As per our report, the size of the global long-term care software market is estimated to grow to USD 4.19 Billion by 2028 from USD 2.32 Billion in 2023, growing at a CAGR of 12.5% during the forecast period.
Long-term care is a clinical service that helps the medical and non-medical needs of people with a disability or chronic diseases who cannot care for themselves. It is concentrated on individualized and coordinated services that give the patient independence and quality of life and provide services to patient needs from time to time. Long-term care levels include day programs, home care, nursing home, senior housing, continuing care retirement communities, and assisted living. The long-term software is fully integrated with electronic health records and other non-clinical solutions to increase patient care, decrease labor costs, and maintain compliance. Data is entered into the software, which programs and flows through the system for various facilities. It helps provide consolidated reports for multiple facilities, offers good quality care with accurate information, saves time, automatic inter-facility accounting, boosts efficiency and productivity, maintains records over long periods, and reduces the risk of redundancy, eliminating inconsistencies in the documentation.
The growing aging population worldwide, the rising prevalence of chronic diseases, the shortage of skilled nursing personnel, and the rise in disposable income propel the global long-term care software market growth.
The aging population across the world is anticipated to hit 1.4 billion by 2030, according to World Health Organization (WHO). Approximately 12% of the U.S. adult population lives with more than 5+ chronic conditions, 28% with 3+ conditions, and 59% with at least one condition of chronic diseases. In addition, healthcare reforms and government initiatives, the increasing need to reduce healthcare costs, a growing need to raise awareness about diseases, improving healthcare infrastructure, changing demographic trends, and rising government funding are further expected to fuel the long-term care software market expansion. Population trends, a lack of healthcare specialists, and numerous government programs worldwide to reduce medical expenditures are other factors expected to accelerate the market's growth rate. To control and monitor such a large proportion of the elderly population susceptible to any chronic condition at any time, even if the disease has only occurred once, it is critical to have them monitored at-home care, nursing facilities, community centers, and assisted living facilities. Therefore, the need for software and equipment to connect to these centers and patients becomes a requirement and thus serves as one of the market's primary drivers.
Based on the current lockdown situation in some countries owing to the outbreak of COVID-19, the usage of EHR systems is expected to aid in monitoring and treating diseases in people who require regular consultations with doctors to check their health state. EHRs (Electronic Health Records) are highly beneficial in medical document management, quality, and health outcomes. The increase in productivity in the healthcare center was noticed for two years. Increasing governmental and private financial incentives for EHR adoption propels the whole EHR market forward while benefiting long-term care EHR solutions positively. Additionally, the rising innovations in the field of long-term care software to add beneficial features and advanced care and the investments from key market-established companies are also supporting the market's rise.
However, lack of awareness, high software maintenance costs, the reluctance of conventional LTC providers to adopt software, and insufficient government initiatives in developing countries are restraining the growth of the long-term care software market. Increased software maintenance costs and the rising reluctance of traditional long-term care providers to adopt software are the major factors that are expected to hinder the market growth. In contrast, lower adoption of long-term care software in developing countries is further anticipated to challenge the market's growth in the forecast period.
Impact of COVID-19 on the global long-term care software market:
COVID-19 is a new disease caused by SARS-CoV-2 and has spread to every corner of the world, affecting millions of people and leaving them to die. The pandemic has created a positive impact on the long-term care software market. During this situation, people visiting the hospitals have reduced to avoid spreading the disease. Meeting their consult physicians has decreased, and remote-patient consultations have rapidly accelerated. This way of approaching their professionals has become easy around the globe. As a result, the long-term care software market is expected to hit a steady and healthy CAGR during the forecast period.
Market Size Available
2022 to 2028
2023 to 2028
By Product, Mode of Delivery, End-User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global long-term care software market has been segmented based on the product, Mode of delivery, end-user, and region.
Long-term Care Software Market – By Product:
Based on the product, the e-prescribing segment is anticipated to show a healthy CAGR during the forecast period. Electronic prescription is a new way of entering prescription information into a computer or mobile application and transferring it to pharmacies where it can be dispensed. E-prescribing helps healthcare providers monitor prescription processing, warn patients about allergies, track prescriptions of controlled substances, increase medication adherence, etc. E-prescribing's advantages over other traditional methods contribute to the software market's growth for long-term care.
Furthermore, the EMR (electronic medical records) segment is also expected to show significant growth during the forecast period owing to the growing shift of healthcare sectors toward IT services and the computational maintenance of the patient's health history. In addition, it records to avoid mistakes and loss of records, making it easier to find and maintain thousands of records simultaneously.
Long-term Care Software Market – By Mode of delivery:
Based on the delivery mode, the cloud-based segment is anticipated to grow with the fastest CAGR throughout the forecast period. Remote monitoring of patients and cloud-based software will help create opportunities for the worldwide market for long-term care technology. In addition, global long-term care software market trends are growing demand for cloud-based solutions, partnerships and collaborations, and new product launches.
Additionally, the web-based segment is also expected to grow with a fast CAGR behind cloud systems due to the growing use of online platforms for the convenience of services by consumers. Furthermore, the web is a broader network than a cloud and is easily accessible to populations leading to the segment's growth.
Long-term Care Software Market – By End-user:
The home healthcare segment is expected to dominate the market during the forecast period due to a rise in personalized care and people preferring to stay at home and receive care rather than at hospitals. The advent of the healthcare IT sector has made this practice even more prevalent. Remote care services from hospitals are now being monitored using wearable healthcare devices and the long-term care software associated with them.
However, assisted living facilities are also growing due to the rise in geriatric populations and chronic diseases, leading to more patient enrolments. In addition, the growing stressful lifestyles of the younger generations to make ends meet is forcing them to opt for an outside care facility leading to segment expansion.
Long-term Care Software Market – By Region:
The North American region held a significant global market share in 2022.
The presence of significant players in the region and the expanding acceptance of long-term care software is attributed to the region's rapid growth. In 2022, the United States led the North American long-term care software market. This is owing to a high adoption rate of new technological software services across the country. For instance, the Drug Enforcement Administration (DEA) has allowed doctors to prescribe restricted narcotics electronically. This reduces prescription errors caused by illegible handwritten prescriptions. In addition, various organizations in North America are conducting, supporting, and funding R&D on the health and well-being of the aged. Due to the growing senior population and the desire to reduce healthcare expenses in the region, North America dominates the global market for long-term care software.
Due to rapid expansion in the healthcare sector and significant adoption of web-based and cloud-based long-term care software in emerging nations, the Asia-Pacific long-term care software market and Europe long-term care software market are likely to account for a considerable share of the global market. As a result, the Asian market is predicted to grow rapidly in the next five years, with China and India being the fastest-rising markets in this region. Europe accounted for around 18.2% of the global market share in 2022 and is anticipated to register promising growth during the forecast period owing to the growing adoption of technological advancements and improving healthcare infrastructure.
The long-term care software market in Latin America is gaining attention in this region and is anticipated to register steady growth during the forecast period. The aging population ratio has increased from 5% to 9% from 1990 to 2019 in the Latin America and Caribbean regions. Therefore, long-term care software usage will increase among the aging population. The growing aging population in Latin America is anticipated to boost the demand and market growth for long-term care software during the forecast period. An estimated 8 million people in Latin America and the Caribbean need long-term care to do basic things.
The long-term care software market in the Middle East and Africa is expected to grow at a moderate CAGR during the forecast period. The Middle East and Africa have seen a spike in the number of people affected with Alzheimer’s recently. According to World Health Organization (WHO), an estimated 125% of growth will be there in Alzheimer’s patients in MENA countries by 2050. The risk of diagnosing with Alzheimer’s increases when a person turns 65 years of age. The growing aging population and an increasing number of patients with Alzheimer’s in this region are propelling the market growth.
KEY MARKET PARTICIPANTS:
Some of the notable companies leading the global long-term care software market profiled in the report are AOD Software, Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Omnicare, Inc., Omnicell, Inc., Kronos incorporated, HealthMEDX, PointClickCare, Matrix Care, Sigma Care, and Optimus EMR.
RECENT MARKET DEVELOPMENTS:
The global long-term care software market size was valued at USD 1.84 billion in 2021.
The growth of the long-term care software market is majorly driven by the increasing aging population and growing prevalence of chronic disorders.
Apparently, the APAC region is anticipated to showcase the fastest CAGR in the worldwide market.
AOD Software, Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Omnicare, Inc., Omnicell, Inc., Kronos incorporated, HealthMEDX, PointClickCare, Matrix Care, Sigma Care, and Optimus EMR are a few of the notable players in the long-term care software market.
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