Long-term Care Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Long-term Care Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The long-term care software market was valued at approximately USD 3974.68 million in 2021, and it is expected to witness a revenue of USD 7803.39 million in 2027, with a CAGR of 11.90% over the forecast period (2022-2027).

The COVID-19 pandemic affected the elderly population excessively, particularly those who are living at long-term care facilities (LTCF), with a significant impact on mortality and morbidity. As per the study article “COVID-19 excess mortality among long-term care residents in Ontario, Canada” published in January 2022, the mortality rate among long-term care residents was higher. Thus, strenuous action is required to alleviate the impact of COVID-19 by enhancing infection prevention and control (IPC) measures within LTCF with novel and advanced LTC software and solutions in order to track and manage the patients at LTCF affected with COVID-19. In November 2020, GHD revealed four new advanced solutions, namely SimpleTrack, Contact Connect wearables, Appointed, and Wastewater testing service, intended to increase the safety of residents in long-term care facilities through contact tracing, appointment bookings, and early notification of COVID-19 trends.

The major factors attributing to the growth of the long-term care software market are the healthcare reforms and government initiatives, the rise in the aging population, and the growing burden of chronic diseases. As per the data from World Health Organization, the number of people aged over 60 years and above is expected to reach 1.4 billion by the year 2030 and is projected to reach 2.4 billion by year 2050. As old people require more care, the market studied is believed to witness strong growth in future.

Among the patients requiring long-term care, some of the most frequent chronic medical conditions include hypertension, gastroesophageal reflux disease, diabetes, atrial fibrillation, anemia, arthritis, congestive heart failure, constipation, chronic obstructive pulmonary disease, cerebrovascular disease, dementia, osteoporosis, Parkinson’s disease, peripheral vascular disease, renal failure, and thyroid disorders, amongst others. According to Alzheimer's Disease International, globally, there were around 50 million people with dementia in 2020. This number is expected to double every 20 years, reaching 82 million in 2030 and 152 million in 2050. Therefore, to control and monitor such a large section of the old age population, prone to any chronic disease, at any point of time, even if the disease is being occurred once, it is important to get them monitored at home care, nursing facility, or community centers, as well as assisted living centers. The importance of software and devices to connect to these centers, as well as patients, becomes a necessity, and thus, acts as one of the major drivers for the market studied.

Government policies and acts, such as the Health Information Technology for Economic and Clinical Health Act (HITECH), improve the healthcare quality, safety, management, and efficiency, including the electronic health records (EHRs) and a private and secure electronic health information exchange. Such type of information exchange is vital in proper disease management, in order to alert the clinicians in a timely manner.

Key Market TrendsElectronic Health Records Projected to Have Notable Growth Rate Over the Forecast Period

EHRs are highly useful in the management of documentation, quality outcome, and health outcomes. The boost in productivity in the healthcare facility was observed over the period of two years. Increasing public and private financial incentives on the EHR adoption is driving the growth of the overall EHR market, while also impacting the long-term care EHR solutions, positively. The EHR can improve the quality of care in Long-term Care facilities through a reduction in medication-related errors, improved clinical documentation and decision making, and through the Health Information Exchange.

For instance, the federal government invested billions into training health information technology workers and establishing regional extension centers to deliver technical and other advice for the better transition towards an electronic system.

The adoption rate in developed markets is steadily increasing across long-term care, as well as home health agencies. This increase in the adoption rate is being noticed by the IT-based companies that are investing more in healthcare facilities, such as Allscripts.

Due to COVID-19 pandemic, the reliance of patientson online sources has increased which made it compulsive for healthcare providers to come up with easy to access health record platforms. Patient records are now largely generated and processed using electronic medical records (EMRs), which are managed by EMR software, and electronic health records (EHRs), which are maintained by EHR software.

Moreover, based on the current scenario of lockdown due to the outbreak of COVID-19 across some countries, the use of EHR systems is expected to help in monitoring and treating diseases in people who need regular consultation with doctors in monitoring their health condition. In January 2021, MEDITECH launched its COVID-19 Vaccination EHR solution, intending to streamline COVID-19 vaccine administration across health systems. These EHR registries can identify patients who are eligible for the vaccine, and it also shows which long-term facility residents have preexisting conditions.

North America Dominates the Market, and is Believed to Witness the Same Trend Over the Forecast Period

North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing geriatric population and the favorable government policies, along with the presence of widespread insurance coverage. In North America, the United States holds the largest market share. This is mainly due to the high adoption rate of new technology software services across the country. For instance, the Drug Enforcement Administration (DEA) allowed practitioners to write prescriptions for controlled substances electronically. This allows for a reduction in prescription errors caused by illegible handwritten prescriptions.

Similarly, at the national level, the National Institute on Aging (NIA) helps in conducting and supporting research on aging and the health and well-being of older people. At the state level, some of the programs include the National Association of States United for Aging and Disabilities (NASUAD), Minnesota’s Long-Term Care Choices Navigator, Massachusetts Department of Elder Affairs, and the Georgia Department of Human Services (DHS) Division of Aging Services, among others.

Due to the sudden and severe COVID-19 outbreaks, timely epidemiological surveillance is essential for outbreak response, hence creating a huge demand for long-term software and solutions in the North American region. For instance, in June 2020, US-based Syft launched a new solution called incident surge recovery, and long-term preparedness solutions were developed to help hospitals optimize critical supply chain processes to improve care for COVID-19 patients, recover from COVID-19-related revenue losses, and prepare for future supply chain disruptions.

Therefore, owing to above-mentioned factors, the market studied is expected to witness significant share in North America region.

Competitive Landscape

The long-term care software market is moderately competitive and consists of several major players. In terms of shares, a few of the major players currently dominate the market. With the rising patient awareness levels and increasing geriatric population, a few other smaller players are expected to enter the market in the coming years. Some major players in the market include Allscripts Healthcare Solutions, Cerner Corporation, McKesson Corporation, Matrix Care, and Optimus EMR.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.