The long-term care market size is anticipated to expand at a substantial CAGR during the forecast period, between 2021 and 2028. Long-term care includes a wide range of services, from assistance with activities of daily living [ADLs] throughout the day to skilled nursing, specialist care, rehabilitation, and sub-acute care. It is usually given over a long period, during which a patient's needs may change, necessitating higher levels of care. Long-term care's major purpose is to help patients preserve as much functional independence as possible while providing a seamless continuum of care from low-intensity services to post-acute care.
Market Trends, Drivers, Restraints, and Opportunities:
- The global long-term care software market is expected to grow in response to rising prevalence of chronic diseases, an aging population, shortage of skilled nursing personnel, increasing healthcare reforms and government initiatives, rising disposable income, cloud-based software, and opportunities offered by remote patient monitoring systems.
- The key reason driving the long-term care technology is the growing requirement for healthcare IT solutions to improve long-term care facilities.
- The expansion of the long-term care software industry is fueled by several government efforts around the world aimed at reducing rising healthcare expenses.
- Lack of awareness, expensive software maintenance costs, traditional LTC providers' unwillingness to use software, and limited government initiatives in emerging nations are hampering the long-term care software market.
Scope of the report:
The report on the long-term care market includes an assessment of the market, size, share, trends, segments, and regional markets. The study includes an overview as well as dynamics.
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Attributes
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Details
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Report Title
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Long Term Care Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018-2019
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Forecast Period
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2021-2028
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Segmentation
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Product Types (E-prescribing, Electronic Health Records, Clinical Decision Support Systems, Billing, Invoicing, & Scheduling Software, Real-time Location Systems, Remote Patient Monitoring Systems, and Others), Mode of Delivery (Cloud-based, Web-based, and On-premises), End-users (Home Healthcare, Nursing Care, and Assisted Living Facility)
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Regional Scope
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North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players covered in the Report
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Amedisys, Inc., Atria Senior Living Group, Brookdale Senior Living, Inc., Capital Senior Living, Diversicare Healthcare Services Inc., Extendicare, Inc., Genesis Healthcare Corp, Home Instead Senior Care, Inc., Kindred Healthcare, Inc., and Sunrise Carlisle, LP
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The Long-term Care Market Segment Insights:
The e-prescribing segment is anticipated to expand at a high CAGR.
On the basis of product types, the long-term care market is segregated into e-prescribing, electronic health records, clinical decision support systems, billing, invoicing, & scheduling software, real-time location systems, remote patient monitoring systems, and others. The e-prescribing segment is expected to expand at a significant rate. E-prescriptions are a novel means of entering prescription information into a computer or mobile app and sending it to pharmacies for dispensing. E-prescribing allows doctors to keep track of medications, notify patients about allergies, track controlled substance prescriptions, and improve medication adherence, and among other things. The advantages of e-prescribing over other traditional approaches contribute to the expansion of the long-term care software market.
The cloud-based segment is anticipated to grow with the notable CAGR throughout the forecast period
In terms of delivery, the long-term care market is segmented into cloud-based, web-based, and on-premises. The cloud-based segment is expected to develop at a significant CAGR during the forecasted period. The international market for long-term care technologies benefit from remote patient monitoring and cloud-based applications. Growing demand for cloud-based solutions, partnerships & collaborations, and new product releases are some of the global long-term care software industry trends.
The nursing care segment had a significant share in the market in 2020
Based on end users, the long-term care market is segmented into home healthcare, nursing care, and assisted living facilities. In 2020, the nursing care segment held a significant share in the market. A primary factor driving the market is the presence of a huge number of facilities that provide nursing care to the world's rising aging population. The growing demand for personalized long-term care at home, as well as price, are moving the home healthcare market forward. Due to escalating healthcare costs, home healthcare has become a reality for many people who require assistance. As the need for home healthcare grows, healthcare providers are implementing new technologies and software to increase the quality of long-term care services.
North America is currently dominating the global long-term care software market
In terms of regions, the long-term care market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the market due to rising demand for long-term care software and aging population. The growth of regional market is attributed to increasing chronic diseases as well as increase in life expectancy. North America is estimated to grow at a rapid pace due to several mergers and acquisitions. The rapid advancement of technology and the acceptance of cloud-based solutions are propelling the industry.
Segments
Product Types
- E-prescribing
- Electronic Health Records
- Clinical Decision Support Systems
- Billing, Invoicing, & Scheduling Software
- Real-time Location Systems
- Remote Patient Monitoring Systems
- Others
Mode of Delivery
- Cloud-based
- Web-based
- On-premises
End Users
- Home Healthcare
- Nursing Care
- Assisted Living Facility
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- Amedisys, Inc
- Atria Senior Living Group
- Brookdale Senior Living, Inc
- Capital Senior Living
- Diversicare Healthcare Services Inc
- Extendicare, Inc
- Genesis Healthcare Corp
- Home Instead Senior Care, Inc
- Kindred Healthcare, Inc
- Sunrise Carlisle, LP
Competitive Landscape
Major companies in the long-term care market include Amedisys, Inc., Atria Senior Living Group, Brookdale Senior Living, Inc., Capital Senior Living, Diversicare Healthcare Services Inc., Extendicare, Inc., Genesis Healthcare Corp, Home Instead Senior Care, Inc., Kindred Healthcare, Inc., and Sunrise Carlisle, LP. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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