Long-term Care Software Market will Hit to $2,074.0 Million by 2019 - New Report by MarketsandMarkets
(PRWEB) February 01, 2015 -- The global long-term care software market is expected to grow at a CAGR of 12.7% during the forecast period of 2014 to 2019 and is estimated to be worth $2,074.0 million by 2019. The factors such as rise in aging population that triggers the demand for healthcare IT solutions in LTC facilities, dearth of skilled nursing personnel and increasing healthcare reforms and government initiatives across the globe are expected to spur the demand for LTC software.
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Similarly, opportunities offered by remote patient monitoring systems and cloud-based software are expected to boost the demand for LTC software. However, the unwillingness of traditional LTC providers to adopt software and high maintenance costs associated with software are hampering the growth of this market. Moreover, the lack of awareness and inadequate government initiatives in developing countries, resulting in lower adoption of LTC software, poses a challenge to this market.
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The long-term care software market by product comprises of clinical software and non-clinical software. The clinical software segment includes EMR/EHR, e-prescribing, electronic medication administration records and clinical decision support systems. The non-clinical software segment includes real time location systems, remote patient monitoring systems, remote training and supervision systems, payroll management, talent management software and billing, invoicing and scheduling software. The market by mode of delivery covers three modes of software delivery such as on-premises, web based and cloud based software. Home health agencies, nursing homes and assisted living facilities and hospice facilities are the major end-users covered in this report. The report analyzes major regions namely, North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
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North American region will continue to dominate the long-term care software market by 2019. This market will be primarily driven by increasing demand for LTC software with the changing population demographics. On the other hand, Asia-Pacific region is anticipated to witness significant growth from 2014 to 2019 with majority of the growth primarily driven by rising proportion of aging population in the countries such as China and India and economic growth of this region.
The prominent players in the global LTC software 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.), MatrixCare (U.S.), SigmaCare (U.S.), Optimus EMR (U.S.) and HealthMEDX, LLC (U.S.).
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