Overview and Scope
Long-term care software is a tool that manages workflows, data, tracking, and administration of long-term care facilities, patients, and staff while offering insightful analytics and streamlined communication between patients and care providers.
Sizing and Forecast
The long term care software market size has grown rapidly in recent years. It will grow from $4.32 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to aging population dynamics, regulatory compliance requirements, rising healthcare costs, integration of electronic health records (ehr), focus on patient-centric care..
The long term care software market size is expected to see rapid growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to rising consumer expectations, telehealth integration, interoperability requirements, rise of home-based care, data security and privacy concerns.. Major trends in the forecast period include person-centered care, compliance with regulatory standards, enhanced data security measures, telehealth integration, patient and family engagement tools..
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Segmentation & Regional Insights
The long term care software market covered in this report is segmented –
1) By Product: Clinical Software, Non-Clinical Solutions
2) By Deployment Type: Web-Based, On-Premises, Cloud-Based
3) By End-User: Home Healthcare Agencies, Hospice Care Facilities, Nursing Homes And Assisted Living Facilities
North America was the largest region in the long term care software market in 2023. The regions covered in the long term care software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising number of healthcare organizations is expected to propel the growth of the long-term care software market going forward. A healthcare organization (HCO) is any legal entity that is a healthcare, medical association that influences the prescription, order, supply, utilization, and sale of medical technologies or related services. The healthcare organizations use long-term care software services for the safe exchange of patient data, better patient outcomes, faster treatment, multidevice synchronization, and others. Therefore, a rising number of healthcare organizations are driving the growth of the long-term care software market. For instance, in November 2022, according to the Federal University of Rio Grande do Sul, a Brazil-based public federal research university, 848 active chronic dialysis centers were registered in 2021 at the Brazilian Society of Nephrology, 1.8% higher than that of dialysis centers registered in 2020. Hence, the rising number of healthcare organizations is driving the long-term care software market.
Key Industry Players
Major companies operating in the long-term care software market are focused on developing innovative solutions, such as cloud-based pharmacy management systems (PMS), to gain a competitive edge in the market. A cloud-based pharmacy management system (PMS) is a software solution that enables pharmacies to manage their operations remotely using a web browser or mobile app. For instance, in September 2022, RedSail Technologies LLC, a US-based provider of pharmacy and transforming care solutions, launched Axys for long-term care (LTC) pharmacies. Axys can track resident medications, including dosage, frequency, and administration times. It can also generate medication administration records (MARs) and electronic MARs (eMARs). It can integrate with electronic health records (EHRs) for electronic prescribing. This can help to reduce medication errors and improve patient safety.
The long term care software market report table of contents includes:
1. Executive Summary
2. Long Term Care Software Market Characteristics
3. Long Term Care Software Market Trends And Strategies
4. Long Term Care Software Market – Macro Economic Scenario
5. Global Long Term Care Software Market Size and Growth
…
31. Global Long Term Care Software Market Competitive Benchmarking
32. Global Long Term Care Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Long Term Care Software Market
34.Long Term Care Software Market Future Outlook and Potential Analysis
35. Appendix
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