Global Long-Term Care Software Market is slated to see a lucrative CAGR of 11 to 13% by 2027

Long-term care software is mainly used for the management and support of long-term healthcare facilities such as nursing homes, assisted living facilities, hospitals, and independent living services such as home healthcare services.

Long-term care software includes Clinical 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].

Growing Aging Population Propels the Demand for Novel Long-Term Care Software Solutions

WHO forecasts that by 2030, 1/6 of users in the world will be over the age group of 60 years old. The trend is slated to grow as developing regions has begin to witness grown life expectancies. In many developed regions, populations already have an increased elderly populations, i.e 29% of the population in Japan is over the age of 65 and similar growth is being witnessed in European countries. China is seeing a similar trend where by 2050, ~40% of the population will be over the retirement age, thus raising its overall dependency from 37% in 2015 to 70% in 2050. UK has also seen dependency grown from 1/10 dependents to productive individuals at the introduction of the social state to 1/3 in the current day. These population imbalances are the major drivers for long term care software growth as lower proportions of the population are caring for elderly patients. 

Lack of Healthcare Staff is Likely to Propel the Growth of the Long-Term Care Software Market

A key growth driver for the adoption of long-term care software is the highest level of churn being seen in the healthcare market. Presently, there is a lack of over 1 million staff in EU, and this trend is expected to grow. Similarly, churn from healthcare staff has been witnessed in United States. Shortage of healthcare staff decreases the time patients can be witnessed. Long-term care software can decrease the time spend on patients by healthcare staff in a various number of ways such as follows:-

  • Automating Routine Tasks: Long-term care software can automate all the daily tasks, such as medication management, scheduling, and billing. This can reduce the healthcare staff's time and allow them to emphasize on more valuable tasks, such as patient care.
  • Enhancing Communication and Collaboration: Electronic health records (EHRs) allow service providers to access and update the patient records in real-time, thus decreasing the demand for manual data entry and enhancing the accuracy of data. Central storing of patient data negates the demand for the healthcare staff to physically collect and shift files.
  • Enabling Remote Care: Remote care allows the healthcare professionals  and workers to offer care and examine patients from any distance. This is mainly useful in regions where there is a huge lack of healthcare workers. These efficient solutions often decrease the healthcare pricing, remove the main barriers to healthcare and enhance patient results. 

Examples of the Telehealth Solutions are as follows:

  1. Remote Monitoring Tools: Wearable devices and mobile applications often collect patient data such as glucose levels, pulse and oximetry data and offer many warnings.
  2. Video Medicine: Utilization of video assessments frees up the professional's time for low complexity or repeat problems in patients, which boosts the staff's working efficiency. 
  3. Providing Decision Support: Long-term care software can offer decision support tools which helps the healthcare staff make reliable decisions on patient care. For instance, clinical decision support systems can offer alerts and recommendations based on patient data, thus helping to enhance the quality of patient care and decrease the errors.

North America Accounts for the Largest Market Share in the Global Long-Term Care Software Market

The global long-term care software market is growing rapidly in United States. Baby boomers (people born between 1946 and 1964) are a generation defined by a time period of rapid population growth are now reaching an older age group. 

As per forecasts, in USA by 2030 all boomers will be over the age group of 65 and will represent 21% of the US population. According to US Census Bureau, by 2034, the number of people aged over 65 will reach 77 million while those under the age of 18 will reach 76.5 million. This rising number of older population is set to propel the demand for assisted living and in-home care and is further driving the demand for long-term care software. 

Competitive Landscape Analysis: Long-Term Care Software Market

Some of the leading players operating in the global long-term care software market are Netsmart Technologies, MatrixCare, Cerner Corporation (Acquired by Oracle), WellSky, and PointClickCare. 

Get Detailed Insights on Long-Term Care Software Market with a Sample Report PDF @ https://meditechinsights.com/long-term-care-software-market/

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