Assisted Living Software Market by Deployment and Geography - Forecast and Analysis 2021-2025
- Published: Jun 2021
- Pages: 120
- SKU: IRTNTR44084
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The assisted living software market share is expected to increase by USD 396.41 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 15.79%.
This assisted living software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers assisted living software market segmentation by deployment (cloud based and on premise) and geography (North America, Europe, APAC, South America, and MEA). The assisted living software market report also offers information on several market vendors, including AL Advantage LLC, Caremerge Inc., Computer Programs and Systems Inc., Eldermark Software LLC, iCareManager LLC, PointClickCare Technologies Inc., RealPage Inc., ResMed Inc., Vitals Software, and Yardi Systems Inc. among others.
What will the Assisted Living Software Market Size be During the Forecast Period?
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Assisted Living Software Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increased need for eMAR integration is notably driving the assisted living software market growth, although factors such as data privacy and security concerns may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the assisted living software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Assisted Living Software Market Driver
The increased need for eMAR integration is a major driver fueling the living software market growth. Vital signs and blood glucose readings can be captured using assisted living software. The benefits of assisted living software with eMAR integration are given below:Easy to use charting screens with alertsMedication inventory systemMAR ReportsPharmacy interface Assisted living software consists of built-in features to mitigate risk. For instance, order management keeps track of orders for vitals, dietary requirements, medication, lab work, and treatment directions. Automated regular cyclic review and verification of patient health records are done to monitor the health condition of patients. Senior living providers use the assisted living software with eMAR integration to securely administer quantity tracking for narcotics and medications, schedule patients medications based on senior living community and resident preference, and manage alerts such as vitals checking for specific prescription medicines.Assisted living software with eMAR integration uses a central database, so users can collaborate with other departmental staff, including finance and administration. This integration enables financial analytics for medication administration, the ability to link lab results with prescription orders, automated billing processes based on medication duration and order types, and active coordination between therapeutic and medication treatment plans. Some vendors providing assisted living software with eMAR integration are Yardi Systems, Eldermark, ECP, and Medtelligent.
Key Assisted Living Software Market Trend
The increasing adoption of mobile-based assisted living software is a major trend influencing the assisted living software market growth. The growing demand for portable mobile and hand-held point-of-care has led the vendors to come up with mobile-based assisted living software. These solutions provide customers home-based care as well as treatment in many cases. Senior living communities always like to provide a home-like environment rather than a hospital environment with nurses' stations. Mobile-based technology helps to equip staff members with mobile devices to spend more time with the residents by documenting on the go as they are mobile instead of sitting behind a computer logging information. New apps are adopted that provide much more face time with residents, and they are as easy to use for older workers. Some vendors providing mobile-based assisted living software are Carevium, MatrixCare, Yardi Systems, RealPage, Eldermark, and Dude Solutions.
Key Assisted Living Software Market Challenge
Data privacy and security concerns are a major hindrance to the living software market growth. The transition to assisted living in the digital age is exciting, but the challenges of protecting data are getting more complex. The assisted living care providers must ensure the safety of data and malware-free computers, laptops, and flash drives used in the facilities. The adoption of cloud-based assisted living software in a facility is risky because it can make the patient's information and insurance-related information available to the public. Many facilities prefer cloud-based assisted living software over on-premises software for its cost-effectiveness and ease of accessibility. Cloud-based assisted living software provides a cost-effective and convenient way to store and access data, but organizations will transfer their data or information to the cloud only if trust is built between the assisted living software providers and consumers. However, the assisted living care provider organizations are reluctant to purchase cloud-based assisted living software as they fear the loss of data and control over it, leaving them dependent on the on-premises assisted living software providers. The risk of information leakage is high, which could result in the misuse or manipulation of data. This can lead to several legal and security concerns related to illegal insurance claims, regulatory and legislative compliance issues, and auditing and logging issues. Therefore, concerns about data security have increased, which is making several facilities reluctant about the adoption of cloud-based assisted living software.
This assisted living software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global assisted living software market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the assisted living software market during the forecast period.
Who are the Major Assisted Living Software Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- AL Advantage LLC
- Caremerge Inc.
- Computer Programs and Systems Inc.
- Eldermark Software LLC
- iCareManager LLC
- PointClickCare Technologies Inc.
- RealPage Inc.
- ResMed Inc.
- Vitals Software
- Yardi Systems Inc.
This statistical study of the assisted living software market encompasses successful business strategies deployed by the key vendors. The assisted living software market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The assisted living software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Assisted Living Software Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the assisted living software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global application software market includes the following core components:
- Inbound logistics
- Outbound logistics
- Marketing and sales
- Support activities
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Which are the Key Regions for Assisted Living Software Market?
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34% of the market's growth will originate from North America during the forecast period. The US is the key market for assisted living software market in North America. Market growth in this region will be faster than the growth of the market in regions.
The increased need for eMAR integration will facilitate the assisted living software market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The market in North America is witnessing steady growth even during the COVID-19 crisis. As of May 27, 2020, the US had above 33 million cases of COVID-19. Many end-user sectors, especially the hospital and healthcare sectors, have partially shut down their operations due to the pandemic in 2020. This has led to an economic downturn and hampered trade in North America. For instance, in April 2020, around 37 state governments in the US ordered or recommended state-wide closures until further announcements to control the spread of COVID-19. However, healthcare providers are increasingly adopting assisted living software to treat and advise patients with COVID-19. The increased adoption of assisted living software is expected to boost the market growth in the region during the forecast period.
What are the Revenue-generating Deployment Segments in the Assisted Living Software Market?
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The assisted living software market share growth in the cloud-based segment has been significant. This segment is growing at a rapid rate, and its market share will further increase during the forecast period. Cloud-based solutions come with a regular payment system and periodic expenses for maintenance and updates instead of a huge one-time investment. Other hosted solution options may involve a larger portion of the upfront cost, followed by smaller annual support payments. However, a hosted solution has many advantages when compared with a locally installed solution.
This report provides an accurate prediction of the contribution of all the segments to the growth of the assisted living software market size and actionable market insights on post COVID-19 impact on each segment.
Assisted Living Software Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 15.79%
Market growth 2021-2025
$ 396.41 million
YoY growth (%)
North America, Europe, APAC, South America, and MEA
Performing market contribution
North America at 34%
Key consumer countries
US, China, Germany, UK, and France
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
AL Advantage LLC, Caremerge Inc., Computer Programs and Systems Inc., Eldermark Software LLC, iCareManager LLC, PointClickCare Technologies Inc., RealPage Inc., ResMed Inc., Vitals Software, and Yardi Systems Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Assisted Living Software Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive assisted living software market growth during the next five years
- Precise estimation of the assisted living software market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the assisted living software industry across North America, Europe, APAC, South America, and MEA
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of assisted living software market vendors
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1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value Chain Analysis: Application software
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Deployment
- 5.1 Market segments
- Exhibit 15: Deployment - Market share 2020-2025 (%)
- 5.2 Comparison by Deployment
- Exhibit 16: Comparison by Deployment
- 5.3 Cloud based - Market size and forecast 2020-2025
- Exhibit 17: Cloud based - Market size and forecast 2020-2025 ($ million)
- Exhibit 18: Cloud based - Year-over-year growth 2020-2025 (%)
- 5.4 On premise - Market size and forecast 2020-2025
- Exhibit 19: On premise - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: On premise - Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by Deployment
- Exhibit 21: Market opportunity by Deployment
6 Customer landscape
- 6.1 Overview
- Exhibit 22: Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 23: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 24: Geographic comparison
- 7.3 North America - Market size and forecast 2020-2025
- Exhibit 25: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 26: North America - Year-over-year growth 2020-2025 (%)
- 7.4 Europe - Market size and forecast 2020-2025
- Exhibit 27: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 28: Europe - Year-over-year growth 2020-2025 (%)
- 7.5 APAC - Market size and forecast 2020-2025
- Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
- 7.6 South America - Market size and forecast 2020-2025
- Exhibit 31: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 32: South America - Year-over-year growth 2020-2025 (%)
- 7.7 MEA - Market size and forecast 2020-2025
- Exhibit 33: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 35: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 36: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- Exhibit 37: Impact of drivers and challenges
- 8.3 Market trends
9 Vendor Landscape
- 9.1 Vendor landscape
- Exhibit 38: Vendor landscape
- 9.2 Landscape disruption
- Exhibit 39: Landscape disruption
- Exhibit 40: Industry risks
- 9.3 Competitive scenario
10 Vendor Analysis
- 10.1 Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 42: Market positioning of vendors
- 10.3 AL Advantage LLC
- Exhibit 43: AL Advantage LLC - Overview
- Exhibit 44: AL Advantage LLC - Product and service
- Exhibit 45: AL Advantage LLC - Key offerings
- 10.4 Caremerge Inc.
- Exhibit 46: Caremerge Inc. - Overview
- Exhibit 47: Caremerge Inc. - Product and service
- Exhibit 48: Caremerge Inc. - Key offerings
- 10.5 Computer Programs and Systems Inc.
- Exhibit 49: Computer Programs and Systems Inc. - Overview
- Exhibit 50: Computer Programs and Systems Inc. - Business segments
- Exhibit 51: Computer Programs and Systems Inc. - Key offerings
- Exhibit 52: Computer Programs and Systems Inc. - Segment focus
- 10.6 Eldermark Software LLC
- Exhibit 53: Eldermark Software LLC - Overview
- Exhibit 54: Eldermark Software LLC - Product and service
- Exhibit 55: Eldermark Software LLC – Key news
- Exhibit 56: Eldermark Software LLC - Key offerings
- 10.7 iCareManager LLC
- Exhibit 57: iCareManager LLC - Overview
- Exhibit 58: iCareManager LLC - Product and service
- Exhibit 59: iCareManager LLC - Key offerings
- 10.8 PointClickCare Technologies Inc.
- Exhibit 60: PointClickCare Technologies Inc. - Overview
- Exhibit 61: PointClickCare Technologies Inc. - Product and service
- Exhibit 62: PointClickCare Technologies Inc. – Key news
- Exhibit 63: PointClickCare Technologies Inc. - Key offerings
- 10.9 RealPage Inc.
- Exhibit 64: RealPage Inc. - Overview
- Exhibit 65: RealPage Inc. - Business segments
- Exhibit 66: RealPage Inc. – Key news
- Exhibit 67: RealPage Inc. - Key offerings
- 10.10 ResMed Inc.
- Exhibit 68: ResMed Inc. - Overview
- Exhibit 69: ResMed Inc. - Business segments
- Exhibit 70: ResMed Inc. - Key offerings
- Exhibit 71: ResMed Inc. - Segment focus
- 10.11 Vitals Software
- Exhibit 72: Vitals Software - Overview
- Exhibit 73: Vitals Software - Product and service
- Exhibit 74: Vitals Software - Key offerings
- 10.12 Yardi Systems Inc.
- Exhibit 75: Yardi Systems Inc. - Overview
- Exhibit 76: Yardi Systems Inc. - Product and service
- Exhibit 77: Yardi Systems Inc. - Key offerings
- 11.1 Scope of the report
- 11.2 Currency conversion rates for US$
- Exhibit 78: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 79: Research Methodology
- Exhibit 80: Validation techniques employed for market sizing
- Exhibit 81: Information sources
- 11.4 List of abbreviations
- Exhibit 82: List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Need for workflow automation
- Increasing adoption of mobile-based assisted living software
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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