United States Long Term Care Software Market to Grow with a CAGR of 10.52% through 2028
Rising EHR
adoption and the proliferation of LTC centers are expected to drive the United
States Long Term Care Software Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “United States Long Term Care Software Market – By
Region, Competition, Forecast and Opportunities, 2028”, the United States
Long Term Care Software Market stood at USD 1.09 billion in 2022 and is
anticipated to grow with a CAGR of 10.52% in the forecast period, 2024-2028.
This can be attributed to the escalating prevalence of chronic conditions.
Chronic illnesses such as diabetes, heart disease, and Alzheimer's are becoming
more prevalent among the elderly population. Managing these conditions requires
a comprehensive approach to care that includes regular monitoring, medication
management, and lifestyle interventions. LTC software solutions offer tools to
assist healthcare providers in delivering personalized care plans and tracking
patient progress, thereby addressing the unique challenges associated with
chronic conditions.
Furthermore,
with the increasing digitization of healthcare records, data security and
privacy remain paramount concerns. Upcoming trends include the implementation
of advanced cybersecurity measures, including encryption and multi-factor
authentication, to protect sensitive patient data. LTC software providers are
expected to invest heavily in ensuring compliance with regulations like HIPAA
and adopting best practices in data security.
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Long-Term Care
(LTC) offers a range of time and cost-saving workflow techniques, encompassing
a centralized database, integrated Electronic Health Records (EHRs), as well as
solutions for medication management, payroll administration, resident care,
revenue cycle management, clinical documentation, and more. These functionalities
empower efficient patient care, enhance adherence to regulations, and reduce
expenses.
The shortage of
nursing staff and the growing prevalence of burnout among healthcare
professionals in the United States have spurred the adoption of healthcare IT
solutions in recent years. Consequently, many LTC providers have integrated
these tools to streamline their operations. For instance, in October 2022, the
American Health Care Association (AHCA) announced a collaboration with
PointClickCare in the Long-Term Care Data Cooperative to develop a
comprehensive health records solution.
The U.S.
long-term care software market is poised for significant growth, primarily due
to the increasing elderly population in the country. As a greater number of
individuals aged 65 and above enjoy longer lives, there's an escalating demand
for long-term care services and software solutions tailored to their needs.
According to data from the Population Reference Bureau, the count of Americans
aged 65 and above is expected to nearly double, reaching 95 million by 2060, up
from 52 million in 2018. This demographic shift will also lead to a higher
proportion of older adults, rising from 16% in 2018 to 23% by 2060.
Long-term care
providers are actively pursuing strategic initiatives to prioritize quality
care. For example, in February 2022, Creative Solutions in Healthcare (CSNHC)
introduced its innovative software platform, Connected Care Center, across its
92 skilled nursing facilities. This platform promotes transparency by facilitating
the secure sharing of critical patient information, including medical
diagnoses, vital signs, and medical orders. Embracing such technology enables
long-term care facilities to optimize their operations and deliver more
efficient, patient-centric care. With healthcare providers' ongoing commitment
to enhancing quality and efficiency, the U.S. long-term care software market is
on track for remarkable expansion, ultimately benefiting the entire healthcare
ecosystem.
The United
States Long Term Care Software Market is segmented into service type,
commercial plan type, regional distribution, and company.
Based on its
service type, the cloud-based sector was the most significant contributor to
revenue. Furthermore, it is anticipated to have the highest compound annual
growth rate (CAGR) during the forecast period. Cloud-based solutions are valued
for their cost-effectiveness, flexible pricing and usage options, reduced
operational problems, minimal initial investment, and improved security.
Additionally, the growing demand for cloud-based solutions is driving the
creation of new products.
The web-based
segment is predicted to experience significant growth due to the increasing
adoption of online platforms. Conversely, on-premises solutions, which are
installed at user locations, primarily on workstations, might encounter
challenges due to their high initial expenses, potentially impacting their
market expansion. As technology continues to advance, more clinics may choose
cloud-based solutions for their cost-effectiveness, flexibility, and improved
accessibility.
Based on region,
the North-East region of the United States is poised to dominate the Long-Term
Care (LTC) Software Market for several compelling reasons. Firstly, this region
is known for its advanced healthcare infrastructure and a higher concentration
of long-term care facilities compared to other parts of the country. This
concentration of facilities has created a strong demand for LTC software
solutions, making it a natural hub for software development and innovation.
Additionally, the North-East is home to several prestigious academic and
research institutions, fostering collaboration between healthcare experts and
software developers, resulting in cutting-edge solutions tailored to the
specific needs of LTC facilities. Furthermore, the region's commitment to
healthcare reform and adherence to regulatory standards is driving the adoption
of advanced software systems in long-term care, solidifying its position as a
leader in the industry.
Major companies
operating in United States Long Term Care Software Market are:
- Yardi Systems Inc
- Revver Inc
- Vital Software Inc
- Allscripts Healthcare LLC
- Medtelligent, Inc.
- PointClickCare Technologies Inc
- Oracle Corp
- Netsmart Technologies Inc
- MatrixCare Inc
- ALAdvantage, LLC
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“The United
States Long-Term Care Software Market is poised for exciting developments in
the coming years. As the aging population continues to grow, LTC software
providers are gearing up to meet the evolving needs of both residents and
healthcare professionals. Telehealth integration, AI and predictive analytics,
mobile solutions, interoperability advancements, enhanced data security,
person-centered care, and population health management are some of the key
trends that will shape the future of the LTC Software Market, ultimately
contributing to better quality of care for the elderly population,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“United States Long Term Care Software Market By Mode of
Delivery (Cloud-based, Web-based, On-premises), By Application (Electronic
Health Records, Electronic Medication Administration Record (eMAR), Revenue
Cycle Management, Resident Care, Staff Management, Others), By End-use (Home
Healthcare Agencies, Hospice & Palliative care, Nursing Homes, Assisted
Living Facilities), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth
potential of United States Long Term Care Software Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in United States Long Term Care Software Market.
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