- Report ID: BMRC 1300 | Number of pages: 200 | Publish Date: Jan 2021
Status: Published | Category: Technology And Media | Delivery Timeline:
Long-Term Care Software Market is valued at USD 2411.45 Million in 2020 and expected to reach USD 5652.15 Million by 2027 with the CAGR of 12.94% over the forecast period.
Long-Term Care Software Market: Global Size, Trends, Competitive, Historical & Forecast Analysis. Upsurge in technological advancement and increasing geriatric population are some factors driving the long-term care software market.
Long-term care software is fully integrated with electronic health record, billing solution and business intelligence that helps healthcare facilities to enhance residential care, maintain compliance and manage multiple levels with a single software solution. This software automates the workflow of nursing homes and long-term care facilities. The software provides multiple high-quality healthcare services those are coupled with several benefits including accurate information, reduce data redundancy, boosts productivity and efficiency, saves time, and among others. Moreover, long-term care software also provides automatic inter-facility accounting, maintains records, consolidated reports for many facilities to saves over long time. Long Term Care Software improves resident care, reduce labor cost, maintain compliance and increase reimbursement with fully integrated electronic health record and billing solutions.
Its wide range of features are associated with such as centralized database, user-friendly graphical user interface and others support for rapid adoption of this software across the globe. Multiple applications of long-term care software such as it enables mental health care providers to manage distant patient scheduling, video conferencing, and messaging and analyzing millions of data records and quickly spot potential issues before they become problems as a result of rapid adoption of long-term care software.
Long-term care software market report is segmented based on products, type, end users and by regional & country level. Based upon products, long-term care software market is classified into clinical solution and non-clinical solution. Based upon type, long-term care software market is classified into web-based, on-premise and cloud-based. Based upon end users, long-term care software market is classified into home care agencies, hospice care facilities and nursing homes & assisted care.
The regions covered in this long-term care software market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of long-term care software is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Long-term care software market report covers prominent players like AOD Software, Cerner Corporation, Kronos, PointClickCare, Omnicell, Inc., McKesson Corporation, Optimus EMR, Omnicare, Inc., Allscripts Healthcare Solutions, Inc., MatrixCare, SigmaCare, and HealthMEDX LLC among others.
News: On February 26, 2019, WellSky (previously known as Mediware) announced the acquisition of Health Care Software (HCS) with undisclosed amount. Health Care Software is the specializes in clinical and financial software for long-term care settings. WellSky is the leader in Healthcare software and services company provides tools for home health, scheduling, EHRs, medication management and cellular therapy currently serves more than 10,000 customer sites worldwide. WellSky aim to operate across the world market and this acquisition help company to gain new analytics and care management tools, which will allow it to pursue new market opportunities as well as increase its offerings for existing clients.
Demographic trends, various government initiatives across the globe to curtail increasing healthcare costs and shortage of healthcare practitioners are the key factors driving the growth of long-term care software market. Moreover, digitalization in healthcare sector and increasing development in healthcare infrastructure across the world are fuelling the growth of the global long-term care software market. Additionally, increase in the geriatric population and subsequently there is an increasing prevalence of chronic disease in such section of the population creating the demand of long term care software, For instance, as per the data of United Nation, there were around 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050.
On the flip side, high cost of software maintenance and reluctance by traditional LTC providers to adopt software are restraining the growth of this market to a certain extent. Nevertheless, growing awareness about several beneficial features associated with software including compliance and safety, centralized database, staff management, customer relationship management and marketing among others. These are among other factors expected to create lucrative opportunity in the market over the forecast period.
North America is dominating the long-term care software market. The factors attributed to the high growth of the region are presence of key players and growing adoption of long-term care software in the region fueling the market growth. For instance, key players including, Cerner Corporation, Omnicare Inc., AOD Software, Kronos are based in USA. In addition, presence high number of geriatric populations in the region help to dominate the market. For Instance, instance, as per the report of PRG, published on July 15, 2019, 52 million American population were aged 65 or older than that in the year of 2018 and it is projected to reach at 95 million by 2060.
Asia-Pacific is the emerging market and expected to grow at highest CAGR owing to technological advancement in the region are expected to promote the growth long-term care software market in Asia Pacific. Moreover, rising geriatric population in Japan and China in addition developing economy. For instance, as per the report of UNESCAP 535 million population was aged 60 or more than that in 2015 it is expected to reach 1.3 billion by 2050.
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Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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Long-Term Care Software Market Size By Deployment Type (Web-Based, On-Premise, Cloud-Based) , By End-User (Home Care Agencies, Hospice Care Facilities, Nursing Homes & Assisted Care) Forecast 2021-2027