The global home healthcare software market is estimated to reach $6.4 billion by 2018 at a CAGR of 13.4% during the forecast period (2013–2018). A major factor that propels the growth of the market is the increasing demand for IT solutions that are capable of addressing numerous issues related to data storage, retrieval, and accessibility which in turn helps to reduce costs and improve the quality of care. Integrated homecare software products emerged as an effective tool to resolve the issue of medication errors, and to curtail the growing healthcare cost. Apart from this, factors such as government initiatives and various incentive plans for homecare providers, growing aging population, and high prevalence of chronic disorders across the globe will foster the adoption of homecare software. The adoption of new technologies such as mobile health, telehealth, and cloud-based model offers huge potential opportunity for growth in the homecare software market. Further, the introduction of ICD-10 conversion system will increase the demand for new software development and testing, thereby offering huge opportunities to homecare IT vendors.
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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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