29 November 2019
Visiongain has launched a new pharma report ‘’North America Long-Term Care Software Market Report 2020-2030’’ by Product (Electronic Health Records (EHR), Electronic Medication Administration Record (eMAR), Payroll Management), Mode of Delivery (Cloud-Based Solutions, On-Premise Solutions, Web-Based Solutions), End User (Assisted Living Facilities, Home Health Agencies, Nursing Homes), and Geography.
North America Long-Term Care Software market is anticipated to grow at a lucrative CAGR of 12.2% and anticipated to reach USD 3,126.36 Million by 2030.
It is anticipated that aging baby boomers, rising occurrence of chronic diseases, and government initiatives to include technology for long-term care in health care facilities would drive growth. Increasing demand for structured care, new technologies are being introduced to provide older people with better and more personalized care, which is expected to drive the market further over the forecast period.
North America's long-term care software market is anticipated to witness high growth owing to its growing geriatric population, and developed a health care system to provide affordable health care to senior citizens. The geriatric population is expected to add approximately USD 4 million to Canada's health care costs by 2030, according to the Health Trends Alberta forecast.
Numerous market players' strategic strategies are expected to fuel the growth of the LTC software market over the forecast period. For instance, in August 2018, Mediware Information Systems purchased BlueStrata EHR which will help Mediware Information Systems to expand its technology solutions for various long-term care applications. The purchase is expected to support Mediware to meet the aging population's healthcare needs.
A high prevalence of chronic diseases is a major cause of medical attention-related disabilities. Long-term care technology provides efficient methodologies for the workflow that save time and cost. According to the World Health Organization (WHO), around three-quarters of all deaths worldwide will be caused by chronic diseases by 2020. 75% of deaths from stroke in developing countries, 70% of deaths from hypertension, and 71% of deaths from Ischemic Heart Disease (IHD).
Developed countries ' governments are reforming their healthcare infrastructure to provide senior citizens with affordable care solutions. The U.S. government supports elderly people's long-term care software through Medicare and Medicaid systems, fueling growth in North America's long-term care software market.
Developing sophisticated and user-friendly devices and services such as internet-enabled home monitoring, data digitization, telemedicine, and mobile health (mHealth) apps are likely to boost market growth over the forecast period. McKesson Pharmacy released the 7.0 version of the EnterpriseRx platform in November 2016, which is a cloud-based pharmacy management system that centrally manages information and offers a promise-time workflow for drug delivery to support medical and business services.
The United States holds the dominant market share and is projected to post the highest CAGR over the forecast period. Increasing awareness among healthcare professionals about long-term care technology combined with technological advances, and implementing cloud-based solutions could drive growth in the U.S.
Market players are also working through various business strategies to gain greater market penetration in this area. For example, in May 2018, by integrating the iPro Anesthesia software solution across its organizations, SingHealth partnered with Allscripts for regional expansion and expanded its product portfolio.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the North America long-term care software market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the Long-Term Care Software market.
The comprehensive market report features companies such as Allscripts Healthcare Solutions, Inc., Cerner, Epic Systems Corporation, MatrixCare, McKesson Corporation, Netsmart, Omnicare, Omnicell, Inc., Optimus EMR, PointClickCare among other prominent players. Also, the research study offers market estimation and forecast for the period ranging 2020-2030 for the US and Canada.
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