Home Healthcare Software Market by Software (Clinical Management, Hospice Software Solutions, Agency Management, and Others), Services (Skilled Nursing, Rehabilitation, Pregnancy Care, Infusion Therapy, Respiratory Therapy, and Others), Mode of Deliveries (On-premises Software, Cloud-based Software, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global home healthcare software market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising awareness, increasing technological advancements, and growing geriatric population.

Home healthcare software deals with the storage, utilization, retrieval, and sharing of critical health care information for communication and important decision making. Home healthcare software is designed specifically for companies that provide home-based healthcare services and government entities that manage the payments to home healthcare providers. The healthcare software services broadly comprises of the clinical and non-clinical applications. The most commonly used healthcare software includes hospice solutions, telehealth solutions, agency software, clinical management systems, and electronic visit verification. The software assists the companies to verify payroll, document patient care, and track the healthcare employee visits to patients. The home healthcare software is associated with multiple advantages such as improved care quality, convenience & efficiency, space savings, patient access, and financial incentives.

The COVID-19 pandemic has significantly affected almost every industry including the healthcare industry. The pandemic situation resulted in nationwide lockdowns. The high risk of developing serious illness due to coronavirus disease has made it challenging for several other healthcare problems. Therefore, the outbreak overwhelmed home healthcare agencies with patients due to limited access to medical services for chronic diseases, elderly care, and post-infection rehabilitation. The consequent large scale manufacturing of critical home care devices for the patients having respiratory and other serious disorders had fuel the expansion of the market during the pandemic situation. This resulted into lucrative opportunities for the home healthcare software market.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing technological advancement and rising demand for smart devices to ensure reliability of homecare devices are anticipated to fuel the growth of the market in the coming years.
• Growing demand for healthcare, cost-effective medical facilities, rising incidence of chronic diseases, and favorable government initiatives are some of the factors that are expected to spur the market growth during the forecast period.
• Large scale demand for new technologies such as mobile health, telehealth, and cloud-based model is the major factor propelling the market expansion.
• High maintenance and service expenses, lack of awareness, interoperability issues, growing security concerns, integration challenges, and poor IT skills among staff are the major challenges anticipated to hamper the market growth in the coming years.
• Increasing investments for technological advancement in the healthcare sector is expected to offer immense opportunities for the market players in the long run.

Scope of the Report

The report on the global home healthcare software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Home Healthcare Software Market Segment Insights

Hospice software solutions segment is anticipated to register at a substantial CAGR

Based on software, the market is divided into clinical management, hospice software solutions, agency management, and others. The hospice software solutions segment is anticipated to register a substantial CAGR during the projected period owing to increasing incidence of fatal diseases such as cancer. However, the clinical management segment is expected to grow at a rapid pace during the forecast period due to increasing number of clinical trials and availability of advanced solutions. Moreover, rising industrial collaborations, growing technology adoption, and government support for research trials are key factors that are anticipated to propel the growth of the market segment in the coming years.

Rehabilitation segment is projected to hold a significant market share

On the basis of services, the home healthcare software market is fragmented into skilled nursing, rehabilitation, pregnancy care, infusion therapy, respiratory therapy, and others. The rehabilitation segment is projected to hold a significant market share during the forecast period due to proper reimbursement for rehabilitation services, increasing prevalence of chronic diseases, and rising incidence of disabilities. Moreover, growing medical developments, rapid pace facility expansion, rising product approvals, and ongoing technological innovations are key drivers of the market segment in the coming years. On the other hand, the infusion therapy segment is anticipated to expand at a considerable pace owing to improved quality, increasing safety features, affordable treatment process, and worldwide access to infusion therapy.

Cloud-based software segment is expected to expand at a rapid pace

Based on mode of deliveries, the market is segregated into on-premises software, cloud-based software, and others. The cloud-based software segment is expected to expand at a rapid pace during the forecast period due to the continuous evolution in cloud computing healthcare models and proven solutions for major healthcare industry challenges. Furthermore, high reachability, efficiency, and security of the cloud-computing delivery model are the factors that can foster the segment growth. Furthermore, the robust adoption of smartphones, tablets, and PDA is anticipated to fuel the market segment in the coming years. However, the on-premises software segment is projected to account for a key market share owing to high reliability of the software and increasing investments from leading global companies for the adaptation of on-premises software.

North America market is anticipated to dominate the market

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to account for a large market share owing to the presence of better healthcare infrastructure and rising geriatric population. Moreover, the region is expected to continue its dominance in the market due to increasing technological advancements, high demand for healthcare solutions, and growing IT infrastructure for developing healthcare software. On the other hand, the market in Asia Pacific is expected to grow at a significant rate during the projected period due to growing elderly population and rising number of serious health issues such as heart diseases, diabetes, and respiratory disorders in the region. Furthermore, the rising demand for healthcare devices, increasing expenditure on healthcare facilities, and economical conditions of the region are some of the major factors that are fueling the regional market growth.

Segments

The global home healthcare software market has been segmented on the basis of

Software

• Clinical Management
• Hospice Software Solutions
• Agency Management
• Others

Services

• Skilled Nursing
• Rehabilitation
• Pregnancy Care
• Infusion Therapy
• Respiratory Therapy
• Others

Mode of Delivery

• On-premises Software
• Cloud-based Software
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Delta Health Technologies
• McKesson Corporation
• Kinnser Software Inc.
• Cerner Corporation
• Netsmart Technologies

Competitive Landscape

Key players competing in the global home healthcare software market are Delta Health Technologies; McKesson Corporation; Kinnser Software Inc.; Cerner Corporation; and Netsmart Technologies. Companies are focusing on market strategies and collaborating with other industry players for creating new security measures and technological advancements to expand their market share.

In October 2021, Cerner Corporation announced the launch of its operating unit, Cerner EnvizaSM, to accelerate therapies and improve patient outcomes. The operating unit aimed to offer data-driven solutions, research services, and help to bring clarity about multi-dimensional data through the real-world insights and evidences.

In June 2021, Netsmart announced its expansion of predictive analytics solution offerings with acquisition of SimpleLTC. The contract included the expansion of Netsmart platform in the areas of regulatory compliance, predictive analytics, quality measurement, and reimbursement optimization to increase the efficiency of health plans.

In January 2021, the venture capital arm of McKesson Corporation, McKesson Ventures, announced its expansion of portfolio development team and investment in market research to expand the stage health technology and healthcare services.