The long-term care software market is expected to reach a significant USD 3,877 million in 2022 and is expected to increase significantly. An even more optimistic picture is painted by projections for 2032, when the expected valuation is expected to surpass USD 10,988 million, representing an outstanding CAGR of 11% for the projected period (2022-2032). This increase reflects a paradigm change in healthcare administration as more and more facilities use advanced software to improve the effectiveness and caliber of long-term care services.
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.
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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.
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.
Key Segments
By Delivery Modes:
- Cloud-based
- On-premises
- Web-based
By End User:
- Assisted Living Facilities
- Home Health Agencies
- Nursing Homes
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- MEA
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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