The global home care software market is “undervalued” despite tremendous growth in the sector in the last two years, experts in the field have suggested.
The market is expected to nearly triple in value from 2019 to 2026, growing at an annual growth rate of nearly 14%, according to one research study.
Meanwhile, funding for elder home care start-ups has nearly doubled in the last two years, a report from Crunchbase has estimated.
However, experts in the home care industry see many factors that indicate estimations for the market are undervalued.
“First and foremost, many of the forecasts for these studies have taken place before Covid-19 started reshaping healthcare models around the world,” said Simo Hännikkälä, CEO of home care software solutions provider Nursebuddy.
“I get continuing signals from clients, governments, ageing populations and the ongoing pandemic that point to an industry that’s undervalued.”
Nursebuddy has seen an annual growth of 106% per year, with customers in seven countries.
Hännikkälä commented: “This kind of growth would’ve been impossible if there wasn’t a large demand for digital solutions in the home care market.”
A key indicator that the home care software market is undervalued is plans by NHSX to digitise record-keeping for social care providers, with many goals to be met by 2024.
There’s also an ongoing feeling in the home care industry that digital record keeping for home care agencies will eventually become a requirement for the Care Quality Commission.
Dr Jane Townson, CEO of the United Kingdom Homecare Association, said: “There are different types of software available that are used to a greater or lesser extent by providers. Digital rostering systems for example are probably in use by 70 to 80% of providers whereas digital care records are in use by maybe 30% of care providers.
“I think the reason why it’s undervalued at present is because levels of adoption at the moment are not as high as they could be. The government in the UK has a strategy to encourage use of digital solutions in the social care sector in general.”