DALLAS, December 3, 2014 /PRNewswire/ --
According to the new market research report "Long-term Care Software Market by Product (EHR, eMAR, Payroll Management), Mode of Delivery (Web-based, On-premises, Cloud-based) & End User (Nursing Homes, Home Health Agencies, Assisted Living Facilities) - Global Forecast to 2019", published by MarketsandMarkets, analyzes and studies the major market drivers, restraints, opportunities, and challenges, and burning issues in North America, Europe, Asia-Pacific, and the Rest of the World.
Browse 106 market data tables and 25 figures spread through 200 pages and in-depth TOC on "Long-term Care Software Market - Global Forecast to 2019"
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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 reach $7,561.9 Million by 2019.
Changes in population demographics have driven the demand for long-term care services, and by extension the need for healthcare IT solutions to increase work efficiency at LTC facilities across the globe. The report analyses the Long-Term Care Software Market by product, mode of delivery, and end users. The long-term care software market, by product, is segmented into clinical solutions and non-clinical solutions. The clinical solutions is further segmented 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, 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 the long-term care software are home health agencies, nursing homes and assisted living facilities, and hospice facilities. The report provides information on the geographic make-up of this market as well, split across major regions-North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
Factors such as increase in aging population, dearth of skilled nursing personnel, and increasing healthcare reforms and government initiatives are expected to propel the demand for LTC software across the globe. Similarly, opportunities offered by remote patient monitoring systems and cloud-based software are expected to boost the demand for LTC software. However, the reluctance of conventional LTC providers to adopt software and the high maintenance costs of this software are impeding the growth of this market to a certain extent. Moreover, the lack of awareness and insufficient government initiatives in developing countries has resulted in poorer adoption of LTC software.
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 with the rising aging population demanding long-term care. 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 in this region.
The long-term care software industry is fragmented, with a number of local players dominating in different regions. Moreover, the nature of this industry is quite volatile, due to the frequent entry and exit of different software vendors. New product launches and partnerships and collaborations are the key strategies adopted by market players to ensure growth. The prominent players in the 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.).
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