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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. http://www.marketsandmarkets.com/Market-Reports/home-health-software-market-818.html
(PRWEB) August 16, 2014
The Home Healthcare Software - Product & Service Market - Application (Clinical, Non - Clinical), Usage (Laptop, Smartphone), Product (Agency, Clinical Management System, Tele-health, Hospice), Delivery (Web - Based, On - Premises, Cloud), End User - Global Forecast to 2018 provides a detailed overview of the major drivers,restraints, challenges, opportunities, current market trends, and strategies impacting the global home healthcare software and services market along with the estimates and forecasts of the revenue and share analysis.
Browse 81 market data tables 33 figures spread through 230 pages and in-depth TOC on Home Healthcare Software - Product & Service Market"
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The global home healthcare software and services market crossed $3.4 billion in 2013 and is poised to grow at a high double-digit CAGR from 2013 to 2018.
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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, physicians 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.
The demand for clinical IT solutions for homecare providers is increasing with the growing requirement to electronically enter patient information. To meet this growing need, healthcare systems globally are looking forward to integrate their EHR solutions with other clinical modules as well as non-clinical modules, which help in making accurate decisions at the point-of-care.
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The current healthcare system is moving towards pay-for-performance model from traditional fee-for-service model. The aim of pay-for-performance model is to provide quality care at home and physicians will be compensated for caring and monitoring patients at home. To achieve this goal, telehealth has emerged as a game changing solution for the healthcare system, especially homecare. The implementation of telehealth not only reduces the cost but also fastens the healthcare services and the quality.
Cloud computing has emerged as a significant model to deliver integrated or non-integrated homecare solutions. This helps healthcare organizations to share information stored across different information systems, in real time. Furthermore, cloud computing also reduces the burden on healthcare systems, as the dependency on IT staff reduces. This results in increased productivity and cost-efficiency.
Geographic analysis reveals that North America was the largest contributor to the global home healthcare software market in 2013 and will be the second fastest growing region for home healthcare software market till 2018. Factors driving the North American market are the growing demands for integrated solutions, firm support from the U.S. federal government, Obamas new budget plan regarding reimbursement cut by 1.1% per year to home care agency that enforce them to adopt homecare IT solutions, growth in aging population, growing healthcare cost, and growth in patient consumerism for quality care.
Globally, the home healthcare software and services market will be driven by thegrowing pressure to reduce healthcare costs, growingpatient consumerism for quality care,shortage of nursing and staff,government support and healthcare reforms, and hospital readmission reduction program by U.S. Affordable Care Act. The major bottlenecks forthe growth of this market are the growing concerns over security, interoperability, integration challenges, costs incurred while integrating, problems in implementing homecare solutions, incomplete or poor quality of data entry, and poor IT skills among homecare staff. Cloud based delivery mode, telehealth solutions, and mobile technology offer huge growth opportunities for home care software and services vendors, globally.
The key players in the 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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