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The Assisted Living Software Market size is forecast to increase by USD 682.51 million, at a CAGR (Compound Annual Growth Rate) of 15.9% between 2023 and 2028. The growth rate of the market depends on several factors, including the aging baby boomer population, the increased need for electronic medication administration record (eMAR) integration, and the growing demand for improved quality of care.
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One of the key factors driving the market growth 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 growth during the forecast period.
A key factor shaping the market growth 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 the market growth during the forecast period.
Data privacy and security concerns regarding software are one of the key challenges hindering market growth. 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 growth during the forecast period.
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.
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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 the market growth during the forecast period.
The various advantages offered by the appointment scheduling segment will increase the 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 growth of this segment which in turn drives the market growth during the forecast period.
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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 growth of the market 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.
The market forecasting 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 adoption rates in different regions based on penetration. Furthermore, the 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
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 growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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.
The assisted living software 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 assisted living software market continues to expand, providing tailored solutions to improve the quality of care and enhance the overall well-being of elderly populations worldwide.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Assisted Living Software Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.9% |
Market Growth 2024-2028 |
USD 682.51 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.3 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, China, Japan, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AL Advantage LLC, Assisted Living Soft LLC, CarePredict Inc., CareVoyant Inc., CarexTech Inc., Curenta LLC, 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., and Yardi Systems Inc. |
Market dynamics |
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 the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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