Global Home Healthcare Software Market 2023-2030

Global Home Healthcare Software Market 2023-2030

Global Home Healthcare Software Market Size, Share & Trends Analysis Report by Usage (Clinical, and Non-Clinical), by Deployment Model (Cloud Based, and On-Premises), and by Software (Agency Management, Clinical Management, Hospice Software Solutions, and Other), Forecast Period (2023-2030)

The global home healthcare software market is anticipated to grow at a significant CAGR of 25.5% during the forecast period. Underdeveloped healthcare infrastructure in merging economies, expensive in-hospital healthcare facilities, and high prevalence of chronic diseases requiring long-term care are key factor driving the growth of the global home healthcare software market. According to the October 2021 report of the World Health Organization, the global population of people of age 60 years and more is expected to increase from 1 billion in 2020 to 2.1 billion by 2050, which is expected to have a significant impact on the demand for home healthcare software market as older people are more dependent upon others for their care and other needs.

Segmental Outlook

The global home healthcare software market is segmented based on usage, deployment model, and software. Based on usage, the market is segmented into clinical and non-clinical. Based on deployment model, the market is segmented into cloud-based and on-premises. Based on software, the market is segmented into agency management, clinical management, hospice software solutions, and other.

Hospice Software Solution Held Considerable Share in Global Home Healthcare Software Market

Hospice software is a home health management suite designed to improve care delivery with centralized patient information, mobile access to care plans and streamlined workflows. The high demand for this solution for administrative tasks, including scheduling, billing, reporting and claims management has been contributing to the high share of this market segment. Moreover, new product development by major market players is further contributing to the market growth. For instance, in May 2020, Homecare HomebaseSM (HCHB) has entered into partnership with MUSE Healthcare of St. Paul to provide improved hospice care during the most crucial phases of a patient's care journey. The new product makes improved predictions, preparations, and offers for hospice patients in their final 7–12 days of life by utilizing sophisticated modeling and machine learning. Hence, due to the above-mentioned factors, the hospice software solution segment is expected to hold a considerable share in the home healthcare software market during the forecast period.

Regional Outlooks

The global home healthcare software market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the growing geriatric population coupled with sophisticated healthcare infrastructure. Moreover, an increasing number of government initiatives that aim to curb healthcare expenditure levels, by promoting home healthcare is expected to serve as a vital impact-rendering driver. Technological advancements in patient monitoring devices and an increasing geriatric population coupled with the growing prevalence of lifestyle diseases, such as obesity & diabetes, are anticipated to drive the growth of the regional market.

North America Held Considerable Share in the Global Home Healthcare Software Market

The presence of huge geriatric population which is highly prone to chronic disorders, growing demand for home healthcare along with growing interest of healthcare organizations in offering home healthcare service are some of the prominent factors contributing to the high share of the regional market. For instance, in May 2021, Kaiser Permanente and Mayo Clinic have entered into an unprecedented collaboration to allow more patients to receive acute level of care and recovery services in the comfort, convenience and safety of their homes. Medically Home’s one-of-a-kind technology and services platform enables providers to address a significant range of clinical conditions at the higher end of the clinical acuity spectrum that are typically treated in traditional hospital settings, safely in a patient’s home.

Market Players Outlook

The major companies serving the global home healthcare software market include Alora Healthcare Systems, LLC, CareCloud, Inc., Delta Health Technologies, Kinnser Software Inc., and McKesson Corp. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

For instance, in September 2020, SURE Universal Ltd, a pioneering developer of IoT (Internet of Things) software for home healthcare has entered into partnered with HBK Department of Projects (HBK DOP) to launch a white label smart IoT healthcare solution, HBKiCare, for both the UAE and Middle East regional markets.

Further, in October 2019, Healthcare IT company Netsmart has entered into a decade-long partnership with Aveanna Healthcare, a pediatric home health provider. Aveanna will work with Netsmart to align more than 200 locations spanning 23 states under a single technology solution that will allow for significant growth and scale while maintaining quality at the point of care.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global home healthcare software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.