Long Term Care Software Market Forecasts to 2028 – Global Analysis By Product (Non-Clinical Solutions , Clinical Software), Deployment (Web Based, On Premise, Cloud Based) and By Geography

Long Term Care Software Market Forecasts to 2028 – Global Analysis By Product (Non-Clinical Solutions , Clinical Software), Deployment (Web Based, On Premise, Cloud Based) and By Geography

According to Stratistics MRC, the Global Long Term Care Software Market is accounted for $3,226.54 million in 2022 and is expected to reach $7,739.92 million by 2028 growing at a CAGR of 15.7% during the forecast period. Long-term care is a service which helps meet medical and non-medical needs of people with chronic illnesses or disabilities. It involves a variety of services designed to meet a person’s health or personal care needs during a short or long period of time. Long-term care software solutions are fully-integrated electronic health record, billing and business intelligence solution which allows healthcare facilities to enhance resident care, maintain compliance and manage multiple levels with the single software solution.

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. 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.

Market Dynamics:

Driver:

High occurrence of chronic diseases

High incidence of chronic diseases is a chief reason of disabilities needing medical attention. This software delivers real workflow procedures saving time and cost. Governments of progressive countries are improving their healthcare infrastructure to deliver reasonable care solutions for senior citizens. The U.S. government supports long-term care software for the elderly through Medicare and Medicaid systems, powering growth of the market

Restraint:

Trouble and incompetence

Maintaining this kind of software needs frequent updates. If team doesn’t stay on top of that, records could lose their correctness and, afterward, their value. This software can also be troublesome in that they need computer access and, more, internet access to utilize. If have a power outage or computer failure, that information can become inaccessible. An essential part is the ability to have an information technology team available to solve technical problems immediately so that patient care interruptions are minimized.

Opportunity:

Federal government initiatives to bolster sustainable

The Centers for Medicare and Medicaid Services have made a public declaration for the issue of better resident care delivery in terms of training, tools, and technical assistance for a flawless long term care delivery to improve quality of life amongst patients. These developments are estimated to have a favourable bearing on long term patient care and also benefit software market perceptibly.

Threat:

Malpractice Liability Concerns

Executing of this software opens the door to numerous liability concerns, such as how to confirm precious medical data does not get destroyed or lost during the transfer from paper to electronic records. This, in turn, could lead to errors in treatment. Physicians can be held liable for any inability to access all the medical data at their disposal, especially when that data is supposed to be more accessible given their electronic nature.

Impact of Covid-19

Due to Covid-19 Outbreak the most of the sectors across the globe have been negatively impacted over the last few months. This can be attributed to significant disorders experienced by their relevant manufacturing and supply-chain operations as a result of several safety lockdowns, as well as other restrictions that were enforced by governing authorities across the globe. The same applies to the Long Term Care Software Market. Moreover, consumer demand has also subsequently reduced as individuals are now intense on eliminating non-essential expenses from their budgets as the general economic status of most individuals have been severely affected by this outbreak. These aforesaid elements are expected to problem the revenue course of the Long Term Care Software Market over the forecast timeline.

The cloud-based segment is expected to be the largest during the forecast period

The cloud-based segment is expected to be the largest during the forecast period. The cloud-based solutions segment is gaining traction owing to its cost-effective solutions have less operational issues, flexible cost and usage, low investment, and easy implementation procedure with advanced security.

The Home Healthcare Agencies segment is expected to have the highest CAGR during the forecast period

The Home Healthcare Agencies segment is expected to have the highest CAGR during the forecast period. As, home health care agencies hire healthcare professionals such as nurses, home health care aides, therapists, and homemakers for home-based services. Home-based services comprise personal care, such as help with bathing, dressing, and taking medications, and supervision to make sure a person is safe.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to increasing demand for LTC software coupled with the increasing ageing population which demanding long-term care. Moreover increasing the geriatric population, awareness, and reforming healthcare infrastructure to provide affordable healthcare to senior citizens in the region boost the target market growth. Long-Term care services provided by paid, regulated providers are a significant component of personal health care spending in the United States.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, due to infrastructural development in healthcare sector, rising medical tourism in the emerging economies such as India, China and few others. The Asia market will show high development rates in the years to follow, with India and China being the highest expanding markets in the region. Moreover, increase in aging population, lack of doctors and nursing staff, a rise in healthcare cost, increasing occurrence of chronic diseases, rising healthcare growths and increasing number of initiatives by several government associations and governments are some aspects fuelling the expansion of the global market.

Key players in the market-

Some of the key players profiled in the Long Term Care Software Market include Cerner Corporation, Omnicare, Inc., Kronos Incorporated, Optimus Emr, Omron Healthcare Inc , Allscripts Healthcare Solutions, Inc., Mckesson Corporation, Omnicell, Inc., Healthmedx, Matrix Care, 3M, Aod Software (Advanced Answers On Demand, Inc.), Long Term Care Group, Inc., Intellitec Solutions, ADL Data Systems, Inc.

Key Developments:

In November 2019: OMRON Healthcare, Inc., was awarded in TIME Magazine in the prestigious Best Inventions 2019 list for HeartGuide™, the first wearable blood pressure monitor.

In October 2019: 3M acquired of Acelity, Inc. and its KCI subsidiaries worldwide. 3M’s Medical Solutions business is focused on applying 3M technologies to deliver safe and effective solutions to improve clinical outcomes and healthcare economics.

Products Covered:
• Non-Clinical Solutions
• Clinical Software

Deployments Covered:
• Web Based
• 6.3 On Premise
• 6.4 Cloud Based

Deployment Models Covered:
• On-Demand
• On-Premises

End Users Covered
• Hospice Care Facilities
• 7.3 Nursing Homes and Assisted Living Facilities
• 7.4 Home Healthcare Agencies
• 7.5 Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements