Long-term Care Software Market - Growth, Trends, and Forecast (2019 - 2024)

The Long-term Care Software Market is segmented by Product, Deployment, End User, and Geography.

Market Snapshot

Long Term Care Software Market_1
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

12%

Key Players:

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Market Overview

The long-term care software market is expected to register a CAGR of nearly 12% during the forecast period (2019-2024).

  • 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 shortage of nursing staff and doctors.
  • 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.
  •  In 2010, the Drug Enforcement Agency (DEA) implemented the E-Prescriptions for Controlled Substances (EPCS) technology solution, in order to reduce errors, speed up the medication reconciliation process, track the fulfillment of prescriptions, increase the adherence to medications, etc.
  • Effectively from January 1, 2018, the US healthcare practitioners started receiving roughly USD 60.00 for remote patient monitoring (RPM), which involves accessing, reviewing, interpreting, and acting on various physiological data, for at least 30 minutes over a 30-day period.
  • RPM is a cost-effective method that reduces patient readmission and emergency department (ED) visits, in case of chronic diseases.
  • Medicare pays for the home healthcare services provided by agencies during the episode of care period (60 days), which include skilled nursing care (giving injections, tube feeding, and wound dressing), physical therapy, occupational therapy, and counseling for emotional concerns. All the aforementioned healthcare services are expected to utilize the software platform or application, for enhancing the patient’s health outcomes, which in turn, may contribute to the growth of the long-term care software market.
  • Even the factors, such as the rising geriatric population across the world, are helping the market.
  • According to the United Nations report in 2017, there were around 962 million people aged 60 or over in the world, comprising 13% of the global population. The population aged 60 or above is growing at a rate of about 3% per year.

Scope of the Report

The term 'long-term care software' refers to software services that include electronic medical records, e-prescribing, medication management, patient monitoring, remote training, etc., which enhance the business operation’s needs, patient experience, and outcomes.

Product
Electronic Health Records
E-prescribing
Clinical Decision Support Systems
Remote Patient Monitoring Systems
Remote Training and Supervision Systems
Real-time Location Systems
Billing, Invoicing, and Scheduling Software
Other Products
Deployment
Web-based
Cloud-based
Other Types of Deployments
By End User
Home Healthcare Agencies
Hospice Care Facilities
Other End Users
Geography
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

E-prescribing is Expected to Record a Healthy CAGR in the Product Segment

Electronic prescribing is a new way for care providers to enter prescription information into a computer or mobile application and transfer to pharmacies, where it can be dispensed. As per the Office of the National Coordinator for Health Information Technology (ONC), around 70% of physicians in the United States have transmitted at least one e-prescription. The rise in the trend of e-prescribing can be attributed to the implementation of Electronic Prescriptions for Controlled Substances (EPCS) in 2010. This also helps avoid the errors in drug prescription caused by illegible handwriting.

E-prescribing helps healthcare providers to track the prescription filling, alert patients on allergies, monitor the controlled substance prescriptions, improve medication adherence, etc. The advantages of e-prescribing over the traditional methods are contributing to the growth of the long-term care software market.

Long Term Care Software Market_2

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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 favorable 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.

Long Term Care Software Market_3

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Competitive Landscape

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.

Major Players

  1. Allscripts Healthcare Solutions
  2. Cerner Corporation
  3. McKesson Corporation
  4. Matrix Care
  5. Optimus EMR

* Complete list of players covered available in the table of contents below

Long Term Care Software Market_4

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rise in Aging Population

      2. 4.2.2 Healthcare Reforms and Government Initiatives

      3. 4.2.3 Shortage of Nursing Staff and Doctors

    3. 4.3 Market Restraints

      1. 4.3.1 Unwillingness of the Traditional Long-term Care Providers to Adopt Software

      2. 4.3.2 High Software Investment and Maintenance Costs

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product

      1. 5.1.1 Electronic Health Records

      2. 5.1.2 E-prescribing

      3. 5.1.3 Clinical Decision Support Systems

      4. 5.1.4 Remote Patient Monitoring Systems

      5. 5.1.5 Remote Training and Supervision Systems

      6. 5.1.6 Real-time Location Systems

      7. 5.1.7 Billing, Invoicing, and Scheduling Software

      8. 5.1.8 Other Products

    2. 5.2 Deployment

      1. 5.2.1 Web-based

      2. 5.2.2 Cloud-based

      3. 5.2.3 Other Types of Deployments

    3. 5.3 By End User

      1. 5.3.1 Home Healthcare Agencies

      2. 5.3.2 Hospice Care Facilities

      3. 5.3.3 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 US

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 UK

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East & Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East & Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Allscripts Healthcare Solutions

      2. 6.1.2 Cerner Corporation

      3. 6.1.3 Matrix Care

      4. 6.1.4 McKesson Corporation

      5. 6.1.5 Omnicare Inc.

      6. 6.1.6 Omnicell

      7. 6.1.7 Optimus EMR

      8. 6.1.8 PointClickCare

      9. 6.1.9 SigmaCare

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

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