Assisted Living Software Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Japan, UK, France - Size and Forecast 2024-2028

Assisted Living Software Market Size 2024-2028 

The Assisted Living Software Market size is forecast to increase by USD 682.51 million, at a CAGR of 15.9% between 2023 and 2028. The market's growth rate is influenced by various factors, notably the ageing baby boomer population requiring more comprehensive healthcare services. Additionally, there's an increased need for electronic medication administration record (eMAR) integration, driven by the rising complexity of medication management. Furthermore, the growing demand for improved quality of care, especially in long-term care facilities and hospitals, is fostering the adoption of advanced healthcare solutions. These trends indicate a significant shift towards digitalization and technology-enabled healthcare services to meet the evolving needs of patients and healthcare providers alike. The assisted living software market industry report includes key drivers, trends, and challenges of the market during the forecasted period. 

Assisted Living Software Market Overview

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Market Dynamics and Customer Landscape

The market is driven by the increasing demand for real-time services in the healthcare sector. Patient care, especially in long-term healthcare, is being revolutionized through automation and advanced analytical tools. Integration of various systems, including eMAR and workflow automation, enhances efficiency and patient details. Governments' advances in reimbursements support the adoption of these technologies. However, concerns about data breaches highlight the importance of cloud security and open source solutions. Companies like BEK Medical, an Israel-based company, offer a wide range of home medical equipment, including compression stockings and diabetic testing equipment, at affordable prices, meeting the rising assisted living software market demand for patient healthcare and prescription processing. Further, the market advancing with solutions integrating advanced analytics for enhanced management of mobility products and incontinence supplies. These technologies streamline operations, ensuring efficient care delivery and inventory management in assisted living facilities. By leveraging data-driven insights, providers optimize resident care and operational workflows, catering to the growing demand for integrated solutions in the healthcare sector.

Key Assisted Living Software Market Driver

One of the key factors driving the market development is the aging baby boomer population. The most significant demographic trends across the world include the growing population of individuals aged 65 years and older. In addition, baby boomers are individuals born between 1946 and 1964. Furthermore, as the number of retired baby boomers who are aging increases, there will be an increase in the need for nursing care.

Moreover, the obesity rate among elderly people is on the rise, which has resulted in more people facing the risk of disability and chronic diseases. Therefore, in such cases, it becomes challenging for family members to take care of their older family members. Thus, old age communities are suitable options for a comfortable and healthy life as they offer options along with certified nursing care. Hence, such factors are positively impacting the market which in turn drives the market expansion during the forecast period.

Significant Assisted Living Software Market Trends

A key factor shaping the market development is the increased adoption of analytics in software. Big data and analytics are gaining traction in the industry as various analytical and statistical modeling tools are being used in facilities to get structured and meaningful insights about operations. In addition, assisted living care provider organizations are generating a massive amount of data, such as resident health information records, and non-clinical data, such as administrative and financial data.

Moreover, the increasing volume, variety, and velocity of clinical and non-clinical data have compelled organizations to implement statistical tools, data science, and deal mining technology. Furthermore, the software integrated with analytics tools is helping care providers to determine the resident data, insurance data, prescription transaction data, prescription processing, and refill inventories for a specific period. Hence, such factors are driving assisted living software market growth during the forecast period.

Major Assisted Living Software Market Restrain

Data privacy and security concerns regarding software are one of the key challenges hindering market development. The shift to assisted living in the digital age is exciting, but the challenges associated with protecting data are getting more complex. In addition, assisted living care providers must ensure the safety of data and malware-free computers, laptops, and flash drives used in the facilities.

Moreover, the adoption of cloud-based assisted living software in a facility is risky because it can make patient information and insurance-related information available to the public. Furthermore, assisted living care provider organizations are reluctant to purchase cloud-based software as they fear the loss of data and control over it, leaving them dependent on the on-premises providers. Hence, such factors are hindering the market development during the forecast period as outlined in this market size analysis growth report.

Customer Landscape

The assisted living software market forecast report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on market share and adoption rates in different regions based on penetration. Furthermore, the assisted living software market trends report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Customer Landscape

Assisted Living Software Market Segmentation

Market Segmentation By Deployment

The cloud-based segment is estimated to witness significant growth during the forecast period. The cloud-based segment in the market is witnessing significant growth due to its various advantages in terms of accessibility, scalability, and cost-effectiveness. In addition, cloud-based software allows for remote access to data, real-time updates, and seamless integration with other technology solutions. Furthermore, this segment is witnessing a steady rise in adoption within the industry as predicted in this market forecast report.

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The cloud-based segment was the largest segment and was valued at USD 187.72 million in 2018. Moreover, one key advantage of cloud-based software is its ease of accessibility. In addition, users can access the software and the associated data from any location with internet connectivity, enabling caregivers and administrators to stay connected and informed even when they are away from the physical care facility. Furthermore, this accessibility fosters better communication and collaboration among staff members, enhancing the overall efficiency of care delivery. Hence, such factors are fuelling the growth of this segment which in turn drives assisted living software market growth during the forecast period.

Market Segmentation By Application

The various advantages offered by the appointment scheduling segment will fuel assisted living software market growth. The appointment scheduling segment plays a crucial role in managing and organizing the schedules of residents, caregivers, and healthcare professionals within assisted living facilities. In addition, by utilizing advanced assisted living software, facilities can streamline the process of scheduling appointments, improving overall efficiency and resident satisfaction. Moreover, one key reason for the growth of the appointment scheduling segment is the increasing adoption of integrated software platforms that offer comprehensive scheduling capabilities. Furthermore, these platforms allow for seamless coordination between residents, staff, and external healthcare providers, leading to more efficient allocation of resources and improved resident care. Hence, such factors are fuelling the market growth of this segment, which in turn drives assisted living software market growth during the forecast period. 

Regional Overview

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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market growth in North America is fuelled by the growth of the aging population, the rising adoption of assisted living services, and increasing awareness among the geriatric population regarding services. For example, the elderly population in the US is expected to grow at a higher growth rate when compared with the overall population of the country. Therefore, such instances are expected to increase the demand for facilities and rehabilitation centers which is positively impacting the market. Hence, such factors are driving the market growth in North America during the forecast period.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

AL Advantage LLC: The company offers assisted living software, namely AL ADVANTAGE Senior Living Software, for round-the-clock support, meds management, and diet and allergies tracking.

The market  forecasting report also includes detailed analyses of the competitive landscape of the market and information about 18 market companies, including:

• Assisted Living Soft LLC
• CareVoyant Inc.
• CarexTech Inc.
• Eldermark Software LLC
• Extended Care Professional LLC
• iCareManager LLC
• Medtelligent Inc.
• Netsmart Technologies Inc.
• OSP
• PointClickCare Technologies Inc.
• RealPage Inc.
• ResMed Inc.
• Senior Insight Inc.
• Storii Inc.
• Vitals Software
• WellSky Corp.
• Yardi Systems Inc.

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The assisted living software market size report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Million for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Deployment Outlook
  • Cloud-based
  • On-premises
• Application Outlook
  • Appointment scheduling
  • Resource allocation
  • Documentation of services
• Geography Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is rapidly evolving, revolutionizing the healthcare sector by enhancing patient care services in long-term healthcare centers. With features like real-time services, eMAR (electronic Medication Administration Record), and charting screens, these platforms streamline workflows, ensuring efficient management of medications and blood glucose readings. Technological advancements drive innovations in workflow automation, catering to the specific needs of aged individuals. Government advances and reimbursements further incentivize the adoption of these systems, facilitating better compensation for healthcare providers. As the demand for comprehensive healthcare solutions grows, the market continues to expand, providing tailored solutions to improve the quality of care and enhance the overall well-being of elderly populations and improve the senior living conditions worldwide.

In addition, the market is influenced by various factors, including market drivers, market restraints, market opportunities, and challenges. Financial analytics and medication tracking are crucial components, ensuring regulatory compliance and patient safety. Cloud computing and cybersecurity measures are implemented to protect sensitive data in home healthcare settings. An Israel-based company offers this software solution at an affordable price, attracting private investments and government compensation. These software solutions enhance the living atmosphere and engagement of residents, providing efficient management of assisted living facilities. Despite market challenges, there are ample opportunities for growth, driven by the increasing demand for assisted living services. With the right software in place, assisted living facilities can deliver high-quality care while maintaining regulatory compliance and ensuring the safety of their patients.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive assisted living software market growth and forecasting between 2024 and 2028
• Precise estimation of the assisted living software market size worth and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth analysis across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Market analysis report of factors that will challenge the growth of market companies

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