U.S. Long Term Care Software Market To Reach $2.95 Billion By 2030

U.S. Long Term Care Software Market Growth & Trends

The U.S. long term care software market size is expected to reach USD 2.95 billion by 2030, exhibiting a CAGR of 11.49% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing geriatric population and the growing prevalence of chronic diseases are propelling segment growth. With increasing life expectancy, the healthcare demand of the population is increasing. Long-term care software is widely used to track health data for patients. They are used by LTC facilities such as nursing homes, home healthcare agencies, and senior living facilities for patient assessment, care notes, workflow management, billing, insurance, staff management, and other purposes.

Increasing government efforts to boost software adoption in the healthcare system is likely to augment market growth.The market is influenced by various government programs & initiatives that aim to improve the healthcare infrastructure and provide affordable care solutions to the elderly. For instance, Medicare and Medicaid reimburse long-term care services, boosting the demand for long-term care software. Moreover, implementing the Patient Protection and Affordable Care Act (PPACA) has increased access to health insurance and preventive care for millions of Americans, which is expected to support market growth.

Various strategic initiatives, such as collaborations, mergers, acquisitions, and new start-up funding are favoring the market growth. For instance, in June 2022, August Health raised USD 15 million in Series A funding led by General Catalyst and Matrix Partners. The company is developing a SaaS system for senior living facilities. In October 2022, Sentrics announced the acquisition of Connected Living, a U.S.-based senior living facilities resident engagement platform.

The COVID-19 pandemic severely impacted the LTC centers. As the elderly population was more susceptible to infections, the pressure on SNFs, assisted living facilities, and hospices increased. Nursing homes in the U.S. reported high number of COVID infections among older people. Hence, in order to reduce human interactions, many of these facilities implemented software solutions for managing clinical and administrative functions. This led to high adoption of LTC EHR software.

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U.S. Long Term Care Software Market Report Highlights

• The cloud-based mode of delivery segment accounted for the largest revenue share of 41.06% in 2022, owing to its cost-effectiveness and high adoption rate in hospitals

• On the basis of application, the EHR segment accounted for the largest market share in the year 2022. The segment is further expected to experience the fastest growth over the forecast period. The growth of this segment is attributed to the increased government initiatives for the implementation of EHR in healthcare facilities

• The electronic medication administration record (eMAR) segment is expected to witness a significant growth rate during the forecast period owing to the increasing need for solutions for medication management and adherence

• Based on the end-use, the nursing home segment dominated the market in 2022. On the other hand, the home healthcare agencies segment is expected to have a significant growth rate during the forecast period

• The home healthcare agencies segment is anticipated to exhibit the highest CAGR during the forecast period. This growth can be attributed to the growing preference for receiving care at home among the elderly population and the increasing availability of remote monitoring solutions that facilitate independent living

U.S. Long Term Care Software Market Segmentation

Grand View Research has segmented the U.S. long term care software market based on mode of delivery, application, and end-use:

U.S. Long Term Care Software Mode of Delivery Outlook (Revenue, USD Million, 2018 - 2030)

• Cloud-based

• Web-based

• On-premises

U.S. Long Term Care Software Application Outlook (Revenue, USD Million, 2018 - 2030)

• Electronic Health Records

• Electronic Medication Administration Record (eMAR)

• Revenue Cycle Management

• Resident Care

• Staff Management

• Others

U.S. Long Term Care Software End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Home Healthcare Agencies

• Hospice & Palliative Care

• Nursing Homes

• Assisted Living Facilities

List of Key Players in the U.S. Long Term Care Software Market

• Veradigm LLC (Allscripts Healthcare)

• Cerner Corporation (Oracle Corporation)

• Netsmart Technologies, Inc.

• MatrixCare

• Yardi Systems, Inc.

• VITALS SOFTWARE

• PointClickCare

• Medtelligent, Inc.

• AL Advantage, LLC

• Genexod Technologies LLC

• Revver, Inc.