Long-Term Care Software Market
Market Overview:
The market for long-term care software is expected to expand over the forecast period 2019-2024 with an anticipated CAGR of 12 percent. Healthcare reforms and government initiatives, rise in aging population and shortage of nursing staff and doctors are the main factors attributable to the development of the long-term care software industry. The activities such as the Health Information Technology for Economic and Clinical Health Act HITECH improves the quality, safety, and efficiency of health care, including electronic health records EHRs and private, secure exchange of electronic health information. By promptly alerting clinicians, this form of data exchange is essential to adequate disease management.
The E-Prescriptions for Controlled Substances EPCS were implemented by the Drug Enforcement Agency DEA in 2010 to decrease mistakes, speed up the medication reconciliation process, track prescription satisfaction and boost adherence to medicines, etc. Effectively, as of 1 January 2018, US professionals will receive approximately USD 60.00 for remote patient monitoring RPM, which includes access, review, and surveillance. RPM is a cost-effective technique that decreases chronic disease patient readmission and emergency department ED visits. Medicare pays for Home Healthcare during an episode of care 60 days which involves a qualified nursing injection, tube feeding, wound dressing, physical therapy, occupational therapy, and mental counseling. All of this will use the software platform or application to enhance the outcomes of patient health may contribute to the growth of the software market for long-term care.
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Even the factor that helps the market, such as the increasing aged population worldwide. According to the 2017 UN report, the world had an estimated 962 million people aged 60 or older, making up 13 percent of the world s population. The population aged 60 or older is increasing at around 3 percent per annum.
Scope of the report:
The term software for long-term care relates to software services that include electronic medical records, e-prescribing, medication management, patient tracking, remote training, etc. that improve the requirements, patient experience, and results of company activities.
Key market trends:
E-Prescribing is expected to grow with good cagr in the product segment:
Electronic prescription is a fresh way of entering prescription data in a computer or mobile application and transferring it to pharmacies where it can be dispensed. According to the Office of the National Coordinator for Health Information Technology ONC, at least one e-prescription has been transferred by about 70 percent of doctors in the United States. The increase in the e-prescription trend is due to the 2010 introduction of Electronic Controlled Substances Prescriptions EPCS. This also helps to prevent the mistakes caused by handwritten prescription in the prescription of drugs.
E-prescribing helps health care providers monitor prescription filling, alert patients to allergies, monitor prescriptions of controlled substances, and enhance adherence to medication, etc. E-prescribing benefits over traditional techniques contribute to the development of the software industry for long-term care.
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North America is estimated to hold the largest share in the market:
Over the forecast period, North America is anticipated to dominate the general market. This is due to the growing amount of geriatric populations and favorable public policies along with extensive coverage of insurance. The United States maintains the largest market share in the region of North America. This is primarily owing to the country-wide adoption rate of new software technology services. The Drug Enforcement Administration DEA, for example, enabled professionals to write prescriptions electronically for controlled substances. This enables prescription mistakes to be reduced due to unauthorized handwritten prescriptions.
Competitive Landscape:
The market for long-term care software is moderately competitive and is made up of several significant players. With regard to market share, the market is presently dominated by a few of the major players. With increasing rates of patient awareness and an increasing amount of geriatric population, it is anticipated that a few other smaller players will enter the market in the coming years. Some of the market s leading players include Allscripts Healthcare Solutions, Cerner Corporation, McKesson Corporation, Matrix Care, and Optimus EMR.
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