In past few years, long-term care software has gained an enormous interest due to improvement in the quality and safety of medication treatment. The rising need for healthcare IT solution to increase the work efficiency of long-term care facilities is the major factor contributing to the growing demand for long-term care software.
With a CAGR of 11% over the forecast period, the size of the worldwide long-term care software market is predicted to reach US$ 3,877 Mn in 2022 and US$ 10,988 Mn by 2032. (2022-2032).
Various government initiatives across the globe to curtail the increasing healthcare cost is the factor which is fueling the growth of the long-term care software market. Multiple applications of long-term care software such as the long-term care software analyze millions of data records and quickly spot potential issues before they become problems, and it enables mental health providers to manage remote patient video conferencing, scheduling, and messaging are playing a crucial role in the rapid adoption of long-term care software.
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Long-term care software solutions are fully-integrated electronic health record, billing and business intelligence solution which enables healthcare facilities to improve resident care, maintain compliance and manage multiple levels with the single software solution. Popular features of long-term care software include centralized database, and user-friendly graphic user interface are the factors which are supporting the rapid adoption of long-term care software.
Global Long-term Care Software Market: Drivers and Challenges
Drivers
The digitalization in healthcare technology is the primary factor which is driving the growth of long-term care software market. Also, changing healthcare infrastructure, shortage of medical staff and adoption of technological solutions in the healthcare institutions is the key growth driver of the long-term care software market. Moreover, limited healthcare specialists and different initiatives taken by the government bodies worldwide to reduce the medical cost are fueling the growth of long-term care software market.
Apart from this, the increase in the number of healthcare organizations and the increasing usage of mobile devices in the healthcare organizations are the major factors which are fueling the growth of the long-term care software market.
Challenges
The high cost of software maintenance is the primary factor which may hinder the growth of the long-term care software market in the near future. Also, the unwillingness of the traditional long-term care providers to adopt new software is one of the major factors which hampers the growth of the long-term care software market in the near future.
Key Players
The prominent players in long-term care software market are: Allscripts Healthcare Solutions, Inc., Cerner Solutions, Omnicare, Inc., Omnicell, Inc., HealthMEDX, LLC, McKesson Corporation, Optimus EMR, Inc., PointClickCare, MatrixCare, and SigmaCare.
Global Long-term Care Software Market: Regional Overview
On the geographic basis, North America is anticipated to capture largest market share, owing to the well developed and established healthcare industry, and higher adoption of long-term care software in the region.
Europe and APAC are also expected to gain substantial market share due to the rapid infrastructural development in the healthcare sector. Also, APAC is expected to be the fastest growing long-term care software market owing to the government initiatives taken in the healthcare sector by the emerging economies such as India, China, and Japan.
The Long-term Care Software market in Latin America and MEA are expected to witness high growth rates in the coming period due to the rise in digital technologies and increasing adoption of mobile devices in the healthcare sector of the region.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
Global Long-term Care Software Market: Segmentation
Segmentation of Long-term Care Software market on the basis of major delivery modes:
- On-premise
- Cloud-based
Segmentation of Long-term Care Software market on the basis of end-users:
- Home Healthcare Agencies
- Nursing Homes
- Hospice care facilities provider
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