The size of the European home healthcare software market is predicted to be growing at a promising CAGR from 2022 to 2027.
A major driver of market growth is the growing demand for IT solutions that can solve many problems related to data storage, retrieval, and accessibility, which helps reduce costs and improve performance and quality of care. Home care healthcare software products have emerged as an effective tool to solve medication errors and reduce the rising cost of health care. Apart from this, factors such as government initiatives and various incentive schemes for home care providers, an aging population, and the high prevalence of chronic disorders worldwide will encourage the adoption of healthcare software.
However, increasing technological advancements and advanced software releases have made home care services more convenient and efficient. The integration of computer systems in the health sector has offered several advantages. Healthcare software systems like telehealth and clinical management are available in the European market. The main advantage of home care software is the decrease in healthcare costs.
Applying technologies such as mobile health and cloud-based software generates huge potential growth in the European home care software market. In addition, the adoption of various other healthcare conversion systems is increasing the need for newer software developments and testing, giving better opportunities for the European home care healthcare software market.
The main restraints for market growth are growing security concerns, interoperability issues, integration issues, poor IT skills of staff, and poor financial support from governments in parts of Europe. Additionally, certain strict government rules and regulations and rapid changes in economic strategies quietly inhibit market growth.
Impact of COVID-19 on the European home healthcare software market:
Since COVID19 still haunts economies around the world, the year-over-year (year-over-year) average exports to Europe declined by USD 3.0 billion from March 2020 to March 2022, while imports increased by $ 20.7 billion during the same period. This clearly shows how the market is trying to recover, and it will have a direct impact on the healthcare and IT industries, creating a huge demand for products in the European home healthcare software market.
This research report on the European home healthcare software market has been segmented and sub-segmented into the following categories.
By Type of Software:
By Mode of Delivery:
Geographically, the European market is the second-largest market globally and is expected to create substantial opportunities for players. Over 66% of the revenue generated in the regional market is expected to come from Germany, UK, and France. In addition, the Russian and Polish markets are expected to grow at a substantial rate. Recently, the demand for palliative care has increased and is also expected to increase in the future due to the increasing incidence of fatal diseases such as cancer. For example, Cancer Research UK suggests that the cancer population is expected to increase in the future. According to the report, if recent trends in major cancer incidence and population growth are consistent, there will be 28.5 million new cancer cases globally each year by 2040, up from 19 million in 2019. This factor should increase palliative care centers, which will also increase the demand for software solutions for home healthcare centers, and this will help their market growth.
The German home healthcare software market dominated the European market in 2019 with a 30.82% market share, followed by the UK and France due to a large number of IT players. In addition to this, the strong adoption of advanced technologies and the high investments in the healthcare sector are driving the market's growth in these regions. Additionally, the healthcare industry is one of the largest shares in the European region, further driving the market growth. According to the World Bank, the elderly population of Europe increased from 55.05 million to 59.30 million during the period 2017-2020. The increase in the elderly population has driven the growth of the market.
KEY MARKET PLAYERS:
Allscripts Healthcare Solutions, Carestream Health, GE Healthcare, NextGen Healthcare Information System LLC, Siemens Healthcare, Novarad Corporation, MEDITECH, Cerner Corporation, Agfa Healthcare, WellSky, Medical Information Technology, Inc. (Meditech), and Continulink are a few of the noteworthy companies operating in the European home healthcare software market.
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