Market Trends of Global Long-term Care Software Industry
This section covers the major market trends shaping the Long Term Care Software Market according to our research experts:
Electronic Health Records Projected to Have Notable Growth Rate Over the Forecast Period
EHRs are highly useful in the management of documentation, quality outcome, and health outcomes. The boost in productivity in the healthcare facility was observed over the period of two years. Increasing public and private financial incentives on the EHR adoption is driving the growth of the overall EHR market, while also impacting the long-term care EHR solutions, positively. The EHR can improve the quality of care in Long-term Care facilities through a reduction in medication-related errors, improved clinical documentation and decision making, and through the Health Information Exchange.
For instance, the federal government invested billions into training health information technology workers and establishing regional extension centers to deliver technical and other advice for the better transition towards an electronic system.
The adoption rate in developed markets is steadily increasing across long-term care, as well as home health agencies. This increase in the adoption rate is being noticed by the IT-based companies that are investing more in healthcare facilities, such as Allscripts.
Due to COVID-19 pandemic, the reliance of patientson online sources has increased which made it compulsive for healthcare providers to come up with easy to access health record platforms. Patient records are now largely generated and processed using electronic medical records (EMRs), which are managed by EMR software, and electronic health records (EHRs), which are maintained by EHR software.
Moreover, based on the current scenario of lockdown due to the outbreak of COVID-19 across some countries, the use of EHR systems is expected to help in monitoring and treating diseases in people who need regular consultation with doctors in monitoring their health condition. In January 2021, MEDITECH launched its COVID-19 Vaccination EHR solution, intending to streamline COVID-19 vaccine administration across health systems. These EHR registries can identify patients who are eligible for the vaccine, and it also shows which long-term facility residents have preexisting conditions.
North America Dominates the Market, and is Believed to Witness the Same Trend Over the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing geriatric population and the favorable government policies, along with the presence of widespread insurance coverage. In North America, the United States holds the largest market share. This is mainly due to the high 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 for a reduction in prescription errors caused by illegible handwritten prescriptions.
Similarly, at the national level, the National Institute on Aging (NIA) helps in conducting and supporting research on aging and the health and well-being of older people. At the state level, some of the programs include the National Association of States United for Aging and Disabilities (NASUAD), Minnesota’s Long-Term Care Choices Navigator, Massachusetts Department of Elder Affairs, and the Georgia Department of Human Services (DHS) Division of Aging Services, among others.
Due to the sudden and severe COVID-19 outbreaks, timely epidemiological surveillance is essential for outbreak response, hence creating a huge demand for long-term software and solutions in the North American region. For instance, in June 2020, US-based Syft launched a new solution called incident surge recovery, and long-term preparedness solutions were developed to help hospitals optimize critical supply chain processes to improve care for COVID-19 patients, recover from COVID-19-related revenue losses, and prepare for future supply chain disruptions.
Therefore, owing to above-mentioned factors, the market studied is expected to witness significant share in North America region.
