The Long-term Care Software Market includes various software solutions that aid senior communities and assisted living facilities manage key operations and provide quality care to patients. Long-term care software solutions help streamline administrative tasks, track resident information, manage billing & payment processing, supply chain management, and coordinate care delivery among nurses and staff. They provide ease of access to electronic medical records, nutrition plans, activity schedules and other critical resident data. This enables caregivers to devote maximum time and efforts to focus on quality care.
The Global Long-term Care Software Market is estimated to be valued at US$ 5.40 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Long-term Care Software market are Abbott, Medtronic, Getinge AB, Abiomed, Terumo Corporation, Boston Scientific, F. Hoffmann-La Roche Ltd, Bayer AG, Viatris Inc., Par Pharmaceutical, AstraZeneca, Zoll Medical Corporation, Xenios AG (part of Fresenius Medical Care), Windtree Therapeutics, and Chiesi Farmaceutici S.p.A. The rising geriatric population globally is driving the demand for assisted living facilities and nursing homes. This is augmenting the adoption of long-term care software solutions to manage patient data and daily operations more efficiently. Major players are expanding their presence in developing markets like Asia Pacific and Latin America using strategies like partnerships, collaborations and acquisitions.
Market drivers
The Long-term Care Software Market Demand is primarily driven by the rapidly aging global population. According to the UN’s World Population Ageing report, the number of people aged 65 years or over is projected to grow from 727 million in 2020 to 1.5 billion in 2050. This rising geriatric demographic prone to age-associated health conditions will fuel the need for assisted living centers and long-term care. Furthermore, long-term care software solutions help improve healthcare outcomes by facilitating better care coordination between nurses, staff and healthcare providers. They enhance productivity and operational efficiency of facilities through automated workflow and digital record management. This is driving greater adoption of these solutions amongst senior homes and nursing centers.
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