Global Home Healthcare Software Market: Overview
Home healthcare is a wide segment consisting of various software, products and services which are provided at patients’ home. The trend observed globally is the shift of treatment from hospitals to homes in order to save expenses and gain cost effectiveness. The convenience and cost effectiveness offered by the home healthcare services and treatments over hospital treatment are the driving forces for this market. In the home healthcare market third party service providers are witnessing huge demand for better treatment quality and trained professionals. Asian countries such as Japan, India and China show high demand for home healthcare, as they contain a growing aging population. North America is also showing constant growth in the home healthcare market as reimbursement is offered on specific devices and health policies in the U.S.
Cost & convenience, increasing awareness, rising prevalence of diseases & the growing aging population, technical advancements in healthcare segment and rising incidence of chronic diseases globally are some driving forces for global home healthcare market. Some of the factors restraining the growth of the home healthcare device market include changing nature of reimbursement policies, limited coverage for home healthcare devices, changing technologies and regulatory obstacles for the new era devices. Players in the home healthcare market can seek opportunities in cost efficient devices through strategic aligning and telehealth patient monitoring
Global Home Healthcare Software Market: Segmentation
The home healthcare software market is segmented on the basis of type of equipment, type of service provided and region. On the basis of type of equipment, the home healthcare market is segmented into monitoring equipment, therapeutic equipments and mobility assist & other equipment. This monitoring equipment segment is further segmented into home diabetes care devices, home holter monitors, home pregnancy/fertility tests, heart rate meters, home - apnea & sleep monitors, home patient monitors and other home patient monitors. Home healthcare therapeutic equipment segment is further segmented into home respiratory therapy equipment (medical ventilators and accessories, medical nebulizer kits and devices, continuous positive airway pressure products and oxygen delivery systems), home IV equipment, home insulin delivery devices, home dialysis equipment, hearing aids market and other home therapeutic equipment. Mobility assist equipment segment is further segmented into wheelchairs and related devices, walking assist devices and home medical furniture.
Home healthcare services market is segment into respiratory therapy services, infusion therapy, unskilled home healthcare and rehabilitation service providers (speech therapy, occupational therapy and physical therapy). On the basis of region, the home healthcare software, product and service market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW).
Global Home Healthcare Software Market: Competitive Dynamics
Some major players in the home healthcare software, product & service market are Abbott Laboratories, Air Liquid S.A., Amedisys Inc., American Homepatient Inc., Apria Healthcare Group inc., Baxter International Inc., Bayer Ag, B. Braun Melsungen Ag, Carefusion Corporation, Coloplast A/S, Convatec Inc., Covidien Plc., C.R. Bard Inc., Eli Lilly and Company, Fresenius SE & Co Kgaa, GE Healthcare, Gentiva Health Services Inc., Philips Healthcare, Invacare Corporation, Lincare Holdings Inc., Medtronic Inc., Novo Nordisk, Siemens Healthcare, Sunrise Medical Inc., and Teleflex Incorporated, among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.