Market Trends of Global Home Healthcare Software Industry
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.
