The major factors attributing to the growth of the long-term care software market are the healthcare reforms and government initiatives, rise in the aging population, and Growing Burden of Chronic Diseases. 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. Even the factors, such as the rising geriatric population across the world, are helping the market. The factors are expected to increase the demand for the long-term care software market, which will boost its market growth.
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Key Market Trends
Use in Nursing Homes And Assisted Living Facilities is Expected to Register a High CAGR in the Forecast Period.
An assisted living residence or assisted living facility (ALF) is a housing facility for people with disabilities or for adults who cannot or who choose not to live independently. The setting is similar to a retirement home, in the sense that facilities provide a group living environment and typically cater to an older adult population. These facilities require long-term care software solutions to manage the wellbeing, security, and satisfaction of their residents. Assisted living software is used to improve communication with residents and their families, as well as to increase the quality of the services delivered.
Additionally, the demand for these software is expected to increase in the future, due to rising geriatric population. As per a 2017 report by the United Nations, the global percentage of the population aged 60 years or above is expected to increase from 12.7% in 2017 to 21.3% by 2050. This will increase the demand for Nursing homes and assisted living facilities, where the use of long-term software facilities is vital. This factor is expected to boost the market growth.
North America Dominates the Market, and is Expected to do the Same in 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.
The long-term care software market is moderately competitive, and consists of several major players. In terms of share, 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 of the major players in the market are Allscripts Healthcare Solutions, Cerner Corporation, McKesson Corporation, Matrix Care, and Optimus EMR, among others.
Long-term Care Software Market is Set to Experience a Significant Growth of High CAGR from 2022 To 2031
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