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U.S. Long Term Care Software Market Size

Report ID: GMI10517
Published Date: Jul 2024
Report Format: PDF

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U.S. Long Term Care Software Market Size

U.S. Long Term Care Software Market size was valued at USD 3.7 billion in 2023 and is expected to exhibit growth at a CAGR of 10.4% from 2024 to 2032. High market growth can be attributed to the increasing focus on improving the quality of care, ongoing advancements in healthcare technology, growing demand for efficient management, and rising geriatric population, among other contributing factors.

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Moreover, the U.S. is experiencing a notable rise in its elderly population, necessitating more long-term care services. For instance, according to the U.S. Census Bureau, the number of Americans aged 65 and older is projected to reach 80 million by 2040, up from 54 million in 2021. This demographic shift underscores the increasing demand for streamlined operations and enhanced patient care in long-term care facilities, propelling the adoption of LTC software.

Furthermore, ongoing advancements in healthcare technology, such as electronic health records (EHR), telehealth, and mobile health apps, are driving the use of long-term care software. These technologies make patient care more efficient and accurate, and they help caregivers communicate and coordinate better.

Long term care software includes digital tools that help manage long-term care facilities like nursing homes, assisted living communities, and home healthcare providers. These tools handle electronic health records, care planning, medication management, billing, and compliance tracking. They improve the efficiency, accuracy, and quality of patient care.

U.S. Long Term Care Software Market Report Attributes
Report Attribute	Details
Base Year:	2023
U.S. Long Term Care Software Market Size in 2023:	USD 3.7 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	10.4%
2024 – 2032 Value Projection:	USD 9 Billion
Historical Data for:	2021 – 2023
No. of Pages:	100
Tables, Charts & Figures:	32
Segments covered:	Product, Mode of Deployment, End-use, and Zone
Growth Drivers:	Increasing prevalence of chronic diseases Technological advancements Rising adoption of telehealth
Pitfalls & Challenges:	High initial cost of implementing long-term care software

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

U.S. long term care software market was valued at USD 3.7 billion in 2023 and is expected to exhibit 10.4% CAGR from 2024 to 2032 attributed to the increasing focus on improving the quality of care.

The clinical software segment in the market generated USD 2.3 billion in 2023 owing to stringent regulatory mandates from entities, such as the Centers for Medicare & Medicaid Services (CMS).

The cloud-based segment in the U.S. long term care software market held 45% share in 2023 due to strong need for offering scalability, allowing facilities to easily expand or reduce their software.

AL Advantage, LLC, Altera Digital Health Inc., Epic Systems Corporation, Genexod Technologies LLC, MatrixCare, McKesson Medical-Surgical Inc., Meditab, Netsmart Technologies, Inc., and Oracle Corporation.