Home healthcare software market set to reach $38.92 billion by 2032 due to aging population
From GlobeNewswire: 2024-11-27 08:00:00
The Home Healthcare Software Market was valued at USD 12.16 billion in 2023 and is projected to reach USD 38.92 billion by 2032, with a growth rate of 13.8% from 2024 to 2032. This growth is fueled by factors such as the aging population, increasing demand for home-based care, and advancements in software solutions enhancing patient care management.
The rising demand for home healthcare services is driven by a preference for care at home, technological innovations promoting effective patient monitoring, and the growing elderly population. Healthcare systems are emphasizing reduced hospital admissions, leading to a need for enhanced home healthcare solutions, including patient management and service delivery software.
The Home Healthcare Software – Product & Service Market includes tools and platforms that streamline healthcare services in home settings. These solutions cater to the operational needs of healthcare providers and specific care requirements of patients, offering agency management platforms, patient management platforms, scheduling tools, billing technologies, and compliance tracking tools to enhance efficiency, reduce costs, and improve patient outcomes.
The market for home healthcare software – product & service is growing in response to an aging population with chronic conditions requiring long-term care. Innovations in cloud computing, telemedicine, and mobile applications are driving the supply side of the market, enabling remote monitoring, virtual consultations, and real-time data management for patients receiving care at home. Increased regulatory compliance is also pushing providers to invest in software solutions for improved patient outcomes.
In the home healthcare software – product & service market, Agency Management Software dominated in 2023, accounting for 35% of the overall market share. This dominance is due to the software’s role in streamlining operations for home healthcare agencies, managing patient care, scheduling, billing, employee coordination, and regulatory compliance. The fastest-growing segment is Hospice Software Solutions, projected to grow at 15% annually due to the rising demand for end-of-life care.
Skilled Nursing Services held the largest share in the service category in 2023, providing essential healthcare services like post-surgical care, wound care, and pain management at home. Infusion Therapy is expected to be the fastest-growing service segment, with a forecasted annual growth rate of 20%, catering to patients with chronic diseases requiring infusion medications. The shift towards home-based healthcare is driving the rapid growth of home infusion therapy.
Recent developments in the Home Healthcare Software – Product & Service Market include Heim Health securing £2.2 million (USD 2.7 million) in funding to revolutionize home healthcare delivery, showcasing the ongoing innovation and investment in the industry. A company is revolutionizing community-based healthcare with a tech-driven model to ease strain on hospitals, enhancing home healthcare accessibility and efficiency. Meanwhile, the FDA’s “Home as a Health Care Hub” initiative aims to utilize AR and VR tech to turn homes into comprehensive healthcare systems, addressing health disparities and improving equity.
Read more at GlobeNewswire: Home Healthcare Software Market to Surpass USD 38.92