the market. For these reasons, the Canadian government announced in 2021 that it will invest US$ 3.5 million in virtual healthcare in the province of Prince Edward Island.
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The Home Healthcare Software Market has a value of US$ 3.4 billion in 2021 and is anticipated to grow by 8.4% CAGR to US$ 8.1 billion by 2032. Telehealth solutions are holding the major market share with governments increasingly investing in these solutions. On these grounds, the government of Canada, in the year 2021, did announce investing US$ 3.5 Million in virtual healthcare in Prince Edward Island province.
Palliative care is best provided via hospice services. For instance, they are used to treat side effects as well as to prevent or reduce cancer symptoms. Clinical functionality, reporting, billing, scheduling, generating custom forms, staffing, and similar features are all made possible by hospice software solutions. In May 2020, Homecare HomebaseSM (HCHB) partnered with MUSE Healthcare of St. Paul to release a new product that will use sophisticated modelling and machine learning to improve production for hospice patients as they reach the final 7–12 days of their lives.
“With healthcare IT sector flourishing, the global home healthcare software market is likely to grow atrociously in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways from Home Healthcare Software Market:
- North America holds the largest market share. This could be credited to continuous updation of healthcare infrastructure coupled with growing geriatric population all over the US.
- Europe holds the second-largest market share with home healthcare software services being increasingly adopted to treat several diseases.
- The Asia-Pacific is expected to grow at a fast pace in the home healthcare software market in the near future due to increasing awareness about importance of home healthcare software, especially in the post-pandemic era.
Competitive Software:
- Axxess, in march 2022, did launch an entirely independent palliative care software solution called ‘Axxess Palliative Care’ is amongst the latest innovations in its suite of the solutions providing care in home.
- Aveanna Healthcare, in May 2022, officially confirmed adopting Homecare Homebase and Medalogix platforms all through its homme health and hospice division.
- Healthcare Provider Solutions, in the year 2020, did announce that it had completed acquisition of home care and hospice coding and clinical consulting provider – ‘5 Star Consultants LLC’.
- Simone Healthcare Consultants, LLC, in 2020, announced a merger with Home Health Solutions, LLC for collaborating on consulting and coding services for community- and home-based care.
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What does the Report say?
- The research study is based on product (clinical management systems, hospice systems, agency software systems, and tele-health systems), by usage (clinical homecare systems and noon-clinical homecare systems), by delivery mode (web-based software, on-premises software, and cloud-based software), and by end-user (hospice agencies, homecare agencies, private duty, and others).
- Development of healthcare IT infrastructure is expected to drive the home healthcare software market in the near future.
Key Players:
- GE Healthcare
- NextGen Healthcare Information System LLC
- MEDITECH
- Siemens Healthcare
- Agfa Healthcare
- Medical Information Technology, Inc. (Meditech)
- Mckesson Corporation
- Cerner Corporation
- Allscripts Healthcare Solutions, Inc.
- AlayaCare USA, Inc
Key Segments Covered in the Home Healthcare Software Industry Survey
By Product:
- Clinical Management Systems
- Hospice Systems
- Agency Software Systems
- Tele-Health Systems
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By Usage:
- Clinical Homecare Systems
- Non-clinical Homecare Systems
By Delivery Mode:
- Web-based Software
- On-premises Software
- Cloud-based Software
By End User:
- Hospice Agencies
- Homecare Agencies
- Private Duty
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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