Home Healthcare Software and Services Market To worth $6.4B by 2018

The home is now a billion dollar market for connected healthcare software and services; because of the advancement in technology, especially telecom and M2M, more healthcare services can be carried out in the patient’s home.  Gone are the days when patients who need regular check-up are required to visit the hospital or clinic; now they can be monitored while at home.  According to research by MarketsandMarkets, the global home healthcare software and services market will worth over US $6 Billion by 2018.

According to MarketsandMarkets clinical management system (CMS) and Telehealth solutions will be two of the fastest growing market segments over the next five years. CMS, which comprises of a set of integrated systems such as medical management, homecare-EMR, physicians’ portal among others and telehealth have been used to reduce hospital readmissions for many patients, thus reducing cost and time for everyone.

“The rising demand for such integrated package of CMS will drive this market as it allows instant access to huge volumes of patient data with a single click, thereby saving time and costs. Other factors accelerating the growth of this market are the presence of government initiatives to promote clinical IT solutions, growing pressure to curtail healthcare costs, and rising demand for quality care.”

The homecare software market is divided into clinical, with software such as the physicians portal and the non-clinical segment comprises of softwares that offers billing and scheduling, homecare-CRM, accounting, payroll, and others. MarketsandMarkets said the non-clinical segment accounts for a larger share of the market up to 2013, however clinical applications are estimated to grow at a higher CAGR from 2013 to 2018.

MarketsandMarkets sees the cloud method of delivery as the fastest over the same period (2013-2018) when compare to web-based and on-premises. This is because of the growing need to meet security requirements and accessibility, also it reduce cost and the need for skill IT staff.

Their geographic analysis reveals that North America was the largest contributor to the global home healthcare software market in 2013 and will be the second fastest growing region for home healthcare software market till 2018.