LONDON--(BUSINESS WIRE)--The global assisted living software market size is poised to grow by USD 320.80 million during 2020-2024, progressing at a CAGR of almost 15% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The increasing demand for the integration of electronic medical administration records (eMAR) as one of the key drivers that will influence the market’s growth during 2020-2024. The integration of eMAR in assisted living software helps in scheduling and tracking medications, treatments, and supplements. The assisted living software is also used to capture vital signs and blood glucose readings. The integration of eMAR in assisted living software offers various benefits such as easy use of charting screens with alerts. It also involves medication inventory system, MAR reports, and pharmacy interface. Furthermore, it enables financial analytics for medication administration and facilitates active coordination between therapeutic and medication treatment plans and automated billing processes based on medication duration.
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- The major assisted living software market growth came from the cloud-based solutions segment. These 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. Therefore, the adoption of cloud-based solution will be higher in the coming years.
- North America was the largest assisted living software market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the increasing number of the elderly population and the need for better infrastructure and awareness about technology advances will significantly drive assisted living software market growth in this region over the forecast period.
- The global assisted living software market is fragmented. American Healthtech, Caremerge Inc., Carevium Inc., Eldermark Software LLC, iCareManager LLC, MatrixCare Inc., PointClickCare Technologies Inc., RealPage Inc., Vitals Software, and Yardi Systems Inc. are some of the major market participants. To help clients improve their market position, this assisted living software market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global assisted living software market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/assisted-living-software-market-industry-analysis
Increasing Adoption of Analytics will be a Key Market Trend
The increasing adoption of analytics is one of the key assisted living software market trends. A wide range of analytical and statistical modeling tools are increasingly used in the assisted living industry as they offer structured and meaningful insights about operations. The integration of analytics tools with assisted software solutions helps care providers in determining the insurance data, resident data, and prescription transaction data; prescription processing; and refill inventories for a specific period.
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Assisted Living Software Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist assisted living software market growth during the next five years
- Estimation of the assisted living software market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the assisted living software market
- 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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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Deployment
- Market segments
- Comparison by Deployment
- Cloud-based - Market size and forecast 2019-2024
- On-premise - Market size and forecast 2019-2024
- Market opportunity by Deployment
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- American Healthtech
- Caremerge Inc.
- Carevium Inc.
- Eldermark Software LLC
- iCareManager LLC
- MatrixCare Inc.
- PointClickCare Technologies Inc.
- RealPage Inc.
- Vitals Software
- Yardi Systems Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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