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Surge In Healthcare Organizations Fuels Growth In Long-Term Care Software Market: Powering Innovation and Expansion in the Long Term Care Software Market by 2025
Long Term Care Software Market
What Is the Expected CAGR for the Long Term Care Software Market Through 2025?
In recent times, the market size of long term care software has exhibited swift growth. It is projected to expand from $4.74 billion in 2024 to $5.25 billion in 2025, with a compound annual growth rate (CAGR) of 10.9%. The notable growth during the historical period can be linked to factors such as the dynamics of an aging population, requirements for regulatory compliance, increasing healthcare expenses, the incorporation of electronic health records (EHR), and a shift towards patient-centric care.
What's the Projected Size of the Global Long Term Care Software Market by 2029?
The market size of long term care software is predicted to witness a swift increase over the subsequent years, reaching a value of $9.15 billion by 2029 at a compound annual growth rate (CAGR) of 14.9%. The upcoming growth phase can be associated with factors such as growing customer demands, the incorporation of telehealth, requirements for interoperability, the surge in home-based care, and issues regarding data security and privacy. The market trends projected for this period encompass person-focused care, adherence to regulatory norms, strengthened data safety measures, the integration of telehealth, and tools for engaging patients and their families.
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Top Growth Drivers in the Long Term Care Software Industry: What's Accelerating the Market?
The increase in healthcare organizations is predicted to spur the expansion of the long-term care software market in the future. A healthcare organization (HCO) is a legal entity which may be a medical or healthcare association that impacts the prescription, ordering, supply, use, and sale of medical technologies or related services. These healthcare organizations employ long-term care software services for the secure exchange of patient data, improved patient outcomes, accelerated treatment, synchronization across multiple devices, and more. For example, the Brazilian Dialysis Survey 2022 released by the Scientific Electronic Library Online in June 2024 stated that there were 872 active chronic dialysis centers affiliated with the Brazilian Society of Nephrology (BSN) in July 2022. This represented a 2.7% increase from 2021. Consequently, the surge in healthcare organizations is stimulating the growth of the long-term care software market.
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What Trends Will Shape the Long Term Care Software Market Through 2029 and Beyond?
Emerging technology is a major trend gaining momentum in the long-term care software market. Top companies in the sector are leveraging new tech innovations to maintain their market position. Take for example, the US healthcare firm, Creative Solutions in Healthcare, which in February 2022, introduced a new software platform dubbed Connected Care Center. This platform offers a straightforward and easily reachable hub for resident health information, enabling residents and permitted family members and friends to access updated health data.
What Are the Main Segments in the Long Term Care Software Market?
The long term care software market covered in this report is segmented -
1) By Product: Clinical Software, Non-Clinical Solutions
2) By Deployment Type: Web-Based, On-Premises, Cloud-Based
3) By End-User: Home Healthcare Agencies, Hospice Care Facilities, Nursing Homes And Assisted Living Facilities
Subsegments:
1) By Clinical Software: Electronic Health Records (EHR), Medication Management Systems, Care Planning Software, Assessment And Reporting Tools
2) By Non-Clinical Solutions: Billing And Revenue Cycle Management, Human Resource Management Systems, Facility Management Software, Compliance And Regulatory Solutions
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Which Top Companies are Driving Growth in the Long Term Care Software Market?
Major companies operating in the long term care software market include McKesson Corporation, Optimus EMR Inc., PointClickCare Corp., Matrixcare Inc., Allscripts Healthcare Solutions Inc., AOD SoftwareLLC, Netsmart Technologies Inc., Yardi Systems Inc., Eldermark LLC, ADL Data Systems Inc., HealthMEDX LLC, Intellitec Solutions, BlueStrata EHR Software Inc., Wellsky Corporation, Epic Systems Corporation, Medtelligent Inc., Computer Programs and Systems Inc., Sanvis Health LLC, CareVoyant Inc., Caremerge Inc., CareSoft Inc., CareTracker Inc., Health Care Software Inc., LifeLoop LLC, OnShift Inc., RealPage Inc., Senior Insight Inc., Senior Living Technologies LLC, Seniorsoft Development Co.Ltd., SimpleLTC, SmartLinx Solutions LLC, SoftWriters Inc., Storii Limited, Team TSI Corporation Inc., Vitals Software Inc.
Which Regions Will Dominate the Long Term Care Software Market Through 2029?
North America was the largest region in the long term care software market in 2024. The regions covered in the long term care software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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