Integrated Cloud-based IT Healthcare across Senior Living Care Facilities to Perk Growth in Long Term Care Software Globally
Long term care is gaining tremendous scalability in optimizing healthcare facilities to cope up with diverse patient needs across all age groups. With significant rise in geriatric population and concomitant needs for accurate healthcare facilities to meet health concerns, long term patient care is becoming more mainstream and is also shaping dominant growth trends in global long term care software market. Global population is in the wake of proliferated aging population.
The Long-Term Care Software market is expected to grow at a CAGR of 11% to reach US$ 10,988 Mn in 2032.
Irrespective of developing and developed status, several countries across regions are experiencing a fast growing aging demographics. According to World Economic Forum, Japan possesses highest number of aging population. Other developing countries such as China is also significantly dominated by substantial geriatric population. Other quintessential statistics from different sources such as WHO states that by 2050, the overall population will be dominated majorly by people within the age group of 60 years and above, taking a leap from 12% to 22%. The report by WHO further furnishes that approximately 80% of older generations will be housed across mid and low income countries. With a steady rise in aging population, associated challenges persist, major amongst them being adequate health care delivery at affordable prices.
Other developing countries such as India is likely to witness a sharp spike with aging population growing by 20% faster by 2050.
Besides age related health conditions, growing burden of chronic health conditions such as diabetes, asthma, arthritis and the like are further pushing demands for systematic disease management, augmenting growth in long term care software market.
Twinning with astronomical rise in chronic ailments and age mediated health conditions, federal governments are akin on introducing novel means and charters in order to improve long term care facilities and quality of life. To cite an instance, government of Ontario is contemplating result oriented alterations towards delivering optimum healthcare. In association with Ontario Long Term Care Association, that extends long term patient care across Canada, a new long term care protocol has been issued in meeting the gaps in long term care delivery.
Federal Government Initiatives to Bolster Sustainable Long Term Care Delivery across Countries Such as Ontario
The Centers for Medicare and Medicaid Services have made a public announcement for the release of improved resident care delivery in terms of training, tools, and technical assistance for a flawless long term care delivery to improve quality of life amongst patients. These developments are estimated to have a favorable bearing on long term patient care and also benefit long term care software market visibly.
Impeccable financial planning for optimal healthcare amongst aging population remains at the core. Long term patient care remains indispensable to support healthy geriatric communities globally irrespective of age and disease type. Cost effective long term patient care that addresses community level long term care delivery is highly desirable. Caregiving by informal groups often by family members comes with multifold challenges in terms of emotional shortcomings, financial crunch as well as lack of adequate knowledge and technical know-how. These challenges are estimated to rise further, on the back of steadily growing geriatric population which is expected to further rise exponentially.
Several government agencies to improve long term patient care via various support programs. According to Ministry of Health and Long Term Care, Ontario, developments are in place to establish adequate health care infrastructure involving monitoring and funding schemes. Under long term healthcare delivery in Ontario, Ministry of Health and Long Term care has been accelerating invariably with potential 6% rise annually. Under these developments, Ontario is expected to witness a massive 80% spike in total healthcare expenditure in the coming decade. These advances are also anticipated to encourage evidence backed care delivery for adequacy and efficiency. Under these developments in Ontario, besides improved acute care long term care is also speculated to be highly progressive, reflecting favorably towards long term care software market.
Long Term Care Software Market Witnesses Strategic Collaborations for Improved IT Healthcare and Cloud-based Management
Long term patient care is a well-conceived infrastructure of care mechanisms that extend care across residences and home care with the expertise of skilled nursing staff, patient rehabilitation and long term care delivery on the basis of HER (Electronic Health Record) as well as billing software.
The patient pools for long term care delivery mainly comprise chronic disease patients as well as older patients. An ideal long term care software adequately meeting care delivery services across nursing homes to manage voluminous electronic health records and financial management to assist various stakeholders in assisted living is gaining quick momentum.
Advances in long term care software allows users to access holistic care delivery of patients across interfaces with tangible developments in record maintenance skilled nursing home care. Wholesome record maintenance across care delivery, billing and unfailing integration of various services on a single platform is one of the most vital trends in long term care software market.
Long term care software market is experiencing several business strategies wherein care delivery partners are collaborating with healthcare IT veterans to upscale long term care software. In this regard, Plum Healthcare which is best known for its senior care delivery assistance has recently inked a partnership deal with Netsmart for improved long term care software features as Plum expands its geographical presence across California.
This business commitment is expected to position Plum favorably in long term care delivery as the company will be working on Netsmart's flagship EHR platform, myUnity. This platform allows users to gain detailed patient related data with decisive analytics tools. This recent development is anticipated to substantially augment palpable growth in long term care software market in the coming years.
In yet another significnat development, EHR veteran PointClickCare Technologies has in a recent development bought stakes in QuickMar to diverse IT healthcare capabilities in the realm of long term care software. This acquisition deal is anticipated to improve PointClickCare's cloud based software directed for long term care, senior care and post-acute care. The development is likley to substantially benefit senior living conditions via cloud based offerings.
Further in strategic collaborations between businesses in long term care services, WellSky, known for its healthcare software has affirmed its acquisition of HCS which is a veteran in clinical and financial software offerings in healthcare. The development is anticipated to massively improve IT based healthcare solutions in terms of medication management, home based care, and holistic electronic health record system, thus pushing growth spurt in global long term care software market.
List of Major Players
Some of the prominent players in global long term care software markets are Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, Cerner, McKesson Corporation, Omnicare, Omnicell, Inc., MatrixCare, Optimus EMR, Netsmart, PointClickCare & others.
Major Market Movements
• Home based care and senior care delivery institutions expected to herald promising growth opportunities for long term care software market
• Government initiatives and support schemes for improved evidence based care delivery is a significant growth determinant
• Industry stalwarts invest in long term business commitments with long term care delivery services to induce IT based healthcare
• Countries witnessing major geriatric population growth spurt to rely more on long term care software expertise to meet gaps
• Advances such as cloud based capabilities to favor indomitable stance in the coming years, encouraging sustainable growth in long term care software market
Key Study Deliverables
• Market valuation in terms of value and volume of the global long term care software market through the forecast span, 2019-25
• Comprehensive market evaluation across major regions based on market segmentation
• A thorough rundown on market dynamics such as drivers, threats, challenges, opportunities
• A clear analytical review of competition spectrum, highlighting industry forerunners, company as well as product portfolios
• Major highlights on winning marketing strategies adopted by leading players