According to the latest report by IMARC Group, titled "Long-term Care Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global long-term care software market reached a value of US$ 4.7 Billion in 2022. Long-term care software refers to a computer-operated solution that is generally used for tracking data, maintaining administration workflows and myriad problems that are associated with long-term patient care, regulatory procedures, and staff. It is helpful in senior care management and offers an all-in-one solution to improve financial performance and increase operational efficiencies with a seamless data exchange. As a result, it is widely adopted across the healthcare sector for managing complex healthcare systems, attracting and retaining talents by enabling a quality care facility at hospitals, assisting in managing clients, and complying with laws and regulations.
Global Long-term Care Software Market Trends:
The global market is primarily driven by significant growth in the healthcare sector. Coupled with the rising patient population due to the growing prevalence of numerous chronic illnesses, along with the increasing geriatric population, this is providing a boost to the market. With rapid digitization, there has been a considerable rise in the deployment of long-term care software across numerous healthcare facilities, thereby catalyzing the demand on the global level. Apart from this, continual technological advancements and the integration of cloud computing, artificial intelligence (AI) and the internet of things (IoT) with long-term care software are impacting the market favorably. Moreover, the rapid outbreak of coronavirus disease (COVID-19) has led to the growing adoption of the solution across the globe, which is acting as a major growth-inducing factor. Furthermore, the increasing investments by private and public agencies for improving the overall healthcare infrastructure are significantly impacting the demand for long-term care software. Other factors, including continuous improvements in the information technology (IT) sector and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.4 Billion by 2028, exhibiting a CAGR of 10.9% during 2023-2028.
- On the basis of the product, the market has been segmented into clinical software and non-clinical solutions.
- Based on the deployment type, the market has been classified into web-based, on-premises and cloud-based.
- On the basis of the end user, the market has been segregated into home care agencies, hospice care facilities, and nursing homes and assisted care.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Adl Data Systems Inc., American Healthtech Inc. (Computer Programs and Systems Inc.), Cerner Corporation, Eldermark, Matrixcare Inc. (ResMed Inc.), McKesson Corporation, Netsmart Technologies, Inc. (CVS Pharmacy Inc.), Omnicare Inc. (CVS Health Corporation), PointClickCare Corp, Wellsky Corporation and Yardi Systems Inc.
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