Home Healthcare Software Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Home Healthcare Software Market Analysis
The home healthcare software market is poised to grow at a CAGR of 12.9% during the forecast period, 2022-2027.
The COVID-19 pandemic has put enormous pressure on the healthcare system causing many healthcare organizations to cancel or stop elective procedures in hospitals and other healthcare settings during the initial phase of the pandemic which is expected to have a significant impact on the home healthcare software market as demand for home care services grew during the pandemic. For instance, according to an article published in January 2022, titled 'How COVID-19 Reinforced the Important Role of Home Health Care', to keep patients safe at home, home health providers have been spurred on by the pandemic to further modify their service offerings with new technologies and improved infection prevention techniques and demand for home healthcare services grew during the pandemic. Therefore, the COVID-19 pandemic is expected to have a significant impact on the home healthcare software market.
The major factors for the growth of the home healthcare software market include the rapid rise in the aging population, increasing awareness triggering the adoption rate, and significant technological advancements leading to cost-effectiveness and ease of use.
The global population is aging rapidly, owing to reducing birth rates and increasing life expectancy, and it may result in a high prevalence of chronic diseases as the older population are more susceptible to chronic diseases owing to the aging and low immunity which is expected to create demand for home healthcare services and software. For instance, 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 home healthcare software market and older people are more dependent upon others for their care and other needs.
Furthermore, the growing adoption of home healthcare products and services in different parts of the world is anticipated to boost the market over the forecast period. For instance, according to the Center for Medicare and Medicaid Services 2021, every year, home healthcare helps hundreds of thousands of high-risk patients avoid being readmitted to the hospital and make the most of their healthy days at home. Also, as per the same source, clients who use home healthcare report a 76% reduction in readmission rates, an average of 89% patient satisfaction, and a total medical cost savings of nearly USD 370 million. Therefore, the growing popularity of home healthcare services is expected to increase the demand for the software used in home healthcare services, and thus, the market is expected to grow over the forecast period.
Various strategies adopted by the key market players such as product launches and partnership is further expected to augment the growth of the studied market. For instance, in July 2021, Homecare HomebaseSM (HCHB) software for home health and hospice, is partnering with global digital wound care leader Swift Medical to provide high-quality, cost-efficient care through an integrated solution. Through this expanded partnership, Swift Medical becomes the exclusively preferred wound care technology partner for HCHB, with an enhanced integration offering to streamline workflows and eliminate double documentation. Therefore, due to the above-mentioned factors, the home healthcare software market is expected to grow over the forecast period. However, affordability issues among emerging economies and insufficient technical support are expected to restrain the growth of the home healthcare software market over the forecast period.
Home Healthcare Software Market Trends
This section covers the major market trends shaping the Home Healthcare Software Market according to our research experts:
Hospice Software Solutions is Expected to Hold a Significant Share Over the Forecast Period in the Market
Hospice Software Solutions refer to integrated management systems for hospice and home health agencies. These types of solutions can manage a variety of functions like referral sources, employee management, payroll, scheduling, doctors' orders, patients, eligibility, electronic visit verification (EVV), accounts receivable, payers, and collections. These types of software also offer unique checks that can alert clinicians for all mandatory and vital information required for visit documentation.
Recently, the demand for hospice care has increased and is expected to remain high due aging population and the increasing incidence of life-threatening diseases like cancer. For instance, according to the July 2020 update of the Eurostat, it is estimated that by 2050 there will be about half a million centenarians in the European Union, and the median age of the European Union-27 region is expected to increase by 4.5 years to 48.2 years by 2050. Hence, the growing aging population is expected to play a major role in the growth of the studied segment. Further, as per the data published by Globocan 2020, there were approximately 19.29 million suffering from cancer globally in 2020 and the incidence of cancer is expected to increase to 28.89 million by 2040. This factor is expected to increase the demand for hospice care centers, which will also increase the demand for hospice software solutions which is anticipated to accelerate market growth.
Additionally, new product development and launches by the market players in the area are further expected to boost the market growth. For instance, in May 2020, to provide improved hospice care during the most crucial phases of a patient's care journey, Homecare HomebaseSM (HCHB) teamed with MUSE Healthcare of St. Paul. 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 significant share in the home healthcare software market over the forecast period.
North America Region is Expected Occupy Major Share in the Market Over the Forecast Period
The North American region is expected to dominate the market, primarily due to the presence of better healthcare infrastructure and the rising elderly population in the region. The United States has a relatively advanced IT infrastructure in healthcare facilities, which makes the country ideal for new home healthcare software solutions and innovations. The demand for such software is much higher in the United States, as compared to developing countries as their prices can be high. The infrastructural facilities that are available in the country, along with the rising number of chronic diseases, are expected to lead to the overall market expansion.
Additionally, according to the Administration for Community Living report of May 2021, the population of people of age 65 years and more is expected to increase from 16% of the total population in 2019 to 21.6% of the total population by 2040. Also, as per the same source, about 27% of older people live alone in the United States. Thus, the rising geriatric population is expected to create huge demand for various home healthcare applications, resulting in the high growth of the market.
Growing product launches by the key market players supports the growth of the market. In February 2020, HospiceWorks Inc. has officially launched a new software platform made specifically for the hospice industry called HospiceWorks. The cloud-based software was designed with a complex built-in business rules engine to execute complicated tasks with ease of use while helping care teams improve the delivery of patient care. in addition, various strategies adopted by the key market players such as partnership mergers and acquisitions help to boost the market growth. In August 2020, Simione Healthcare Consultants, LLC, and Home Health Solutions, LLC announced a merger agreement to jointly advance their consulting, and coding services for home and community-based care. Similarly, in October 2020, Healthcare Provider Solutions announced that it had acquired the home care and hospice coding and clinical consulting provider 5 Star Consultants LLC. Thus, owing to the aforementioned factors, the home healthcare software market is expected to grow significantly over the forecast period in North America.
Home Healthcare Software Industry Overview
The market studied is moderately concentrated, owing to the presence of many small and large market players. Some of the market players are Allscripts Healthcare Solutions Inc., CARECENTA INC., Delta Health Technologies, Kinnser Software Inc., McKesson Corporation, Medical Information Technology Inc., Netsmart Technologies, and Thornberry Limited, among others.
Home Healthcare Software Market Leaders
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Delta Health Technologies
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Kinnser Software Inc.
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McKesson Corporation
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Netsmart Technologies
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CARECENTA, INC.
*Disclaimer: Major Players sorted in no particular order
Home Healthcare Software Market News
- In May 2022, Aveanna Healthcare officially confirmed the adoption of the Homecare Homebase and Medalogix platforms throughout the Company's home health and hospice division.
- In March 2022, Axxess, launched a fully independent palliative care software solution. Axxess Palliative Care is the latest innovation in Axxess' complete suite of solutions developed for organizations that provide care in the home.
Home Healthcare Software Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Awareness Regarding Homecare Technologies
- 4.2.2 Technological Advancements Leading to Cost Effectiveness and Ease of Use
- 4.2.3 Rapid Rise in the Aging Population
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4.3 Market Restraints
- 4.3.1 Insufficient Technical Support
- 4.3.2 Affordability Issues among the Emerging Economies
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 By Software
- 5.1.1 Agency Management
- 5.1.2 Clinical Management
- 5.1.3 Hospice Software Solutions
- 5.1.4 Other Software
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5.2 By Service
- 5.2.1 Rehabilitation
- 5.2.2 Infusion Therapy
- 5.2.3 Respiratory Therapy
- 5.2.4 Pregnancy Care
- 5.2.5 Skilled Nursing
- 5.2.6 Others
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5.3 By Mode of Delivery
- 5.3.1 Cloud-Based Software
- 5.3.2 On-Premises Software
- 5.3.3 Others
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 United Kingdom
- 5.4.2.3 France
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 India
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East and Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Allscripts Healthcare Solutions Inc.
- 6.1.2 CARECENTA, INC.
- 6.1.3 Delta Health Technologies
- 6.1.4 Kinnser Software Inc.
- 6.1.5 McKesson Corporation
- 6.1.6 Medical Information Technology Inc.
- 6.1.7 Netsmart Technologies
- 6.1.8 Thornberry Limited
- 6.1.9 CareTime
- 6.1.10 Centex AxisCare, LLC
- 6.1.11 Alora Healthcare Systems
- 6.1.12 Healthcare Provider Solutions, Inc.
- 6.1.13 ClearCare Inc. (WellSky)
- 6.1.14 ResMed
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityHome Healthcare Software Industry Segmentation
As per the scope of this report, home healthcare software refers to the application of information processing that involves computer software dealing with the retrieval, storage, sharing; and usage of healthcare information, data, and knowledge for communication and decision-making purposes. This software is designed for companies that employ home healthcare providers, as well as government entities that track payments to home healthcare providers. The home healthcare software market is segmented by software (agency management, clinical management, hospice software solutions, and other software), service (rehabilitation, infusion therapy, respiratory therapy, pregnancy care, skilled nursing, and others), mode of delivery (cloud-based software, on-premises software, and others), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD billion) for all the above segments.
| By Software | Agency Management | |
| Clinical Management | ||
| Hospice Software Solutions | ||
| Other Software | ||
| By Service | Rehabilitation | |
| Infusion Therapy | ||
| Respiratory Therapy | ||
| Pregnancy Care | ||
| Skilled Nursing | ||
| Others | ||
| By Mode of Delivery | Cloud-Based Software | |
| On-Premises Software | ||
| Others | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Home Healthcare Software Market Research FAQs
What is the current Global Home Healthcare Software Market size?
The Global Home Healthcare Software Market is projected to register a CAGR of 12.90% during the forecast period (2024-2029)
Who are the key players in Global Home Healthcare Software Market?
Delta Health Technologies, Kinnser Software Inc., McKesson Corporation , Netsmart Technologies and CARECENTA, INC. are the major companies operating in the Global Home Healthcare Software Market.
Which is the fastest growing region in Global Home Healthcare Software Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Home Healthcare Software Market?
In 2024, the North America accounts for the largest market share in Global Home Healthcare Software Market.
What years does this Global Home Healthcare Software Market cover?
The report covers the Global Home Healthcare Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Home Healthcare Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Home Healthcare Software Industry Report
Statistics for the 2024 Home Healthcare Software market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Home Healthcare Software analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
