Long-term care services include various systems and programs to meet personal care needs of the patients. Along with medical care, these services also offer assistance in completing basic personal tasks and daily activities. Management and control of these services becomes easier with various software programs. Growth in the number of aging population and rising demand for home healthcare are some of the major driving factors for the long term care software market. As a result, the key players in this industry are anticipating strong business opportunities across different geographic regions. Advancing technologies and healthcare reforms across emerging economies are also expected to create potential growth opportunities in the industry during the next few years to come.
Scope of Research for Long Term Care Service Software Market
In order to understand the growth trends and opportunities, researchers segment the global market into its basic components. These components include various types of products, their delivery modes, end-users and demand patterns across various geographic regions. Basic types of products in the market are categorized into eMAR, EHR and payroll management. Basic modes of delivery for these products include cloud-based, web-based and on-premise delivery. Major end-users in the long term care software market include home health agencies, nursing homes, and assisted living facilities. Analysis of all these segments provides details about the growth trends, drivers, opportunities and restraints for the major players in the market.
Market Drivers and Restraints
As per the researchers, the global long term care software market is driven by rapid growth in the aging population around the world. Growing number of elderly is creating demand for healthcare professionals like doctors and nursing staff. Apart from that, healthcare reforms and strong initiatives from different governments are also expected to help this market witness strong growth in the coming few years. Major challenges for the market include high maintenance costs for software programs, reluctance of traditional product users towards the advanced systems and low rate of adoption across the emerging markets. However, according to the experts, cloud-based software programs and remote patient monitoring systems are expected to provide major traction to the key industry players.
As per the latest findings, long term care software market is estimated to maintain a steady growth of over 12% from 2014 to 2020. At the estimated growth rate, the market is poised to become worth $2,074.0 million by the end of the year 2019. During the forecasting period, North America is expected to become the dominating segment in terms of market shares. Emerging markets like Asia Pacific and Middle East on the other hand are poised to witness increased rate of adoption with government initiatives and healthcare reforms.