Number of pages: 100 | Report Format: PDF | Published date: March 24, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the long-term care software market was valued at US$ 4.44 billion in 2022 and is expected to register a revenue CAGR of 11.78% to reach US$ 12.10 billion by 2031.
Long-term Care Software Market Fundamentals
Long-term care software is intended to assist, manage, and deliver long-term care services in healthcare settings, such as nursing homes, assisted living facilities, and home health agencies. Electronic health records (EHRs), prescription management, patient evaluations and treatment plans, billing, invoicing, staffing, scheduling, reporting, and analytics are common features and functionalities of this software. It can also help providers manage costs, improve communication and collaboration among care teams, and enhance patient care quality.
Application programming interfaces integrate long-term care software with other software systems, such as EHRs, billing systems, or telehealth platforms. Furthermore, long-term care software requires strong security and encryption methods to secure sensitive patient data. To maintain data security, developers can utilize security technologies, such as transport layer security, secure sockets layer, or two-factor authentication.
Long-term Care Software Market Dynamics
The transformation of healthcare towards value-based care models has led to an increased demand for long-term care software that can help providers improve patient comfort and experience. These software solutions can provide advanced analytics, care coordination tools, and patient engagement features essential for delivering high-quality long-term care services. Moreover, long-term care software can potentially improve patient outcomes, increase efficiency in healthcare facilities, and reduce costs associated with manual record-keeping. It also allows for better communication between healthcare providers and patients, leading to a more personalized and effective approach to care.
Technological advances, such as incorporating artificial intelligence (AI)-based solutions that provide personalized care services and aid in better diagnosis and treatment, are significantly boosting the global long-term care software market revenue growth. Furthermore, the growing demand for cloud-based solutions and remote patient monitoring in the medical industry is increasing the market revenue growth. Furthermore, growing healthcare expenditures and increasing government initiatives to encourage digitization throughout healthcare are expected to propel market revenue growth.
Investing in health tech is one of the most dynamic and rapidly growing economic sectors today. The field of health technology is expanding at an unprecedented rate. Healthcare companies are implementing cutting-edge technology, such as virtual consultations and remote monitoring, to improve patient outcomes, save costs, and expand access to treatment. Investors are showing a growing interest in healthcare technology as it has the potential to improve the healthcare system. This surge of interest is expected to lead to increased investment in the sector, driving revenue growth in the global long-term care software market significantly.
The rise in focus of top players on introducing new software is expected to help in the revenue growth of the global long-term software market in the forecast years. For instance, in October 2022, PointClickCare Technologies launched its Virtual Health service: an integrated telemedicine solution for Skilled Nursing Facilities. This technology is presently being adopted in more than half of the states throughout the United States with the assistance of partner sound doctors.
However, the high cost required to maintain long-term software can impede the market potential. Moreover, low awareness of long-term care software in middle-income nations may limit the global long-term care software market potential.
Long-term Care Software Market Ecosystem
The long-term care software market is analyzed from four perspectives: product type, mode of deployment, end user, and region.
Long-term Care Software Market by Product Type
Based on type, the long-term care software market is segmented into clinical software and non-clinical solutions.
The clinical software segment dominates the long-term care software market. The segment is sub-segmented into electronic health records (EHR), clinical decision support systems, electronic medication administration records, and e-processing. The electronic health records (EHR) sub-segment accounts for the majority of the market revenue share. This is due to improved patient care provided by EHR, which automates various practice procedures. They also allow physicians to communicate information remotely and in real-time, ensuring that any physician interacting with a patient has current, complete, and accurate data. Furthermore, EHR is very flexible in modifying data needed for medical practice.
The non-clinical solutions segment is projected to register significant revenue growth during the forecast period. This is due to advantages offered by non-clinical solutions in long-term care software, such as reducing the workload of healthcare professionals, improving patient satisfaction, and increasing operational efficiency. These solutions also provide better data management and analysis capabilities, which can lead to more informed decision-making and improved patient outcomes.
Long-term Care Software Market by Mode of Deployment
Based on the mode of deployment, the long-term care software market is segmented into web-based solutions, cloud-based solutions, and on-premise solutions.
The cloud-based solutions segment dominated the long-term care software market with the largest revenue share in 2022. Cloud-based solutions in long-term care software are becoming increasingly popular due to their flexibility, scalability, and cost-effectiveness. As more healthcare providers embrace digital transformation, cloud-based solutions are expected to continue their popularity and become standard in the long-term care software market. Additionally, there is a growing focus on interoperability among different software systems to enhance data sharing and communication among healthcare providers. For instance, there has been a rise in the usage of AI and machine learning to improve patient care and streamline administrative tasks. Additionally, with the growing demand for remote access and data sharing, cloud-based solutions offer a convenient way for healthcare providers to manage patient information securely from anywhere.
Long-term Care Software Market by End User
Based on the end user, the long-term care software market is segmented into home healthcare agencies, hospice care facilities, and nursing homes and assisted living facilities.
The home healthcare agencies segment accounted for the majority of the long-term care software market revenue share in 2022. Long-term care software in home healthcare agencies can improve patient outcomes by providing accurate and appropriate care documentation. It can also streamline administrative tasks, such as scheduling appointments and billing, allowing physicians to focus on providing quality care to their patients.
At hospice care facilities, long-term care software may assist in managing patient information, tracking medicine delivery, and monitoring staff effectiveness. It can also increase communication between healthcare practitioners and patients’ family members.
Long-term care software in nursing homes and assisted living facilities can help streamline operations, improve communication between staff and residents, and ensure that residents receive high-quality care. These software solutions can also help with medication management, scheduling appointments, and tracking patient progress.
Long-term Care Software Market by Region
Based on the region, the long-term care software market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominates the long-term care software market with the largest revenue share, followed by Europe. The long-term care software market in North America is influenced by the increasing geriatric population, rising demand for home healthcare services, and the need for efficient patient data management. Additionally, advancements in technology and the adoption of EHR are also driving the revenue growth of this market.
The increasing demand for digital solutions characterizes the Europe long-term care software market to improve patient outcomes, the increase in the geriatric population, and government initiatives to promote healthcare IT adoption. Additionally, the rising need for remote patient monitoring and telehealth services is expected to drive the revenue growth of this market in the region.
Asia Pacific is predicted to be the fastest-growing region in the long-term care software market over the forecast period. This revenue growth can be majorly attributed to the rising healthcare standards and increasing investments in healthcare IT by public and private organizations. Moreover, the long-term care software market in Asia Pacific is also growing as medical tourism in this region rises.
Long-term Care Software Market Competitive Landscape
The prominent companies having the largest revenue share in the long-term care software market are:
Long-term Care Software Market Strategic Developments
The long-term care software market was valued at US$ 4,441.43 million in 2022.
The clinical software segment accounts for the largest revenue share in the long-term care software market.
The long-term care software market is expected to register growth at a revenue CAGR of 11.78% during the forecast period.
Lintech Software, PointClickCare Corp., ADL Data Systems Inc., and Sanvis Health LLC are among the key players in the long-term care software market.
Asia Pacific is expected to register the highest revenue growth in the market during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain