The global long-term care software industry to grow at a CAGR of 11-13% during the next five years


The main drivers propelling the long-term care software market are the rising geriatric population, workforce churn in geriatric care, technology improvements in wearables, and government initiatives

Long-term care software is a software solution that is used for the management and support of long-term healthcare facilities such as nursing homes, assisted living facilities, hospices, and independent living services such as home healthcare services. Clinical software is included in long-term care software (EMR/EHR, E-prescribing, Electronic Medical Administration Records, Clinical Decision Support Systems) and Non-Clinical Software [Real-time locating systems (RTLS), Billing, Invoicing, & Scheduling, Payroll Management].

The growing elderly population is fueling demand for long-term care software.

According to WHO predictions, by 2030, one in six persons worldwide would be above the age of 60. The trend is poised to continue as developing countries are beginning to see increased life expectancies. In several developed countries populations already have significant elderly populations, for instance, In Japan, 29% of the population is over 65 and similar trends are being observed in multiple European countries. China is witnessing a similar problem whereby 2050, ~40% of the population will be above retirement age, increasing its dependency from 37% in 2015 to 70% in 2050. The UK has also seen dependency raising from 1/10 dependents to productive individuals at the introduction of the social state to 1/3 in the present day. These population imbalances are critical drivers for the long-term care software market as a lower percentage of the population is caring for more elderly patients.


Healthcare staff shortages are projected to stimulate long-term care software market demand as a result of the need

Another critical factor for the long-term care software market is the use of software as a result of the high level of churn in the healthcare sector. There is a present-day shortage of over 1 million workers in the EU, this trend is set to continue. Similar churn from healthcare workers has been witnessed in the US. Because of a shortage of healthcare staff, the time patients can be seen gets decreases. Long-term care software can reduce the time spend on individuals by healthcare professionals in a multitude of ways:

  • Automating routine tasks: Long-term care software can automate everyday tasks, such as medication management, scheduling, and billing. This can free up staff time and enable them to focus on higher-value tasks, such as patient care
  • Improving communication and collaboration: Electronic health records (EHRs) allow multiple providers to access and update patient records in real time, decreasing the need for manual data entry and improving the accuracy of information. Centralized Patient Data Storage Eliminates the Need for Manual File Collection and Movement by Staff
  • Enabling remote care: Remote Care (Telehealth or Telemedicine) Empowers Healthcare Professionals to Deliver Care and Monitor Patients Remotely. This is especially useful in areas where there are shortages of healthcare professionals. These Solutions Offer Cost Reductions in Healthcare, remove barriers to healthcare and often improve patient outcomes.

Examples of telehealth solutions:

  • Remote monitoring tools: Wearable devices and mobile apps gather patient data such as glucose levels, pulse, and oximetry information and offer alerts for situations like patient falls
  • Video medicine: Adoption of video assessments frees up healthcare professionals time for low complexity or recurrent problems in patients, which increases staff efficiency

·       Providing decision support: Long-term care software can provide decision support tools that help healthcare professionals make informed decisions about patient care. For example, clinical decision support systems can put up alerts and recommendations based on patient data, helping to improve the quality of care and reduce the risk of errors.

Partnerships have emerged as a common strategy to expand the clientele and capabilities of Long-Term Care Software providers

Long-term care software firms are increasingly forming alliances with other software companies that have distinct capabilities in order to boost their position in the Long-Term Care Software Market

For instance,

  • In October 2022, PainChek (a foremost pain assessment tool provider) signed a marketplace partnership agreement with Point Click Care Inc, a leading Care Management Software System provider to nursing homes (long-term aged care) in the USA and Canadian markets. PainChek’s integration into the PointClickCare platform Facilitating a seamless transition of the PainChek pain assessments into the Nursing Home’s resident information system for the USA and Canadian markets. PointClickCare to Publicize PainChek Integration to Nursing Home Clients in the USA and Canada via Its Website and Regular In-Person Client Gatherings

North America is projected to dominate the market share of the long-term care software market

The long-term care software market is strong in the US. Baby boomers (individuals born between 1946 and 1964) are a generation defined by a period of strong population growth and are now reaching an advanced age. As per estimates, in the US by 2030 all boomers will be over the age of 65 and will represent 21% of the population. According to the US Census Bureau, by 2034, the number of adults aged over 65 will reach 77 million while those under 18 will number 76.5 million. This enlarging number of older adults is poised to fuel demand for assisted living and in-home care and in turn demand for long-term care software.

Competitive Landscape Analysis: Long-Term Care Software Market

Some of the prominent players in the long-term care software market are as follows Netsmart Technologies, MatrixCare, Cerner Corporation (Acquired by Oracle), WellSky, and PointClickCare. These companies provide a range of software solutions, from electronic health records (EHR) to financial management and analytics tools, to meet the diverse needs of long-term care facilities.

Get Detailed report on Long-Term Care Software Market@ https://meditechinsights.com/long-term-care-software-market/

About Medi-Tech Insights:

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

 

Contact Us:

Ruta Halde

Associate, Medi-Tech Insights

+32 498 86 80 79

info@meditechinsights.com

https://meditechinsights.com/

 

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