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Home Healthcare Software Market size is poised to register sizeable growth through 2023-2032 led by massive investments in the healthcare sector across the globe.
Healthcare software solutions have emerged as promising tools for physicians to connect with their patients during the COVID-19 pandemic as they help inhibit contact and prevent the spread of infection. These advanced technology-driven tools are cost-effective and time-effective, offer accurate medical information, ensure hassle-free scheduling of appointments, while improving overall patient care, and have thus gained significant traction.
However, the Russia-Ukraine war significantly affected the global healthcare industry. While the war disrupted the healthcare infrastructure in Ukraine, it fostered the dramatic rise in the number of cybersecurity threats and data breaches of patient information. Amidst sanctions imposed by multiple countries on Russia, several economies such as the U.S. reported rising threat to its healthcare cybersecurity.
Based on the product type, the home healthcare software market share from telehealth solutions is projected to rise notably over 2032. Telehealth solutions have gained substantial momentum as they facilitate health services and health information at remotely. With the growing inclination towards distant healthcare and monitoring devices, the adoption of telehealth is anticipated to spur over the upcoming period.
Furthermore, various governments are scaling up investments in the space of digital health and telehealth to improve patient outcomes, reduce readmissions and provide timely healthcare at affordable pricing.
In terms of end-user, the hospice agencies segment is estimated to register stellar remuneration for the home healthcare software market over 2032. The rising incidences of terminal illnesses such as advanced cancers, motor neuron disease (MND), Alzheimer’s disease (AD), and advanced chronic disorders will propel the demand for hospice services as they offer palliative care. It has been estimated that by 2050, AD is estimated to affect 12.7 million Americans aged 65 years and above.
The rising need for hospice services considering the rapid deployment of cutting-edge software solutions for enhancing clinical functionality, staffing, scheduling, reporting, billing, and generating custom forms will drive the industry trends.
Regionally, North America home healthcare software market size is poised to amass massive revenue gains over 2032 due to the growing patient preference for remote healthcare and teleconsultation. The surging geriatric population will further accelerate the need for at-home healthcare as it offers convenience and improved patient experience. Furthermore, the presence of robust footprint of medical device manufacturers and health tech companies will complement the industry expansion.
For instance, in May 2022, GE Healthcare inked its foray into homecare with an investment of USD 50 million in well-known Israeli start-up. Pulsenmore. With the investment, the firm aims to boost the distribution of Pulsenmore’s handheld tele-ultrasound device, enabling expectant mothers to conduct ultrasound self-scans at home using a smartphone.
The competitive landscape of the home healthcare software market includes Allscripts Healthcare Solutions, Inc., NextGen Healthcare Information System LLC, Agfa Healthcare (IG Farben), Cerner Corporation, Mckesson Corporation, GE Healthcare (General Electric), Medical Information Technology, Inc. (Meditech), and Siemens Healthcare.