Global Long-Term Care Software Market is set to witness a lucrative growth of 11-13% by 2027 - Shortage of Healthcare Staff is driving its Market Growth

Long-term care software is often used for the management and support of long-term healthcare facilities such as nursing homes, assisted living facilities, hospices, and independent living services such as home healthcare services.

Long-term care software includes many healthcare software such as Clinical Software (EMR/EHR, E-prescribing, Electronic Medical Administration Records, Clinical Decision Support Systems) and Non-Clinical Software [Real-time locating systems (RTLS), Billing, Invoicing, & Scheduling, Payroll Management].

An Increasing Aging Population Fuels the Demand for Long-Term Software Solutions

The WHO predicts that by 2030, approximately 1/6th people in the world will be over the age group of 60 years. The trend is set to continue for a few more years as many developing countries have began to see an increased life ages. In many developed countries, populations have already witnessed a significant growth in the elderly populations.

For example, 29% of the whole population in Japan is over the age of 65 and similar trends are being witnessed in many European countries. China is witnessing a similar growing population problem where by 2050, 40% of the population will be over the retirement age, thus raising its dependency from 37% in 2015 to 70% in 2050. The United Kingdom has also seen dependency increased from 1/10th dependents to productive individuals at the introduction of the social state to 1/3 in the present day. These population imbalances are important growth drivers for long term care software as lower proportions of the population are caring for more elderly patients.

Shortage of Healthcare Staff is Likely to Drive the Demand for Long-Term Care Software Market

A major driver for the adoption of long-term care software is the high level of churn being witnessed in the healthcare segment. Presently, there is a shortage of over 1 million workers in Europe and this trend is estimated to continue for a few more years. Similar, churn from healthcare workers has been observed in United States. Long-term care software can reduce the time spend on individual patients by the healthcare staff in a number of ways:
• Automating Regular Tasks: Long-term care software can automate regular tasks, such as medication management, scheduling, and billing. This can free up the staff time and allow them to focus on important tasks, such as patient care.
• Enhancing Communication and Collaboration: Electronic health records (EHRs) allow multiple service providers to access and update patient records in real-time, thus reducing the need for manual data entry and enhancing the accuracy of data. Central storing of patient data negates the need for staff to physically collect and move files around.
• Enabling Remote Care: Remote care (telehealth or telemedicine) allows healthcare professionals and staff to provide patient care and monitor patients from a distance. This is particularly useful in areas where there is a shortage of healthcare staff, technicians and professionals. These solutions further reduce the healthcare costs, remove upcoming challenges to healthcare and improves the patient results.

Some of the examples of Telehealth Solutions are as follows:

o Remote Monitoring Tools: Wearable devices and mobile apps gather patient data such as glucose levels, pulse and oximetry data and provide warnings for incidents such as patient falls.
o Video Medicine: Application of video assessments frees up healthcare staff's time for low complexity or repeat problems in patients, which further increases the work efficiency of the staff.
o Providing Decision Support: Long-term care software can offer decision support tools which helps all the healthcare professionals make well-informed decisions on patient care.

North America is anticipated to hold a Higher Market Share in the Long-Term Care Software Market

The global long-term care software market is going strong in United States. Baby boomers (individuals born between 1946 and 1964) are a generation defined by a time period of a rapid population growth and are now reaching an advanced stage of life.

As per estimates, in USA by 2030 all boomers will be over the age of 65 and will represent almost 21% of the population. According to the US Census Bureau, by 2034, the number of adults aged over 65 will reach 77 million while those under 18 will number 76.5 million. This rapidly growing number of older adults is poised to drive the demand for assisted living and in-home care and in turn demand for long-term care software.

Competitive Landscape Analysis: Long-Term Care Software Market

Some of the leading and established players operating in the long-term care software market are Netsmart Technologies, MatrixCare, Cerner Corporation, WellSky, and PointClickCare.

These companies provide a huge range of novel software solutions, from electronic health records (EHR) to financial management and analytics tools, to meet the needs of the long-term care facilities.

Get More Detailed Insights on Long-Term Care Software Market Report @ https://meditechinsights.com/long-term-care-software-market/

Ruta Halde
Associate, Medi-Tech Insights
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1050 Brussels, Belgium
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info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.