United States Long Term Care Software Market Insights Forecasts to 2033

• The United States Long Term Care Software Market Size was valued at USD 562.35 Million in 2023
• The Market Size is Growing at a CAGR of 4.6% from 2023 to 2033
• The United States Long Term Care Software Market Size is Expected to Reach USD 881.38 Million by 2033

The United States Long Term Care Software Market Size is expected to reach USD 881.38 Million by 2033, at a CAGR of 4.6% during the forecast period 2023 to 2033.

Market Overview

Long-term care software refers to a technological solution that provides digital storage and access to a patient's medical records. It is used throughout facilities that provide long-term care to patients who require medical assistance on a daily basis. Aside from storing health records, long-term care software aids in providing explicit patient information, ensuring compliance, reducing data redundancy, financial management, and revenue cycle management. In United States, the software is widely used in nursing homes, assisted living facilities, home health agencies, and hospice care facilities. The growing geriatric population, which is more susceptible to chronic diseases that cause mobility impairment and urinary incontinence, is driving the demand for long-term care software in United States. Furthermore, rising digitalization in the healthcare industry, combined with continuous upgrades to clinical and non-clinical infrastructures, is driving market growth. Aside from that, rising healthcare expenditures in the United States, for advanced and efficient long-term care services are further driving the market. The growing awareness of the benefits of long-term care software, such as staff management, compliance and safety, customer relationship management, and point-of-care services, is driving market growth.

Report Coverage

This research report categorizes the market for the United States long term care software market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States long term care software market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the United States long term care software market.

Driving Factors

The United States is going through a significant demographic transformation, with its aging population emerging as a major driver of growth in a variety of industries, including healthcare. As the baby boomer generation ages, the demand for long-term care services increases dramatically. In response to this demographic shift, the long-term care (LTC) software market is expanding at an unprecedented rate. The most obvious way that the aging population benefits the U.S. long term care (LTC) software market is through an increase in demand for long-term care services. As people get older, they are more likely to need help with daily activities and managing chronic health conditions. Long-term care software enables seamless communication and coordination among healthcare professionals, ensuring that patients receive comprehensive and coordinated care. These software platforms integrate electronic health records (EHRs), allowing healthcare providers to access up-to-date patient information, streamline care plans, and reduce medication-related errors. Efficiency in long-term care is critical for meeting rising demand while providing cost-effective services.

Restraining Factors

One of the most significant restraining factors in the U.S. long term care software market is the complex regulatory landscape. The healthcare industry is subject to numerous federal and state regulations, and these standards can differ greatly. Ensuring that long term care software solutions adhere to all applicable regulations, from data privacy to healthcare documentation requirements, is a constant challenge. Keeping up with changing regulations and maintaining software compliance is a continuous process for providers.

Market Segment

• In 2023, the cloud-based segment accounted for the largest revenue share over the forecast period.

Based on the mode of delivery, the United States long term care software market is segmented into cloud-based, web-based, and on-premises. Among these, the cloud-based segment has the largest revenue share over the forecast period. Cloud-based solutions provide cost-effectiveness, flexible cost and usage options, fewer operational issues, a low initial investment, and improved security. Furthermore, demand for cloud-based solutions is increasing, prompting the development of new products.

• In 2023, the electronic health record (EHR) segment accounted for the largest revenue share over the forecast period.

Based on the application, the United States long term care software market is segmented into electronic health record (EHR), electronic medication administration record (eMAR), revenue cycle management, resident care, staff management, and others. Among these, the electronic health record (EHR) segment has the largest revenue share over the forecast period. Electronic health records (EHR) play an important role in the healthcare industry, catering to the rapidly growing population that requires long-term care. Despite this, electronic health record (HER) adoption in LTC facilities has been slower than in other sectors of the healthcare industry. One of the primary causes of this disparity is the exclusion of LTC facilities from incentives under the meaningful use program in the United States.

• In 2023, the nursing homes segment accounted for the largest revenue share over the forecast period.

Based on the end use, the United States long term care software market is segmented into home healthcare agencies, hospice & palliative care, nursing homes, and assisted living facilities. Among these, the nursing homes segment has the largest revenue share over the forecast period.  Growing awareness of nursing care services, increased EHR implementation in SNFs, and high patient safety are all key factors driving segmental growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States long term care software market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Allscripts Healthcare LLC
• 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.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2023, Netsmart and nVoq worked together to integrate voice recognition technology, which will help in-home healthcare clients with documentation challenges. Similarly, in February 2022, Creative Solutions in Healthcare (CSNHC) implemented a new software platform called Connected Care Center in its 92 skilled nursing facilities. This platform was created to increase transparency by allowing patients and their families to access health-related information from any location and at any time.

Market Segment

This study forecasts country revenue from 2022 to 2033. Spherical Insights has segmented the United States Long Term Care Software Market based on the below-mentioned segments:

United States Long Term Care Software Market, By Mode of Delivery

• Cloud-based
• Web-based
• On-premises

United States Long Term Care Software Market, By Application

• Electronic Health Records
• Electronic Medication Administration Record (eMAR)
• Revenue Cycle Management
• Resident Care
• Staff Management
• Others

United States Long Term Care Software Market, By End Use

• Home Healthcare Agencies
• Hospice & Palliative care
• Nursing Homes
• Assisted Living Facilities