Long-term Care Software Market by Product, Mode of Delivery (Web-based, On-premises, Cloud-based) & End User (Nursing Homes, Home Health Agencies, Assisted Living Facilities) - Global Forecast to 2019
NEW YORK, Dec. 29, 2014 /PRNewswire/ -- The global long-term care software market is expected to grow at a CAGR of 13.7% during the forecast period of 2014 to 2019 and is estimated to be worth $7,561.9 million by 2019. The factors such as rise in aging population that triggers the demand for healthcare IT solutions in LTC facilities, dearth of skilled nursing personnel, and increasing healthcare reforms and government initiatives across the globe are expected to spur the demand for LTC software.
Similarly, opportunities offered by remote patient monitoring systems and cloud-based software are expected to boost the demand for LTC software. However, the unwillingness of traditional LTC providers to adopt software and high maintenance costs associated with software are hampering the growth of this market. Moreover, the lack of awareness and inadequate government initiatives in developing countries, resulting in lower adoption of LTC software, poses a challenge to this market.
The long-term care software market, by product, is segmented into clinical solutions and non-clinical solutions. The clinical solutions segment is divided into EMR/EHR, e-prescribing, electronic medication administration records, medication management, and clinical decision support systems. The non-clinical solutions segment is further segmented into real-time location systems, remote patient monitoring systems, remote training and supervision systems, payroll management, talent management software and billing, invoicing and scheduling software.
The market, by mode of delivery, includes on-premise, web-based, and cloud-based software. The major end users of long-term care software in this report are home health agencies, nursing homes and assisted living facilities, and hospice facilities. The report provides regionwise information on this market as well, split across major regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
By 2019, North America will continue to dominate and drive the long-term care software market, primarily due to the increasing demand for LTC software and the rise in aging population. On the other hand, the Asia-Pacific region is expected to witness significant growth during the forecast period, with the majority of growth primarily driven by changing population demographics and the economic development of regions.
The prominent players in the global LTC software market are Cerner Corporation (U.S.), Omnicare, Inc. (U.S.), AOD Software (U.S.), Kronos (U.S.), PointClickCare (Canada), Omnicell, Inc. (U.S.), McKesson Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Optimus EMR (U.S.), and HealthMEDX, LLC (U.S.).
Reasons to Buy the Report
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help firms to garner greater market shares. Firms purchasing this report could use any one or a combination of the below mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for reaping a greater market share.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by top players in the long-term care software market. The report analyzes the long-term care software market by type and region, covering North America, Europe, APAC, and RoW
- Product Development/Innovation: Detailed insights on upcoming trends, research and development activities, and new product launches in the long-term care software market
- Market Development: Comprehensive information on lucrative emerging segments of the long-term care software market by product, mode of delivery, and end users
- Market Diversification: Exhaustive information of new products, growing regions, recent developments, and investments in the long-term care software market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, manufacturing capabilities, and SWOT analyses of leading players in the long-term care software
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