The global home healthcare software market is estimated to reach $6.4 billion by 2018, at a CAGR of 13.4% between 2013 and 2018. The market will be driven by skyrocketing healthcare cost, spiralling aging population that increases the incidences of chronic disorders, hospital readmission reduction program by U.S., shortage of nursing and doctors staff, OASIS documentation, and favorable government initiatives. However, rising incidences of data breach and loss of confidentiality, high maintenance and service expenses, and shortage of trained IT professionals are the factors that will hinder the market growth.
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The market is segmented based on products, applications, delivery modes, components, usage mode, and end user. Based on products, the global home healthcare software and services market is further segmented into agency solutions, hospice solutions, telehealth solutions, and clinical management system (CMS) solutions. Of all, clinical management system (CMS) and telehealth solutions will be the fastest-growing market in the next five years.CMS is an integrated package of various applications such as homecare-EMR, CPOE, CDSS, electronic point of care documentation (485 plan, OASIS), alert management module, physician’s portal module, medication management, among others. The rising demand for such integrated package of CMS will drive this market as it allows instant access to huge volumes of patient data with a single click, thereby saving time and costs. Other factors accelerating the growth of this market are the presence of government initiatives to promote clinical IT solutions, growing pressure to curtail healthcare costs, and rising demand for quality care.
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The major bottlenecks for the growth of the market are growing concerns over security, interoperability issues, integration challenges, poor IT skills among staff, and weak financial support from governments in certain regions of Europe, and Asia,.
Emerging markets like China, India, Brazil, South Korea, and Saudi Arabia represent a lucrative growth opportunity for investors.
The key players in home healthcare software market are Agfa Healthcare (Belgium), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Cerner Corporation (U.S.), Carestream Health, Inc. (U.S.), Epic (U.S.)., GE Healthcare (U.K.),McKesson Corporation (U.S.), MEDITECH (U.S.), NextGen Healthcare Information System LLC (U.S.), Novarad Corporation (U.S.),and Siemens Healthcare (Germany).
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