Long-term Care Software Market

Report Description
Table of Contents

Report Description

The global long-term care software market size is estimated to be USD xx billion in 2021 and is expected to witness a CAGR of xx% during the forecast period. Growing global geriatric population is a key driver for the growth of the global long-term care software market. Additionally, scarcity of doctors and nursing staff in response to increasing number of patients and incidence of strong pipeline portfolio in the long-term care software market are some of the other drivers propelling the market growth. Nevertheless, hesitancy in adoption of software by traditional long-term care providers and high cost of software maintenance are expected to restrain the global market growth.

Global Long-term Care Software Market Size (USD Billion), 2021-2029

Source: Erevna Healthcare

By Product

Based on product, the market is segmented into non-clinical and clinical solutions. In 2021, the clinical solutions segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is attributed to increase in demand for long-term care software owing to changes in the inhabitant’s demographics worldwide. Non-clinical solutions segment projected to grow at a profitable CAGR during the forecast period. This is attributed to the growing initiatives by various public and private organizations in development of technology for non-clinical solutions.

By Mode of Delivery

Based on mode of delivery, the market is categorized into on-premise solutions, web-based solutions, and cloud-based solutions. In 2021, the cloud-based solutions segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due real-time trailing, incorporation of changes in accordance with the standard guidelines set by various medical associations and remote access to patient data worldwide. The on-premise solutions segment is anticipated to grow at a profitable CAGR during the forecast period, due the features such as data security, easy retrieval, and ease of access of this data within the premises.

By End User

Based on end user, the market is categorized into hospice care facilities, home healthcare agencies, and nursing homes and assisted living facilities. In 2021, the hospice care facilities segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to the growing visits due to rising awareness about long-term care software worldwide. The home healthcare agencies segment is anticipated to grow at a profitable CAGR during the forecast period, due the high rate of penetration of home healthcare agencies in developed regions.

Regional Insights

In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the growing geriatric population, positive government policies, along with the occurrence of widespread insurance coverage in the region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the less stringent regulations, growing government and corporate investment in healthcare sector, aged population, and availability of skilled labour forces at economic costs, are the major factors in this region.

Competitor Insights

Some of the key players in the long-term care software market are Cerner Corporation (U.S.); Omnicare Inc. (U.S.); AOD Software (U.S.); Kronos (U.S.); PointClickCare (Canada); McKesson Corporation (U.S.); Allscripts Healthcare Solutions, Inc. (U.S.); MatrixCare (U.S.); SigmaCare (U.S.); and Optimus EMR (U.S.). The leading players operating in the long-term care software industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The long-term care software market report is categorized into the following segments and subsegments: