Homecare-EMR, electronic point-of-care documentation, and homecare-CRM are lucrative markets for investors
Several initiatives and healthcare reforms have been developed in order to support the adoption and implementation of homecare software, especially hospital readmission program by Affordable Care Act, and new health plan budget approved by Obama’s care where reimbursement value is cut down by 1.1%.
Clinical management system accounted for the largest share-35%- of global home healthcare software and services market. Clinical Management system and telehealth solutions are estimated to grow at brisk pace over the next five years. The high growth in these segments can be attributed to the growing demand for quality care at point-of-care, real time access of patient’s data, and rising medication errors. Furthermore, the implementation of this system will help in reducing healthcare costs, and re-admission rates.
By application, non-clinical solutions accounted for the largest share of 53% of the home healthcare software and services market. Homecare-CRM will be the non-clinical application that will gain maximum share in the market by 2018. The key growth attractants in the clinical solutions are homecare-EMR, and electronic point-of-care documentation.
New technologies such as cloud computing, mobile technology, and telehealth solutions have emerged as efficient models to transform the healthcare system. Cloud computing segment offers significant benefits to the healthcare sector. It provides quick access to patient data, ability to share information more easily, and also improves operational efficiency. Owing to these factors, this segment is expected to be a major revenue pocket for the homecare software market in the coming years.
Countries such as China, India, South Korea, and Australia will also offer potential growth opportunities to homecare software and services stakeholders. Saudi Arabia, Qatar, Bahrain, and Brazil will also emerge as lucrative markets for homecare software and services providers.
Above all, the updated version of OASIS documentation and ICD 10 conversation system offers tremendous opportunities to homecare software vendors as there will be an increase in demand for training, and software development and testing.
The grey area while estimating the market size is the fragmented nature of the market from both suppliers end as well as consumers end, and complex structure of homecare solutions.
From an insight perspective, this research report focuses on the qualitative data, market size, share, and growth of various segments and sub-segments, competitive landscape, and company profiles.
The qualitative data covers various levels of industry analysis, such as market dynamics (drivers, restraints, opportunities, and threats), and porter’s five forces analysis at global level. The report also offers market shares, sizes, and related growth of various segments in the industry. It also focuses on the emerging and high-growth segments of homecare software and services market (Clinical management system, telehealth solution, homecare EMR, and homecare CRM), high-growth regions, and the initiatives of their respective governments.
The competitive landscape covers the growth strategies adopted by industry players in the last three years. The company profiles comprise the basic views on the key players in the homecare software and services market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above-mentioned market research data, current market size, and forecast of future trends will help the key players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.