REPORT HIGHLIGHT
Long term care software market was valued at USD 2.21 billion by 2019, growing with 6.8% CAGR during the forecast period, 2020-2026
Market Dynamics
The digitization in healthcare technology, growing adoption of technological solutions, and the lack of skilled medical staff are the major factors driving the growth of global long term care software market. In addition, increasing government initiatives & healthcare reforms and rise in disposable income are other factors impelling market growth. The multiple long term care software applications have the ability to analyze millions of data records and rapidly identify the potential issues and enable mental health providers to handle video conferencing, communication, and planning for patients.
Moreover, the rising needs for healthcare IT solutions to enhance long-term care facilities and government initiatives all across the globe to curb the increasing healthcare costs are likely to create lucrative opportunities in the global market during the forecast period. However, high costs associated with the maintenance of this software and lack of awareness & unwillingness to adopt the software are expected to hinder the market growth in the coming future.
Product Takeaway
The clinical software segment is projected to remain the dominant segment throughout the forecast. The e-prescribing sub-segment of clinical software is estimated to witness considerable growth by 2030. Electronic prescription or E-prescription is the novel way of entering information for prescribed medicines in the mobile application or a computer, thereby transferring it to the pharmacies for distribution.
E-prescribing aids healthcare providers to monitor prescription processing, increase adherence to medication, track prescriptions of controlled substances, warn patients to allergies, etc. Thus, several advantages of E-prescribing over other traditional methods is a major factor contributing to the growth of the clinical software market for long-term care.
Mode of Delivery Takeaway
Cloud-based software and remote monitoring of patients will help in creating lucrative opportunities for the global market for long term care software. The cloud-based segment is projected to rise at the fastest CAGR during the period of forecast owing to the increase in advancements in technology. The prominent players of the worldwide market are investing more in new product launches, which is likely to propel the segmental market growth in the coming years. In addition, trends such as increasing demand for cloud-based solutions, collaborations, and partnerships will also help the market to grow exponentially.
End User Takeaway
The home healthcare end-user segment is anticipated to hold a significant market share during the period of forecast. The home healthcare services provide trained healthcare professionals such as homemakers, nurses, therapists, home healthcare aides for home-based services. In addition, these services include supervision, taking medications, bathing, and dressing by ensuring patients safety. Thus, the above-mentioned factors and benefits of home healthcare services are expected to impel the segmental market growth by 2030.
Regional Takeaway
Presently, the North America region holds a dominant position in the market owing to the growing geriatric population and rising demand for long-term care software in this region. Europe market for long-term care software is estimated to be send-largest majorly due to advanced medical facilities available in this region. On the other hand, the Asia Pacific region is anticipated to grow at the fastest rate during the forecast period. This is mainly due to changing population demographics and emerging economies in this region.
Key vendors of the market include:
• Omnicell, Inc.
• Matrix Care
• Omnicare, Inc.
• Kronos Incorporated
• PointClickCare
• HealthMEDX
• Sigma Care
• AOD Software
• Allscripts Healthcare Solutions, Inc.
• Cerner Corporation
• McKesson Corporation
• Optimus EMR
The market size and forecast for each segment and sub-segments has been considered as below:
• Historical Year – 2015 to 2018
• Base Year – 2019
• Estimated Year – 2020
• Projected Year – 2026
TARGET AUDIENCE
? Traders, Distributors, and Suppliers
? Manufacturers
? Government and Regional Agencies
? Research Organizations
? Consultants
? Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL LONG TERM CARE SOFTWARE MARKET, BY PRODUCT
? Payroll Management & Billing
o Real-time Location Systems
o Remote Training & Supervision Systems
o Remote Patient Monitoring Systems
o Invoicing & Scheduling Software
? Clinical Software
o E-Prescribing
o Electronic Medication Administration Records
o EMR/HER
o Clinical Decision Support System
? Non-Clinical Software
o Cloud
o On-premise
GLOBAL LONG TERM CARE SOFTWARE MARKET, BY MODE OF DELIVERY
? Web-based
? On-premises
? Cloud-based
GLOBAL LONG TERM CARE SOFTWARE MARKET, BY END USE
? Nursing Care
? Assisted Living Facilities
? Home Healthcare
GLOBAL LONG TERM CARE SOFTWARE MARKET, BY REGION
? North America
o The U.S.
o Canada
? Europe
o Germany
o France
o Italy
o Spain
o United Kingdom
o Rest of Europe
? Asia Pacific
o India
o China
o South Korea
o Japan
o Singapore
o Rest of APAC
? Latin America
o Brazil
o Mexico
o Argentina
o Rest of LATAM
? Middle East and Africa
o Saudi Arabia
o United Arab Emirates
o Rest of MEA