Home Healthcare Software Market To Surpass USD 38.92 Billion By 2032 At A CAGR Of 13.8% - SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) According to Research by SNS Insider, The Home Healthcare Software Market Growth is Driven by Technological Advancements and The Rising Aging Population.

Austin, United States, Nov. 27, 2024 (GLOBE NEWSWIRE) -- According to SNS Insider, The Home Healthcare Software Market was valued at USD 12.16 billion in 2023 and is expected to reach USD 38.92 billion by 2032, growing at a CAGR of 13.8% over the forecast period from 2024 to 2032.

This growth is driven by several factors, including the rise in the aging population, the increasing demand for home-based care, and the advancements in software solutions that enhance patient care management and operational efficiency.

Growth in Home Healthcare Software - Product & Service Market Fueled by Technological Integration and Shifting Patient Preferences

Increased demand for home healthcare services has emerged in the last few years due to a growing preference for care at home. Technology innovations are promoting more effective management and monitoring of patients. The elderly population continues to grow, and healthcare systems emphasize reduced hospital admissions; therefore, the need for enhanced home healthcare solutions, including patient management and service delivery software, has grown.

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Market Overview

The home healthcare software - product & service market is an incredibly broad category of tools and platforms that streamline and enhance healthcare services in the home setting. They have suitable solutions for the operational needs of healthcare providers and specific care requirements for patients. These include agency management platforms, patient management platforms, scheduling tools, billing technologies, and compliance tracking tools to help increase efficiency, reduce costs, and improve patient outcomes.

The rise in population with a high age and chronic conditions that demand long-term care is seen to be driving the demand for home healthcare services. With these drivers in place, the parallel growth of the market for home healthcare software - product & service is seen in the interest of developing enhanced service delivery and increasing patient satisfaction by providers. Innovations in cloud computing, telemedicine, and mobile applications for health care are driving the supply side of the market. These applications help healthcare providers offer remote monitoring, virtual consultations, and real-time data management. The improvements in this technology have allowed patients to receive care in the comfort of their homes, which benefits healthcare providers through streamlined processes and efficient care coordination.

This is a segment of the market that is experiencing increased regulatory compliance that would necessitate the investment of providers in software solutions that better equip them to ensure compliance with laws and standards governing health care. As the market matures, there is expected growth in AI and ML integration into home healthcare software, enhancing this more personalized care and predictive analytics capabilities for better outcomes for patients.

Key Home Healthcare Software Companies Profiled:

• ResMed
• Agfa Healthcare
• GE Healthcare
• Siemens Healthcare
• Veradigm
• McKesson Corporation
• Cerner Corporation
• Epic
• NextGen Healthcare
• ClearCare Inc. (WellSky)
• Kinnser Software
• Netsmart Technologies
• Thornberry Limited
• Alora Healthcare Systems
• Healthcare Provider Solutions
• CareTime
• Delta Health Technologies
• Centex AxisCare LLC
• Carecenta

Home Healthcare Software Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 12.16 billion
Market Size by 2032	US$ 38.92 billion
CAGR	CAGR of 13.8% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

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Segmentation Insights

By Software

In 2023, Agency Management Software emerged as the dominant segment within the home healthcare software - product & service market, accounting for 35.0% of the overall market share. This dominance is attributed to the essential role agency management software plays in streamlining operations for home healthcare agencies. These solutions help manage various aspects of patient care, from scheduling and billing to employee coordination and regulatory compliance. By automating administrative tasks and improving communication, these platforms not only enhance patient care but also reduce operational costs for agencies.

The fastest-growing segment in the software category is Hospice Software Solutions, projected to grow at a rate of 15% annually. The increasing demand for palliative and end-of-life care, particularly as the elderly population grows and chronic conditions become more prevalent, is driving the rapid growth of this segment. Hospice software helps providers manage sensitive end-of-life care, offering tools for treatment plans, patient records, and care coordination. With a growing preference for hospice care at home, this segment is expected to continue its upward trajectory in the coming years.

By Service

Skilled Nursing Services represented the dominant service category in 2023, capturing 40.0% of the total market share. This sector encompasses a range of essential healthcare services, including post-surgical care, wound care, and pain management, delivered by trained nurses in the comfort of patients' homes. The growing number of people with chronic conditions, particularly older adults, who prefer receiving care at home instead of in hospitals, is contributing to the dominance of this segment.

On the other hand, Infusion Therapy is expected to be the fastest-growing service segment, with a forecasted annual growth rate of 20%. Infusion therapy, which involves administering medications through injections or IVs, is becoming increasingly important for patients with chronic diseases like cancer, diabetes, and autoimmune disorders. The shift toward home-based healthcare and advancements in portable infusion technologies are making home infusion therapy more accessible and appealing, driving its rapid growth.

Home Healthcare Software Market Key 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

Recent Developments in Home Healthcare Software - Product & Service Market

• In November 2024, Heim Health secured £2.2 million (USD 2.7 million) in funding to revolutionize home healthcare delivery. The company plans to reshape community-based healthcare through a scalable, technology-driven model aimed at alleviating pressure on hospitals. This innovative solution will help improve the accessibility and efficiency of home healthcare services.
• In April 2024, the FDA introduced an innovative initiative called "Home as a Health Care Hub," designed to transform the home environment into a comprehensive healthcare system. The initiative will leverage augmented and virtual reality technologies to enhance healthcare delivery, with a focus on improving health equity. The FDA's vision is to turn the home into a central space for healthcare, offering solutions to address various health needs and disparities.
  

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