Global Long-Term Care Software Market Size Was 1071.55 Million USD In 2017
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The long term care software market is expected to boom owing to the aging baby boomers, increasing disabilities, the dearth of skilled nursing staff, government funding, and increased collaborations of private insurers with the government.
The Global Long-term Care Software market size was 1071.55 million USD in 2017 and it will be 2522.11 million USD in 2023, with a CAGR of 15.33% from 2017 to 202. The long-term care software market has witnessed significant growth in the past few years, mainly due to several factors such as demographic trends, shortage of healthcare practitioners, and various government initiatives across the globe to curtail increasing healthcare costs. However, reluctance by traditional LTC providers to adopt software, and the high cost of software maintenance are hampering the growth of this market to a certain extent. Moreover, the low adoption of LTC software by developing countries poses challenges for this market.
North America holds the largest share of the global long-term care software market. However, in forthcoming years, developing regions such as Asia-Pacific (Japan, China, and India) and Latin America are expected to emerge as new revenue-generating pockets for the market players. Economic developments and changing demographic trends in these regions are key factors driving the growth of the long-term care software market in developing regions.
MatrixCare, Optimus EMR, PointClickCare, Allscripts Healthcare Solutions, Inc., Cerner Corporation are some of the major market players in this market. Increasing investments in Long-term Care Software service market and rise in the number of acquisitions of start-ups by leading players are anticipated to thrive the global market of Long-term Care Software service over the next few years.