New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Long Term Care Software Global Market Report 2023" - https://www.reportlinker.com/p06464039/?utm_source=GNW
, Yardi Systems Inc., Eldermark Software, ADL Data Systems Inc., HealthMEDX LLC, Intellitec Solutions, BlueStrata EHR Software, Wellsky Corporation, Lintech Software, Epic Systems Corporation, and Medtelligent Inc.
The global long term care software market is expected to grow from $3.85 billion in 2022 to $4.32 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The long term care software market is expected to reach $6.85 billion in 2027 at a CAGR of 12.2%.
The long-term care software market includes revenues earned by entities by providing long-term care software services with features such as clinical or electronic medical records, point of care, billing and marketing.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Long-term care software is a tool that manages workflows, data, tracking, and administration of long-term care facilities, patients, and staff while offering insightful analytics and streamlined communication between patients and care providers.
North America was the largest region in the long term care software market in 2022. The regions covered in the long term care software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of long-term care software are clinical software and non-clinical solutions.Clinical software refers to long-term care software services such as electronic health records, e-prescribing, clinical decision support systems, and other services.
The various deployment types involved are web-based, on-premises and cloud-based which are used by home healthcare agencies, hospice care facilities, nursing homes and assisted living facilities.
The rising number of healthcare organizations is expected to propel the growth of the long-term care software market going forward.A healthcare organization (HCO) is any legal entity that is a healthcare, medical association that influences the prescription, order, supply, utilization, and sale of medical technologies or related services.
The healthcare organizations use long-term care software services for the safe exchange of patient data, better patient outcomes, faster treatment, multidevice synchronization, and others.Therefore, a rising number of healthcare organizations are driving the growth of the long-term care software market.
For instance, according to the Federal University of Rio Grande do Sul, a Brazil-based public federal research university, 834 active chronic dialysis centers were registered in 2020 at the Brazilian Society of Nephrology, 3.6% higher than that of dialysis centers registered in 2019. Furthermore, according to the Substance Abuse and Mental Health Services Administration, a US-based agency of the Department of Health and Human Services, there were 16,066 substance abuse treatment facilities in 2020, with a net increase of 105 centers from 2019. Hence, the rising number of healthcare organizations is driving the long-term care software market.
Technological advancements are a key trend gaining popularity in the long-term care software market.Major companies operating in the long-term care software market are adopting new technologies to sustain their position in the market.
For instance, in February 2022, Creative Solutions in Healthcare, a US-based healthcare company, launched a software platform, Connected Care Center. Connected Care Center is a user-friendly and easily accessible resident health information hub that allows residents, authorized families and friends to see up-to-date health data.
In June 2022, Oracle, a US-based software company acquired Cerner Corporation for $28.3 billion. Through this acquisition, Oracle Combines Cerner’s clinical capabilities with its enterprise platform, analytics, and automation expertise that changes health and wellness all the way. Cerner Corporation is a US-based provider of long-term care and skilled nursing management EHR Software.
The countries covered in the long term care software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The long term care software market research report is one of a series of new reports that provides long term care software market statistics, including long term care software industry global market size, regional shares, competitors with long term care software market share, detailed long term care software market segments, market trends, and opportunities, and any further data you may need to thrive in the long term care software industry. This long term care software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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