Market Size of Global Home Healthcare Software Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
