According to a new report ,“North America Long-term Care Software Market Size, Share & Trends Analysis Report By Product (EHR, eMAR, Payroll Management), By Mode of Delivery (Web, Cloud, On-Premise), And Segment Forecasts, 2018 – 2025” published by Grand View Research, Inc., The North America long-term care software market size is anticipated to reach USD 2.1 billion by 2025. It is projected to expand at a CAGR of 12.4% over the forecast period. Aging baby boomers, growing incidence of chronic diseases, and government initiatives to include long-term care software in healthcare facilities are anticipated to drive the growth. With increasing demand for formal care, new technologies are being adopted to provide better and personalized care to the elderly, which is likely to further fuel the market during the forecast period.
Key Takeaways from the report:
EHR accounted for the largest market share in 2017 owing to to better medical care and accurate patient information provided by the software
Cloud-based solution is anticipated to be the fastest growing segment during the forecast period due to cost-effectiveness, less operational issue, low investment, and ease of implementation with advanced security
U.S. dominated the North America long-term care software market and is likely to witness significant growth over the next decade due to rising aging population demanding long-term care coupled with need to lower the healthcare costs
Some of the key market players are Allscripts Healthcare Solutions, Inc.; Epic Systems Corporation; Cerner; McKesson Corporation; Omnicare; Omnicell, Inc.; MatrixCare; Optimus EMR; Netsmart; and PointClickCare.
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The North America long-term care software market is likely to witness a high growth due to increasing geriatric population, awareness, and reforming healthcare infrastructure to provide affordable healthcare to senior citizens. According to the Health Trends Alberta projection, increasing geriatric population is expected to add USD 3.8 million to the health care costs of Canada by 2030.
Various strategic initiatives by market players are expected to boost the LTC software market growth. In August 2018, Mediware Information Systems acquired BlueStrata EHR to expand its long-term care software technology solutions. The acquisition is expected to support Mediware to meet healthcare needs of the aging population.
Moreover, various mergers and acquisitions are anticipated to fuel market growth. For instance, in October 2016, Netsmart acquired HealthMEDX to broaden its U.S. long-term care solutions for home care providers, nursing facilities, retirement communities, and assisted and independent living facilities.
Companies also focus on regional expansions through business collaborations. In April 2016, Good Shepherd Rehabilitation Network opted for Cerner Millennium clinical and financial management solutions to implement integrated Electronic Health Record (HER) system in 40 outpatient facilities in Eastern Pennsylvania, resulting in regional expansion for Cerner Corporation.
Grand View Research has segmented the North America long-term care software market based on product, mode of delivery, end use, and region:
North America Long-term Care Software Product Outlook (Revenue, USD Million, 2014 – 2025)
Electronic Health Record (EHR)
Electronic Medication Administration Record (eMAR)
Payroll Management Surgical Specialty
North America Long-term Care Software Mode of Delivery Outlook (Revenue, USD Million, 2014 – 2025)
North America Long-term Care Software End-use Outlook (Revenue, USD Million, 2014 – 2025)
Home Health Agencies
Assisted Living Facilities
North America Long-term Care Software Regional Outlook (Revenue, USD Million, 2014 – 2025)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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