Press release
Long-Term Care Software Market to Grow at 11-13% CAGR by 2027 Amid Aging Population and Tech Innovations
Rising geriatric population, staffing churn in geriatric care, technological advancements in wearables, and government initiatives in the area are some of the key factors that are driving the Long-Term Care Software market.
Long-term care software is a software solution that is 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 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].
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A growing aging populace is fuelling the long-term care software market demand
The WHO has estimated that by 2030, approximately 1 out of every 6 people in the world will be above 60 years old. The trend is poised to continue as developing countries are starting to see increased life expectancies. In several developed countries populations already have significant elderly populations, for instance, 29% of the population in Japan is over the age of 65 and similar trends are being observed in multiple European countries. China is witnessing a similar problem whereby 2050, ~40% of the population will be above retirement age, increasing its dependency from 37% in 2015 to 70% in 2050. The UK has also seen dependency raising from 1/10 dependents to productive individuals at the introduction of the social state to 1/3 in the present day. These population imbalances are critical drivers for the long-term care software market as lower percentage of the population are caring for more elderly patients.
Healthcare staff shortages is likely to drive for long-term care software market demand because of necessity
Another Crucial driver for long-term care software market is the adoption of the software because of the high level of churn being observed in the healthcare sector. There is a present-day shortage of over 1 million workers in the EU, this trend is set to continue. Similar churn from healthcare workers has been witnessed in the US. Because of a shortage of healthcare staff, the time patients can be seen gets decreases. Long-term care software can reduce the time spend on individual people by healthcare professionals in a multitude of ways:
Automating routine tasks: Long-term care software can automate regular tasks, such as medication management, scheduling, and billing. This can free up staff time and allow them to focus on higher-value tasks, like patient care
Improving communication and collaboration: Electronic health records (EHRs) let multiple providers to access and update patient records in real-time, decreasing the need for manual data entry and improving the accuracy of information. Centralized Patient Data Storage negates the Need for Manual File Collection and Movement by Staff
Enabling remote care: Remote Care (Telehealth or Telemedicine) Empowers Healthcare Professionals to Deliver Care and Monitor Patients Remotely. This is specifically useful in areas where there are shortages of healthcare professionals. These solutions offer price reductions in Healthcare, remove barriers to healthcare and often improve patient outcomes.
Examples of telehealth solutions:
Remote monitoring tools: Wearable devices and mobile apps collect patient data such as glucose levels, pulse, and oximetry information and provide warnings for incidents such as patient falls
Video medicine: Adoption of video assessments frees up healthcare professionals time for low complexity or recurrent issues in patients, which increases staff efficiency
Providing decision support: Long-term care software can provide decision support tools that help healthcare professionals make informed decisions about patient care. For instance, clinical decision support systems can put up alerts and recommendations pertaining to patient data, helping to improve the quality of care and reduce the risk of errors.
Partnerships have emerged as a common strategy to expand the customer base and capabilities for Long-Term Care Software providers
Long-term care software companies are increasingly forging partnerships with other software companies with differentiated capabilities to strengthen their foothold in the Long-Term Care Software market.
For instance,
In October 2022, PainChek (a foremost pain assessment tool provider) signed marketplace partnership agreement with Point Click Care Inc, a leading Care Management Software System provider to nursing homes (long term aged care) in the USA and Canadian markets. PainChek's integration into the PointClickCare platform Facilitating a seamless transition of the PainChek pain assessments into the Nursing Home's resident information system for the USA and Canadian markets. PointClickCare to Publicize PainChek Integration to Nursing Home Clients in the USA and Canada via Its Website and Regular In-Person Client Gatherings
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North America is projected to hold a major share in the long-term care software market
The long-term care software market is strong in the US. Baby boomers (individuals born between 1946 and 1964) are a generation defined by a period of strong population growth are now reaching an advanced age. As per estimates, in the US by 2030 all boomers will be over the age of 65 and will represent 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 enlarging number of older adults is poised to fuel 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 key players that operate in the long-term care software market are Netsmart Technologies, MatrixCare, Cerner Corporation (Acquired by Oracle), WellSky, and PointClickCare. These companies provide a range of software solutions, from electronic health records (EHR) to financial management and analytics tools, to meet the diverse needs of long-term care facilities.
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About Medi-Tech Insights
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 in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.
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