Long Term Post-Acute Care Software Market Size & Share, By Product (Clinical Software, Non-clinical Software); Application (Financial Data Management & Billing, EHR Management, Home Healthcare Management, ALF & ILF); Software Type (Electronic Health Records, E-prescribing, Clinical Decision Support Systems, Remote Patient Monitoring Systems, Real-time Location Systems, Billing, Invoicing, Scheduling) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5933
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.


Long Term Post-Acute Care Software Market
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Long Term Post-Acute Care Software Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Usage of LTC Centers Globally - While some view long-term care (LTC) as a private matter, others view it as a shared responsibility, with family and friends typically giving unpaid care. Furthermore, societies have diverse interpretations of the idea of common, frequently state-led responsibility for long-term care, including differing views on the funding, provision, and regulatory responsibilities of governments. The ability to live longer with chronic illnesses and impairments because of medical technological advancements has raised the need for long-term care services. The number of people living alone has increased due to changes in demographics and lifestyles, which has increased the demand for long-term care services.
  • Increasing Advancement in Healthcare Infrastructure Globally - Meanwhile, early lung cancer detection is made possible by a deep-learning algorithm created by the health tech startup Qure.ai. According to the company, research showing a 17% improvement over traditional radiological readings was made while interpreting chest X-rays with AI. It has partnered with pharmaceutical behemoth AstraZeneca intending to expand the technique to lower lung cancer death rates globally. AI is expected to be a key factor in simplifying healthcare procedures. It offers accuracy and efficiency in all areas, including patient care, operations, supply chain management, and administration. As healthcare businesses embrace eco-friendly techniques to address environmental problems and save costs, sustainability becomes increasingly important.
  • Advancement in Medical Technology Globally - The fact that 3D printing and other medical testing devices significantly speed up production processes and lower the cost of conventionally created goods is one of its key advantages. The American Hospital Association claims that thanks to technology, the production of hearing aids may now be completed in just one day as opposed to more than a week. Since social factors and well-being are linked, remote technologies are transforming the way that healthcare is provided. They are going beyond providing medical treatments to include holistic social care. According to research conducted by Elevance Health last autumn, 79 percent of patients said that virtual primary care helped them take control of their health, and 94 percent of patients were satisfied with the service.

Challenges

  • Rising Burnout Amongst Healthcare Professionals - The toll on our medical professionals is worrisome. COVID has claimed thousands of lives for them. Over 50% of healthcare professionals express signs of burnout, and a significant number are battling mental health issues such as sleeplessness, depression, anxiety, PTSD, or other mental health disorders. According to the Revision of the International Classification of Diseases (ICD-11), the term "burnout" can be used as a shorthand for a psychiatric condition that includes three dimensions: emotional exhaustion (EE), depersonalization (DP), and decreased sense of personal accomplishment (PA).The breadth of this shocking reality is demonstrated by recent statistics: a study carried out in partnership with the World Health Organization by the Qatar Foundation and the World Innovation Summit for Health (WISH) discovered that about 50% of healthcare personnel experience burnout. The percentage of burnout among healthcare workers rises to a concerning 66% when focusing on nurses and doctors, or two out of every three professionals.
  • Lack of Knowledge in People
  • Increasing Cost of Long-Term Care

Long Term Post-Acute Care Software Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

∼20%

Base Year Market Size (2023)

~USD 1 Billion

Forecast Year Market Size (2036)

~USD 4 Billion

Regional Scope

  • North America (North America, Canada, Mexico)
  • Europe (Germany, Spain, UK, France, Italy, Russia, Others)
  • Asia Pacific (Japan, China, India, Australia, Others)
  • Middle East and Africa (South Africa, UAE, Others)
  • Latin America (Brazil, Argentina, Others)
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Long Term Post-Acute Care Software Segmentation

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:

           Product Type

  • Clinical Software
  • Non-clinical Software

            Application

  • Financial Data Management & Billing
  • Electronic Health Record Management
  • Home Healthcare Management
  • ALF &ILF

            End-Use Industries

  • Hospitals
  • Clinics, & Nursing Homes
  • Managed Care Organizations
  • Assisted Living Facilities
  • Home Healthcare

            Mode of Delivery

  • Cloud-based
  • Web-based
  • On-premises

            Software Type

  • Electronic Health Records
  • E-prescribing
  • Clinical Decision Support Systems
  • Remote Patient Monitoring Systems
  • Real-time Location Systems
  • Billing
  • Invoicing
  • Scheduling

           Type

  • EHR
  • eMAR
  • Payroll Management

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Long Term Post-Acute Care Software Industry- Regional Synopsis

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.

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Long Term Post-Acute Care Software Market Size
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Companies Dominating the Long Term Post-Acute Care Software Landscape

top-features-companies
    • Allscripts Healthcare Solutions, Inc.
    • Company Overview
    • Business Planning
    • Main Product Offerings
    • Financial Execution
    • Main Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
    • Epic Systems Corporation
    • Cerner Corporation
    • McKesson Corporation
    • Omnicare
    • Omnicell, Inc.,
    • MatrixCare
    • Optimus EMR
    • Netsmart Technologies
    • PointClickCare Technologies
    • FAMCare Human Services
    • CareTracker
    • O-Meds
    • iCareManager

In-the-news

In The News

  • Epic Nexus, a subordinate of Epic, turns into one of the first companies to accomplish Qualified Health Information Network (QHINTM) designation. Providers implementing Epic – comprising a lot of the country’s leading health systems – can now select to protect exchange information through the Trusted Exchange Framework and Common AgreementSM (TEFCA), a fresh national health exchange structure to modify patient care and progress interoperability nationwide. Epic clients, comprising 498 hospitals, have already committed to join TEFCA.
  • rinity Health and several Anthem BCBS health plans have contracted a fresh multi-year provider network agreement that comprises progressed cooperation on data connectivity and value-based compensation models through Epic’s Payer Platform.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 5933
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing prevalence of chronic disease across the world will majorly drive the market growth of the long term post-acute care software market.

The market size of the long term post-acute care software market is expected to get a CAGR of approximately 20% over the forecast period, i.e., 2024-2036.

The major players in the market are Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, Cerner Corporation, McKesson Corporation, Omnicare, Omnicell, Inc., MatrixCare, Optimus EMR, Netsmart Technologies, PointClickCare Technologies, FAMCare Human Services, CareTracker, O-Meds, iCareManager.

The cloud-based segment is anticipated to reap the largest market size with almost 57% by the end of 2036 and demonstrate substantial growth scopes.

The market in the North American region is expected to have the largest market share by the end of 2036 and provide more business opportunities in the future.
Long Term Post-Acute Care Software Market Report Scope
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