Long-term Care Software Market - Growth, Trends, and Forecast (2019 - 2024)
The Long-Term Care Software market is expected to grow with an anticipated CAGR of 12%, during the forecast period (2019-2024).
The major factors attributing to the growth of the long term care software market are Healthcare Reforms and Government Initiatives, Rise in Aging Population and Growing Burden of Chronic Diseases.
The act such as the Health Information Technology for Economic and Clinical Health Act (HITECH) improves health care quality, safety, and efficiency including electronic health records (EHRs) and a private and secure electronic health information exchange. This type of information exchange is vital in proper disease management by timely alerting clinicians. In 2010 the Drug Enforcement Agency (DEA) implemented the E-Prescriptions for Controlled Substances (EPCS) to reduce errors, speed up the medication reconciliation process, track fulfillment of Prescriptions, and increase adherence to medications, etc.
Effectively from January 1, 2018, US practitioners receive roughly USD 60.00 for remote patient monitoring (RPM), that involves accessing, reviewing, interpreting, and acting on various physiological data for at least 30 minutes over a 30-day period. RPM is a cost-effective method that reduces patient readmission and emergency department (ED) visits in case of chronic diseases. Medicare pays for Home Healthcare provided by agencies during episode of care (60 days) period that includes skilled nursing care (giving injections, tube feeding, wound dressing), physical therapy, occupational therapy, and counseling for emotional concerns. All the above will utilize the software platform or application for enhancing the patient health outcomes may contribute to the growth of the long term care software market.
Even the factor such as the rising aged population across the globe is helping the market. According to the United Nations report in 2017, there were an estimated 962 million people aged 60 or over in the world, comprising 13% of the global population. The population aged 60 or above is growing at a rate of about 3% per year.
Scope of the Report
The term long-term care software refers to software services that include electronic medical records, e-prescribing, medication management, patient monitoring, remote training, etc., which enhance business operation’s needs, patient experience, and outcomes.
Key Market Trends
E-Prescribing is Expected to Grow with Good CAGR in the Product Segment
Electronic prescribing is a new way for care providers to enter prescription information into a computer or mobile application and transfer to pharmacies, where it can be dispensed. As per the Office of the National Coordinator for Health Information Technology (ONC), around 70% of physicians in the United States have transmitted at least one e-prescription. The rise in the trend of e-prescribing is due to the implementation of Electronic Prescriptions for Controlled Substances (EPCS) in 2010. This also helps to avoid the errors in drug prescription that occur due to handwritten prescription.
E-prescribing helps healthcare providers to track the prescription filling, alert patients on allergies, monitor controlled substance prescriptions, and improve medication adherence, etc. The advantages of e-prescribing over traditional methods are contributing to the growth of the long-term care software market.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing number of geriatric population and the favorable government policies along with the presence of widespread insurance coverage. In the North America region, the United States holds the largest market share. This is mainly due to the good adoption rate of new technology software services across the country. For instance, The Drug Enforcement Administration (DEA) allowed practitioners to write prescriptions for controlled substances electronically. This allows a reduction in prescription errors caused by illegible handwritten prescriptions.
The Long-Term Care Software market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising patient awareness levels and rising number of geriatric population, few other smaller players are expected to enter into the market in the coming years. Some of the major players of the market are Allscripts Healthcare Solutions, Cerner Corporation, McKesson Corporation, Matrix Care, and Optimus EMR are among others.
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