PUBLISHER: Grand View Research | PRODUCT CODE: 1363426
PUBLISHER: Grand View Research | PRODUCT CODE: 1363426
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.