Global Nursing Homes and Long-Term Care Facilities Market, By Product (EHR, eMAR, Payroll Management), Mode of Delivery (Web-Based, On-Premises, Cloud-Based) – Industry Trends and Forecast to 2029.
Nursing Homes and Long-Term Care Facilities Market Analysis and Size
The market of nursing homes and long-term care facilities is expected to witness significant growth during the forecast period. People aged 65 are expected to be more likely to use certain long-term care services in the future. There was also a shift from hospitals to home care. Long-term care is the support of the elderly who are unable to care for themselves due to physical or mental illness such as chronic or multiple illnesses. Many factors and aspects influence demand in nursing homes and long-term care market. Individual health and functioning have had a major impact on determining the options they deem valuable.
Data Bridge Market Research analyses a growth rate in the nursing homes and long-term care facilities market in the forecast period 2022-2029. The expected CAGR of global nursing homes and long-term care facilities market is tend to be around 9.0% in the mentioned forecast period. The market was valued at USD 1.0 billion in 2021, and it would grow upto USD 1.99 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Market Definition
Long-term care software is the type of technological service/solution that is used for meeting the non-clinical and clinical needs of patients and healthcare providers in home care, hospitals, nursing facilities and several other healthcare-providing areas. These services provide better effectiveness and ease of operations in providing the healthcare facilities, thereby reducing healthcare costs and achieving efficiency.
Nursing Homes and Long-Term Care Facilities Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (EHR, eMAR, Payroll Management), Mode of Delivery (Web-Based, On-Premises, Cloud-Based)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Allscripts Healthcare LLC (U.S.), Atria Senior Living, Inc.,LLC (U.S.), ADL Data Systems, Inc. (U.S.), Omnicell, Inc. (U.S.), Netsmart Technologies, Inc. (U.S.), ResMed (U.S.), McKesson Corporation (U.S.), PointClickCare (Canada), MatrixCare (U.S.), Extendicare (Canada), Genesis Healthcare (U.S.), Home Instead, Inc (U.S.), Knight Health Holdings, LLC (U.S.), Trinity Health (U.S.), Columbia Asia (Malaysia)
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Market Opportunities
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Global Nursing Homes and Long-Term Care Facilities Market Dynamics
Drivers
- Increasing in elderly population
According to World Population Prospects 2020, the world population over the age of 65 was 703 million in 2020. The number of older people is expected to double by 2050 to reach 1.5 billion. The global proportion of the elderly population is projected to increase from 6% in 1990 to 9% in 2020 and further to 16% by 2050, with one in six people worldwide 65 years old. that's all. People aged 65 are expected to be more likely to use certain long-term care services in the future. There was also a shift from hospitals to home care.
- Increasing incidence of dementia
The hospice services segment is expected to experience the fastest growth during the forecast period due to the increased incidence of Alzheimer's disease and dementia and increased post-hospital care. In addition, compensation provided by both Medicaid and private insurance companies freed residents from the out-of-pocket costs they had to pay.
Opportunities
- Government initiatives
Governments in many developing and wealthy countries have enacted policies to extend older people's productive lifespan. The global long-term care market is benefiting greatly from now on. Nursing homes have been the focus of attention in recent years among those seeking counseling services and mental health.
- Rise in Severe Health Disorders
The rise in serious health issues among the elderly population is boosting the growth of the market. The incidence of chronic diseases is rising at a significant pace. The geriatric population also suffer from chronic diseases such as heart problems, cancer, diabetes, Alzheimer’s, and anxiety. Hospitalization for these chronic conditions can be expensive and demand high use of resources. Thus, in this regard the market is creating more opportunity for expansion.
Restraints/Challenges
- Lack of skilled professionals
The lack of qualified personnel who cannot take care of the nursing homes could curb the growth of the global nursing homes and long-term care facilities market over a forecast period.
- High cost
High cost of these nursing homes and facility centers can hinder the growth of the l nursing homes and long-term care facilities market even though the prevalence of the geriatric population are high.
This nursing homes and long-term care facilities market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the nursing homes and long-term care facilities market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Global Nursing Homes and Long-Term Care Facilities Market
Considering the present scenario, COVID-19 has left an unprecedented public health crisis that has impacted practically every business. Its long-term repercussions are expected to influence industry growth during the forecast period.
In the post pandemic era, during the pandemic, home health care has emerged as a cost-effective alternative. Therefore, the demand for these long-term care services is expected to increase over the forecast period. Post-pandemic demand for long-term care is expected to increase as more families and patients avoid hospitalization to avoid the risk of infection. In addition, we can support market growth over the next few years by increasing vaccination campaigns and raising awareness of long term care as an alternative to cost savings.
Global Nursing Homes and Long-Term Care Facilities Market Scope
The nursing homes and long-term care facilities market is segmented on the basis of product and mode of delivery. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- EHR
- eMAR
- Payroll Management
Mode of Delivery
- Web-Based
- On-Premises
- Cloud-Based
Nursing Homes and Long-Term Care Facilities Market Regional Analysis/Insights
The nursing homes and long-term care facilities market is analysed and market size insights and trends are provided by product and mode of delivery as referenced above.
The major countries covered in the nursing homes and long-term care facilities market are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the nursing homes & long-term care facilities market due to increasing awareness, rapidly improving healthcare infrastructure and massive investments being done by some major players in countries such as India and China in this region.
North America and Europe are the expected regions in terms of growth in nursing homes & long-term care facilities.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Nursing Homes and Long-Term Care Facilities Market Share Analysis
The nursing homes and long-term care facilities market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to nursing homes and long-term care facilities market.
Key players operating in the nursing homes and long-term care facilities market include:
- Allscripts Healthcare LLC (U.S.)
- Atria Senior Living, Inc.,LLC (U.S.)
- ADL Data Systems, Inc. (U.S.)
- Omnicell, Inc. (U.S.)
- Netsmart Technologies, Inc. (U.S.)
- ResMed (U.S.)
- McKesson Corporation (U.S.)
- PointClickCare (Canada)
- MatrixCare (U.S.)
- Extendicare (Canada)
- Genesis Healthcare (U.S.)
- Home Instead, Inc (U.S.)
- Knight Health Holdings, LLC (U.S.)
- Trinity Health (U.S.)
- Columbia Asia (Malaysia)
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