Long Term Care Software Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Long Term Care Software Market Analysis

The Global Long-term Care Software Market size is expected to grow from USD 4,978.12 million in 2023 to USD 6,939.76 million by 2028, registering a CAGR of 6.87% during the forecast period (2023-2028).

The COVID-19 pandemic affected the elderly population excessively, particularly those who were living at long-term care facilities (LTCF), with a significant impact on mortality and morbidity. As per the study article published in PLUS One in January 2022, the mortality rate among long-term care residents was higher. Thus, strenuous action is required to alleviate the impact of COVID-19 by enhancing infection prevention and control (IPC) measures within LTCF with novel and advanced LTC software and solutions to track and manage the patients at LTCF affected with COVID-19. In addition, during the later phases of the pandemic, GHD Group Pty Ltd revealed four new advanced solutions, namely, SimpleTrack, Contact Connect Wearables, Appointed, and Wastewater testing service, intended to increase the safety of residents in long-term care facilities through contact tracing, appointment bookings, and early notification of COVID-19 trends. Thus, as per the analysis, COVID-19 significantly impacted the growth of the studied market throughout the pandemic phase and is expected to continue its trend over the post-pandemic era.

The major factors attributing to the growth of the long-term care software market are healthcare reforms and government initiatives, the rise in the aging population, and the growing burden of chronic diseases. As per the WHO data updated in October 2022, the number of people over 60 years and above is expected to reach 1.4 billion by the year 2030 and is projected to reach 2.1 billion by the year 2050. As old people require long-term care, the demand for long-term care software is anticipated to grow and contribute to the market's growth during the forecast period.

Additionally, among the patients requiring long-term care, some of the most frequent chronic medical conditions include hypertension, gastroesophageal reflux disease, diabetes, atrial fibrillation, anemia, arthritis, congestive heart failure, constipation, chronic obstructive pulmonary disease, cerebrovascular disease, dementia, osteoporosis, Parkinson's disease, peripheral vascular disease, renal failure, and thyroid disorders, amongst others. According to Alzheimer's Disease International, someone develops dementia every 3 seconds. As per the above source, the number of people with dementia is expected to double every 20 years; by 2030, it is anticipated to reach 78 million, and by 2050, nearly 139 million. Therefore, to control and monitor such a large section of the old age population prone to any chronic disease at any point in time, even if the disease occurred once, it is important to get them monitored at home care, nursing facility, or community centers, as well as assisted living centers. The importance of software and devices to connect to these centers and patients becomes necessary, and thus, acts as one of the major drivers for the market studied.

Moreover, government policies and acts, such as the Health Information Technology for Economic and Clinical Health Act (HITECH), improve healthcare quality, safety, management, and efficiency, including electronic health records (EHRs) and private and secure electronic health information exchange are vital in proper disease management to alert clinicians promptly. Hence, the demand for long-term care software is increasing. This is further anticipated to fuel the market growth.

Long Term Care Software Market Trends

Electronic Health Records Projected to Have Notable Growth Rate Over the Forecast Period

Long Term Care Software Industry Segmentation

As per the report's scope, 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. The Long-term Care Software Market is Segmented by Product (Electronic Health Records, E-prescribing, Clinical Decision Support Systems, Remote Patient Monitoring Systems, Real-time Location Systems, Billing, Invoicing, and Scheduling Software, and Other Products), Deployment (Cloud Bases and On-premise), End User (Home Healthcare Agencies, Hospice Care Facilities, and Nursing Homes and Assisted Living Facilities), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.