The global Long-term Care Software Market was valued at about USD 3,552 million in 2020 and is expected to reach USD 6,975 million in 2026 with a CAGR of 11.9% over the forecast period.
The COVID-19 pandemic affected the elderly population excessively, particularly those who are living at long-term care facilities (LTCF) with a significant impact on mortality and morbidity. Thus, strenuous action is required to alleviate the impact of COVID-19 by enhancing infection prevention and control (IPC) measures within LTCF with novel and advanced LTC software and solutions in order to track and manage the patients at LTCF affected with COVID-19. In November 2020, GHD has revealed four new advanced solutions namely SimpleTrack, Contact Connect wearables, Appointed, and Wastewater testing service intended to increase the safety of residents in long-term care facilities through contact tracing, appointment bookings, and early notification of COVID-19 trends
The major factors attributing to the growth of the long-term care software market are the healthcare reforms and government initiatives, rise in the aging population, and the Growing Burden of Chronic Diseases. According to the World Population Ageing Report by United Nations 2019, currently, there were about 703 million people living with age 65 and above worldwide and it is expected to grow significantly over the forecast period.
Among the patients requiring long-term care, some of the most frequent chronic medical conditions include hypertension, gastroesophageal reflux disease, diabetes, atrial fibrillation, anemia, arthritis, congestive heart failure, constipation, chronic obstructive pulmonary disease, cerebrovascular disease, dementia, osteoporosis, Parkinson's disease, peripheral vascular disease, renal failure, thyroid disorders amongst others.According to the Alzheimer's Disease International, globally, there were around 50 million people with dementia in 2020. This number is expected to double every 20 years, reaching 82 million in 2030 and 152 million in 2050. Therefore, to control and monitor such a large section of old age population, prone to any chronic disease, at any point of time, even if the disease is being occurred once, it is important to get them monitored at home care, nursing facility, or community centers, as well as assisted living centers. The importance of software and devices to connect to these centers, as well as patients, becomes a necessity, and thus, acts as one of the major drivers for the market studied.
Government policies and acts, such as the Health Information Technology for Economic and Clinical Health Act (HITECH), improve the healthcare quality, safety, management, and efficiency, including the electronic health records (EHRs) and a private and secure electronic health information exchange. Such type of information exchange is vital in proper disease management, in order to alert the clinicians in a timely manner.
Key Market Trends
Electronic Health Records Projected to Have Notable Growth Rate Over the Forecast Period
EHRs are highly useful in the management of documentation, quality outcome, and health outcomes. The boost in productivity in the healthcare facility was observed over the period of two years. Increasing public and private financial incentives on the EHR adoption is driving the growth of the overall EHR market, while also impacting the long-term care EHR solutions, positively. The EHR can improve the quality of care in LongTerm Care facilities through a reduction in medication-related errors, improved clinical documentation and decision making, and through the Health Information Exchange.
For instance, the federal government invested billions into training health information technology workers and establishing regional extension centers to deliver technical and other advice for the better transition towards an electronic system.
As per another 2018 publication by the Department of Health & Human Services, the adoption rate in developed markets is steadily increasing across long-term care, as well as home health agencies. This increase in the adoption rate is being noticed by the IT-based companies that are investing more in healthcare facilities, such as Allscripts.
In 2019, Allscripts mentioned about the availability of Apple Health Records for Allscripts Sunrise, TouchWorks, and Professional EHR clients and their patients. These facilities are certainly helpful in improving the abilities of the EHR adoption rate in long-term care facilities.
Moreover, based on the current scenario of lockdown due to the outbreak COVID-19 across some countries, the use of EHR systems are expected to help in monitoring and treating diseases in people who need regular consultation with doctors in monitoring their health condition.In January 2021, MEDITECH launched its COVID-19 Vaccination EHR solution, intending to streamline COVID-19 vaccine administration across health systems. This EHR registries can identify patients who are eligible for the vaccine and it also shows which long-term facility residents have preexisting conditions.
North America Dominates the Market, and is Expected to do the Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing geriatric population and the favourable government policies, along with the presence of widespread insurance coverage. In North America, the United States holds the largest market share. This is mainly due to the high adoption rate of new technology software services across the country. For instance, the Drug Enforcement Administration (DEA) allowed practitioners to write prescriptions for controlled substances electronically. This allows for a reduction in prescription errors caused by illegible handwritten prescriptions.
Similarly, at the national level, the National Institute on Aging (NIA) helps in conducting and supporting research on aging and the health and well-being of older people. At state level, some of the programs include National Association of States United for Aging and Disabilities (NASUAD), Minnesota's Long-Term Care Choices Navigator, Massachusetts Department of Elder Affairs, and the Georgia Department of Human Services (DHS) Division of Aging Services, among others.
According to American Association of Retired Persons 2019, of the USD 235 billion spent on paid LTSS in 2017, about 57 percent came from Medicaid, the joint federal and state health insurance program for people of all ages with low incomes. Furthermore ageing population coupled with rising chronic diseases further boost the regional growth over the period.
Due to the sudden and severe COVID-19 outbreaks, timely epidemiological surveillance is essential for outbreak response, hence creating a huge demand for long-term software and solutions in North America region. For instance, in June 2020, US based Syft launched new solution called incident surge recovery and long-term preparedness solutions were developed to help hospitals optimize critical supply chain processes to improve care for COVID-19 patients, recover from COVID-19-related revenue losses, and prepare for future supply chain disruptions.
The long-term care software market is moderately competitive and consists of several major players. In terms of share, a few of the major players currently dominate the market. With the rising patient awareness levels and increasing geriatric population, a few other smaller players are expected to enter the market in the coming years. Some of the major players in the market are Allscripts Healthcare Solutions, Cerner Corporation, McKesson Corporation, Matrix Care, and Optimus EMR, among others. In December 2018, Netsmart launched a new cloud-based EHR system offering, myUnity, designed specifically for home health and senior living care providers. Similarly, In July 2018, Napier Healthcare Solutions has launched AI/ML-powered Virtual Assistant for its acute and long-term care software, such as its Hospital Information System, Nursing Home, and Home Care solutions.
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TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rise in Aging Population
- 4.2.2 Healthcare Reforms and Government Initiatives
- 4.2.3 Growing Burden of Chronic Diseases
- 4.3 Market Restraints
- 4.3.1 Unwillingness of the Traditional Long-term Care Providers to Adopt Software
- 4.3.2 High Investment and Maintenance Costs
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product
- 5.1.1 Electronic Health Records
- 5.1.2 E-prescribing
- 5.1.3 Clinical Decision Support Systems
- 5.1.4 Remote Patient Monitoring Systems
- 5.1.5 Real-Time Location Systems
- 5.1.6 Billing, Invoicing, and Scheduling Software
- 5.1.7 Other Products
- 5.2 By Deployment
- 5.2.1 Cloud-based
- 5.2.2 On-Premise Based
- 5.3 By End User
- 5.3.1 Home Healthcare Agencies
- 5.3.2 Hospice Care Facilities
- 5.3.3 Nursing Homes And Assisted Living Facilities
- 5.4 Geography
- 5.4.1 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 5.4.2 Europe
- 188.8.131.52 Germany
- 184.108.40.206 United Kingdom
- 220.127.116.11 France
- 18.104.22.168 Italy
- 22.214.171.124 Spain
- 126.96.36.199 Rest of Europe
- 5.4.3 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 Japan
- 220.127.116.11 India
- 18.104.22.168 Australia
- 22.214.171.124 South Korea
- 126.96.36.199 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 188.8.131.52 GCC
- 184.108.40.206 South Africa
- 220.127.116.11 Rest of Middle-East and Africa
- 5.4.5 South America
- 18.104.22.168 Brazil
- 22.214.171.124 Argentina
- 126.96.36.199 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Allscripts Healthcare Solutions
- 6.1.2 Cerner Corporation
- 6.1.3 Resmed (Matrix Care)
- 6.1.4 McKesson Corporation
- 6.1.5 CVS Health (Omnicare Inc.)
- 6.1.6 Netsmart Technologies Inc.
- 6.1.7 Yardi Systems Inc. (Optimus EMR)
- 6.1.8 PointClickCare
- 6.1.9 Lintech Software
- 6.1.10 Epic Systems Corporation
- 6.1.11 Medtelligent, Inc
- 6.1.12 Computer Programs and Systems, Inc. (American HealthTech, Inc.)
- 6.1.13 Eldermark
- 6.1.14 Sanvis Health LLC
- 6.1.15 ADL Data Systems, Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS