Long Term Care Software Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Global Long-term Care Software Market is forecasted to witness significant growth, projected to climb from USD 4,978.12 million in 2023 to USD 6,939.76 million by 2028, with an expected Compound Annual Growth Rate (CAGR) of 6.87% during the 2023-2028 period.

The COVID-19 pandemic notably impacted the elderly population, especially those residing in long-term care facilities (LTCFs), resulting in higher mortality and morbidity rates. Efforts have been directed towards bolstering infection prevention and control (IPC) measures within LTCFs by leveraging novel long-term care software and solutions, aimed at monitoring and managing COVID-19 cases among LTCF residents. Initiatives such as GHD Group Pty Ltd's introduction of advanced solutions like SimpleTrack, Contact Connect Wearables, Appointed, and Wastewater testing service in the later phases of the pandemic sought to enhance resident safety through contact tracing, appointment scheduling, and early detection of COVID-19 trends. The pandemic's impact significantly influenced market dynamics during this period and is anticipated to continue shaping trends post-pandemic.

Key drivers propelling the long-term care software market include healthcare reforms, government initiatives, the growing elderly population, and the increasing burden of chronic diseases. With projections indicating that the global population aged 60 and above will reach 1.4 billion by 2030 and potentially rise to 2.1 billion by 2050, the demand for long-term care software is expected to surge due to the expanding need for elderly care.

Common chronic medical conditions prevalent among individuals in need of long-term care include hypertension, diabetes, dementia, among others. Forecasts suggest a doubling of dementia cases every 20 years, reaching an estimated 78 million by 2030 and nearly 139 million by 2050. The imperative to monitor and manage this substantial elderly population, prone to chronic ailments, across various care settings such as home care, nursing facilities, and assisted living centers underscores the significance of software and devices that facilitate connectivity among these facilities and patients, thereby driving market growth.

Government policies, exemplified by initiatives like the Health Information Technology for Economic and Clinical Health Act (HITECH), which promote electronic health records (EHRs) and secure health data exchange, play a pivotal role in effective disease management. This has led to an increasing demand for long-term care software, contributing significantly to market expansion.

Market Trends in Long-term Care Software:

Electronic Health Records (EHRs) are poised for substantial growth due to their effectiveness in managing documentation, enhancing quality outcomes, and boosting productivity within healthcare facilities. Financial incentives driving EHR adoption, coupled with substantial public and private investments supporting healthcare system streamlining, have been key drivers. The pandemic accelerated the reliance on online health records, resulting in innovative solutions such as MEDITECH's COVID-19 Vaccination EHR, Seqster's investments in healthcare data interoperability, and notable product launches like Capital Health's new EHR system and Medidata's Rave Companion. These advancements collectively contribute to the anticipated expansion of this segment in the foreseeable future.

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