Long Term Post-Acute Care Software Market size is expected to reach USD 4 Billion by the end of 2036, growing at a CAGR of 20% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of long term post-acute care software was USD 1 Billion. The increasing prevalence of chronic disease across the world will exponentially help the market to grow in the expected CAGR. The study adds to the continuing deterioration in the SDGs' progress by providing up-to-date data on the pandemic's impact on world health. Globally, COVID-19 caused the loss of 336.8 million years of life in 2020–2021. This means that for every extra death, there is a loss of 22 years of life on average, brutally and abruptly ending millions of lives.
Another reason to propel the long term post-acute care software market by the end of 2036 is the increasing government healthcare policies globally. The report's findings unequivocally demonstrate that governments all around the world stepped up to meet the challenge in 2020, a year marked by the advent of COVID-19 and the related health and financial crises. Health spending rose to a record high of USD 9 trillion (about 11% of global GDP) due to sharp increases in government spending at all national income levels. An expanding number of nonstate and non-intergovernmental entities, such as powerful foundations, multinational corporations, multi-sectoral alliances, and civil society organizations, are now influencing global health policy. Spending on health care by the government has generally increased, offsetting decreases in personal savings. Crucially, the increase in public health spending was a component of a larger fiscal reaction to the pandemic.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
∼20% |
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Base Year Market Size (2023) |
~USD 1 Billion |
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Forecast Year Market Size (2036) |
~USD 4 Billion |
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Regional Scope |
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Mode of Delivery (Cloud-based, Web-based, On-premises)
The cloud-based segment is expected to hold around 57% share of the global long term post-acute care software market by 2036.because of the increasing use of cloud-based modes in different centers across the world for acute care. It is anticipated that by 2022, cloud computing expenditures by industry participants will total around USD 35 billion globally. By 2025, it is projected that the cloud-powered healthcare market will have grown to a size of approximately 55 billion dollars, with a compound annual growth rate (CAGR) of 15%. Patients' lives are enhanced as healthcare-distributed cloud computing spreads throughout the medical industry, and hospitals provide better care as information is accessible to those who need it. Cloud computing technologies may facilitate communication between patients and clinicians from the comfort of their homes.
Product Type (Clinical Software, Non-clinical Software)
The blood banks segment is expected to hold around 74% share of the global long term post-acute care software market by 2036. owing to the increasing use of clinical software globally. Right now, the healthcare industry is going through a radical transition. Due to technological breakthroughs, a new era of medical care has arrived that is more accurate, effective, and patient-centered. For instance, the US holds a 58% revenue share in the worldwide AI healthcare market. Due to EHRs, medical staff can instantly access a patient's medical history and records from anywhere in the world. This availability ensures that emergency personnel can promptly receive critical information and fosters collaboration among medical specialists. Interoperability standards also facilitate easy communication and data exchange between healthcare systems. Errors caused by handwritten notes, missing paperwork, and manual data entry are less likely to occur when using electronic health records (EHRs). Medication errors, allergies, and contraindications can be promptly identified and avoided with the help of automated alarms and checks, thus enhancing patient safety.
Our in-depth analysis of the global market includes the following segments:
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North American Market Statistics
The long term post-acute care software market in the North America region will have the biggest growth during the forecast period with a revenue share of around 37%. This growth will be noticed owing to the increasing advancement in healthcare infrastructure in this region. Multiple nations have properly made large spending in the digital transformation of healthcare after understanding the revolutionary potential of digital health technology. In line with OECD data, these investments have raised from 3% of total healthcare investment in 2018 to an anticipated 8% by 2030. Thus, North America will hold the highest position in the long term post-acute care software market.
European Market Analysis
The long term post-acute care software market in the Europe region will also encounter huge growth during the forecast period and will hold the second position owing to the progressed technologies to improve the patient care system in this region. There is already a very talented pool of health creators in Europe. The 2020 and 2021 Future Unicorn Award winners from DIGITALEUROPE were both scale-ups in AI healthcare. Nevertheless, health breakthroughs frequently begin as theories in Europe before spreading to other long term post-acute care software market where the environment is more conducive to their development.
Author Credits: Radhika Gupta, Shivam Bhutani
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