The North America long term care software market size is anticipated to reach USD 3.29 billion by 2030. The market is projected to grow at a CAGR of 11.6% from 2024 to 2030. Aging baby boomers, growing incidence of chronic diseases, and government initiatives to include long-term care software in healthcare facilities are anticipated to drive the growth. With increasing demand for formal care, new technologies are being adopted to provide better and personalized care to the elderly, which is likely to further fuel the market during the forecast period.
The North America long-term care software market is likely to witness a high growth due to increasing geriatric population, awareness, and reforming healthcare infrastructure to provide affordable healthcare to senior citizens. According to the Health Trends Alberta projection, increasing geriatric population is expected to add USD 3.8 million to the health care costs of Canada by 2030.
Various strategic initiatives by market players are expected to boost the LTC software market growth. In August 2018, Mediware Information Systems acquired BlueStrata EHR to expand its long-term care software technology solutions. The acquisition is expected to support Mediware to meet healthcare needs of the aging population.
Moreover, various mergers and acquisitions are anticipated to fuel market growth. For instance, in October 2016, Netsmart acquired HealthMEDX to broaden its U.S. long-term care solutions for home care providers, nursing facilities, retirement communities, and assisted and independent living facilities.
Companies also focus on regional expansions through business collaborations. In April 2016, Good Shepherd Rehabilitation Network opted for Cerner Millennium clinical and financial management solutions to implement integrated Electronic Health Record (HER) system in 40 outpatient facilities in Eastern Pennsylvania, resulting in regional expansion for Cerner Corporation.
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The North America long-term care software market is likely to witness a high growth due to increasing geriatric population, awareness, and reforming healthcare infrastructure to provide affordable healthcare to senior citizens. According to the Health Trends Alberta projection, increasing geriatric population is expected to add USD 3.8 million to the health care costs of Canada by 2030.
Various strategic initiatives by market players are expected to boost the LTC software market growth. In August 2018, Mediware Information Systems acquired BlueStrata EHR to expand its long-term care software technology solutions. The acquisition is expected to support Mediware to meet healthcare needs of the aging population.
Moreover, various mergers and acquisitions are anticipated to fuel market growth. For instance, in October 2016, Netsmart acquired HealthMEDX to broaden its U.S. long-term care solutions for home care providers, nursing facilities, retirement communities, and assisted and independent living facilities.
Companies also focus on regional expansions through business collaborations. In April 2016, Good Shepherd Rehabilitation Network opted for Cerner Millennium clinical and financial management solutions to implement integrated Electronic Health Record (HER) system in 40 outpatient facilities in Eastern Pennsylvania, resulting in regional expansion for Cerner Corporation.
North America Long Term Care Software Market Report Highlights
- Electronic health records dominated the market and accounted for a market share of 32.6% in 2023. It can be attributed to the improved documentation and quality outcomes, and the financial support of the government to encourage the adoption of EHRs.
- Cloud-based delivery dominated the market and accounted for a market share of 41.2% in 2023. It can be attributed to the rise in the adoption of cloud storage platforms by both patients and physicians.
- Nursing homes dominated the market and accounted for a market share of 39.9% in 2023. It can be attributed to the rise in chronic diseases and the adoption of digitalized healthcare facilities.
- North America long term care software market is expected to grow significantly over the forecast period. It can be attributed to the increasing prevalence of chronic disease cases in this region and the continuous upgradation of clinical and non-clinical infrastructures to cater the healthcare management.
The leading players in the North America Long Term Care Software market include:
- Veradigm LLC (Allscripts Healthcare)
- Cerner Corporation (Oracle Corporation)
- Netsmart Technologies, Inc.
- MatrixCare
- McKesson Corporation
- VITALS SOFTWARE
- PointClickCare
- Medtelligent, Inc.
- Omnicell, Inc.
- Genexod Technologies LLC
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. North America Long Term Care Software Market Variables, Trends, & Scope
Chapter 4. North America Long Term Care Software Market: Application Estimates & Trend Analysis
Chapter 5. North America Long Term Care Software Market: Mode of Delivery Estimates & Trend Analysis
Chapter 6. North America Long Term Care Software Market: End Use Estimates & Trend Analysis
Chapter 7. North America Long Term Care Software Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
Companies Mentioned
The leading players in the North America Long Term Care Software market include:- Veradigm LLC (Allscripts Healthcare)
- Cerner Corporation (Oracle Corporation)
- Netsmart Technologies, Inc.
- MatrixCare
- McKesson Corporation
- VITALS SOFTWARE
- PointClickCare
- Medtelligent, Inc.
- Omnicell, Inc.
- Genexod Technologies LLC
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 70 |
| Published | September 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 1.54 Billion |
| Forecasted Market Value ( USD | $ 3.29 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | North America |
| No. of Companies Mentioned | 11 |
