Enjoy complimentary customisation on priority with our Enterprise License!
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.
For More Highlights About the Assisted Living Software Market Research Report, Download Free Sample in a Minute
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.
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.
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.
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.
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
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.
Get a glance at the market contribution of various segments Download the PDF Sample
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.
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.
For more assisted living software market growth analysis insights by region, Download PDF Sample now!
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.
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:
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 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.
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.
|
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 assisted living software market analysis report, 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, assisted living software market worth and analysis report |
|
Customization purview |
If our assisted living software market size analysis growth report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Download assisted living software market size analysis report PDF Sample
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. You may change your settings based on a legitimate interest at any time, by selecting “Manage Settings” on our site. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences, or your device and is mostly used to make the site work as you expect it to.
The information does not usually directly identify you, but it can give you a more personalised web experience. Because we respect your right to privacy. Click on the different category headings to find out more. These cookies will be stored in your browser only with your consent. Please read our Privacy & Cookie Notice. before managing your preferences.
Read moreThese cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. These cookies are essential in order to enable You to move around the site and use its features, such as accessing secure areas of the site. These cookies do not store any personally identifiable information.
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers like Freshdesk, Piwik whose services we have added to our pages. These cookies cannot track your browsing activity on other websites. All information these cookies collect is anonymous and is only used to improve how this website works. If you do not allow these cookies we will not know when you have visited our site and will not be able to monitor its performance.
This website uses Google Analytics, a web analytics service provided by Google, Inc. (Google). These cookies are used to calculate visitor, session, and campaign data, and to keep track of site usage for this site’s analytics report. These cookies store the behaviour of each user’s information such as your login information, what pages you visit, how long you stayed on the page, the device you were using, your time zone, what language you’re using, where you’re logging in from, and the operating system of the device you are on. Such information is necessary for a website’s digital marketing efforts, increasing the chances of campaign success by tailoring content to the target audience.
