Telehealth solutions and clinical management system (CMS) will be the fastest-growing segment in the home healthcare software & services market in the next five years, according to a new report by MarketsandMarkets. The new report estimates the home healthcare software and services market is expected to reach $6.4 billion by 2018.
CMS is an integrated package of various applications such as homecare-EMR, CPOE, CDSS, electronic point of care documentation (485 plan, OASIS), alert management module, physician’s portal module, medication management, among others. 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.
Key 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. Various benefits while implementing these applications, such as real time data accessibility, patient scheduling, referral management, prompt recommendation at the point-of-care, and improvements in quality care at low costs, will spur the market growth.Further, the use of homecare software will result in lower documentation time and enhance communication that saves both cost and time.
Globally, the home healthcare software and services market will be driven by the growing pressure to reduce healthcare costs, growing patient consumerism for quality care,shortage of nursing and staff,government support and healthcare reforms, and hospital readmission reduction program by U.S. Affordable Care Act. The major bottlenecks for the growth of this market are the growing concerns over security, interoperability, integration challenges, costs incurred while integrating, problems in implementing home care solutions, incomplete or poor quality of data entry, and poor IT skills among home care staff. Cloud based delivery mode, telehealth solutions, and mobile technology offer huge growth opportunities for home care software and services vendors, globally.
The key players in the home healthcare market are:
- Agfa Healthcare
- Allscripts Healthcare Solutions, Inc.
- athenahealth, Inc.
- Cerner Corporation
- Carestream Health, Inc.
- Epic Systems
- GE Healthcare
- McKesson Corporation
- NextGen Healthcare Information System LLC
- Novarad Corporation
- Siemens Healthcare