The Assisted Living Software Market is anticipated to flourish at a steady CAGR of 10.5% between 2023 and 2033. The market is expected to hold a market share of USD 830.1 million by 2033 while the market is likely to reach a value of USD 304.9 million in 2023.
The adoption of assisted living software is rising due to the increasing usage of real-time services in the healthcare sector which needs innovative solutions to improve patient care services. Further, the implementation of assisted living software is rising due to its ability to manage patient healthcare services across long-term healthcare centers and at home.
The software automates all the healthcare services which need less human intervention and is anticipated to propel the assisted living software market growth. Additionally, analytical tools have created new opportunities for assisted living software manufacturers to offer an enhanced solution with the integration of advanced analytics features. This is likely to increase the assisted living software market share during the forecast period.
Analytical tools provide structured insights, such as insurance data, prescription transaction data, patient details, prescription processing, etc., at one platform. It is further used to refill inventories for a specific period. These factors are increasing the assisted living software market demand analysis during the forecast period.
Moreover, due to the low cost associated with assisted living software and its quick accessibility, many hospitals and clinics are increasing the adoption of assisted living software in recent years.
| Attributes | Details |
|---|---|
| Assisted Living Software Market CAGR (2023 to 2033) | 10.5% |
| Assisted Living Software Market Size (2023) | USD 304.9 million |
| Assisted Living Software Market Size (2033) | USD 830.1 million |
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The enhanced quality of care is likely to bolster the adoption of assisted living software during the forecast period. There are a few other factors that are fueling the growth of the market, which include:
Integration with eMAR:
The integration of assisted living software with eMAR (electronic medical administration records) is expected to be a key driver in the assisted living software market growth. Also, eMAR enables the software scheduling and tracking of medications, the capturing of blood glucose readings, and easy usage of charting screens. It further coordinates with various treatments and financial analytics for medical administration which increases the adoption of assisted living software.
Automation:
The implementation of workflow automation in the software acts as a driving factor for assisted living software. This is one of the key drivers boosting the production and usage of assisted living software.
Government Advances:
The lucrative reimbursements and compensation allotted from the government to aged individuals are also gaining the player's attention to make private investments in the matrix of assisted living, to keep the living atmosphere enthusiastic and engaged. Numerous technological advancements are widely used across countless applications from banking to shopping and are anticipated to generate key opportunities for the assisted living software market in the coming years.
The experts of FMI have also identified some of the factors that may restrain the assisted living software market growth despite some fueling growth prospects prevailing in the market, which include:
Data Breaches:
The primary factor hampering the growth of assisted living software is data breaches associated with it as the software is available over the cloud and on-premise.
Adoption of Open Source:
The introduction and increasing adoption of open-source assisted living software also restrain the overall growth of the global assisted living software market.
| Countries | Revenue Share % (2022) |
|---|---|
| The United States | 19.2% |
| Germany | 7.8% |
| Japan | 6.1% |
| Australia | 2.9% |
| North America | 29.7% |
| Europe | 20.3% |
| Countries | CAGR % (2023 to 2033) |
|---|---|
| China | 12.5% |
| India | 11.2% |
| The United Kingdom | 9.3% |
North America dominated the global assisted living software market share by acquiring 29.7% in 2022. The expansion of the market can be attributed to:
| Attributes | Details |
|---|---|
| Rising Demand | Due to owing to the increasing demand for enhanced services and high-quality care, by the elderly population. |
| Technology Advancements | Countries like the United States of America and Canada are significantly contributing to the assisted living software market growth with the technological advancements in the healthcare sector. |
The growing geriatric population in Europe is positively influencing the assisted living software market size and this region held a market share of 20.3% of the total market share in 2022.
| Attributes | Details |
|---|---|
| Advance Tools | The penetration of eMAR along with analytical tools is driving the assisted living software market growth in the region |
| Growing Automation & IT | The increasing integration of automation and the Internet of Things in the healthcare sector is playing a key role in the growth of assisted living software market in Europe. |
| Category | By Deployment Type |
|---|---|
| Leading Segment | On-Premises |
| Market Share (2022) | 61.2% |
| Category | By Amenity Type |
|---|---|
| Leading Segment | Monitoring Medication |
| Market Share (2022) | 32.6% |
Based on deployment type, the on-premises segment led the market as it held a market share of 61.2% in 2022. The amenity type category also dominated the market by the monitoring medication segment as it held a market share of 32.6% in 2022.
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How are Key Start-ups Stirring the Soup in the Assisted Living Software Market?
Several start-up companies are popping up from all around the region to highlight their unique products which attract the consumer's needs. Also, the start-up companies along with key vendors are welcoming the relevant product that creates huge demand in the market by end-users.
The top Two Start-ups in the Assisted Living Software Market are
Bobe:
Bobe is an Israel-based community engagement start-up platform for senior citizens. The company improves the lifestyle of old age by connecting them with their staff, and residents and managing their daily operations with social life as well.
BEK Medical:
BEK Medical is another Israel-based company that provides healthy life with home medical equipment to all ages of patients. Some of the equipment are compression stockings, mobility products, and incontinence supplies. The equipment is available at an affordable price whether you pick rehab equipment or diabetic testing equipment.
How are the Biggies Influencing the Assisted Living Software Market?
The assisted living software market is consolidated by the key players present all around the region during the forecast period. Further, the key industries are making several plans and policies as per consumers' demand for the market product to acquire a lion’s share during the forecast period.
Some of the tricks and marketing tactics adopted by them are mergers, acquisitions, partnerships, product launches, and collaboration which are anticipated to boost the assisted living software market share.
Three Key Assisted Living Software Participants:
AL Advantage LLC: The company offers assisted living software and elder care solutions for seniors. It includes the custom level of care, diet and medication, bathing, and laundry management, thereby reducing caregiver stress.
Caremerge Inc.: The company offers assisted living software such as Donna Brown, Independent Living Activity Manager.
Eldermark Software LLC: The company offers assisted living software such as a service minder for elder living.
Recent Developments in the Assisted Living Software Market:
The market is estimated to secure a valuation of USD 304.9 million in 2023.
The market is estimated to reach USD 830.1 million by 2033.
Through 2033, the market is anticipated to expand at a 10.5% CAGR.
The market share for the on-premises segment is going to be 61.2%.
32.6% of the market share can be accounted for by the monitoring medication category.
| Base year Market Value (2022) | USD 921.3 million |
|---|---|
| Projected year Market Value (2033) | USD 1,976.1 million |
| CAGR (2023 to 2033) | 7.3% |
| Expected Market Value in 2023 | USD 5 billion |
|---|---|
| Projected Market Value in 2033 | USD 13 billion |
| CAGR (2023 to 2033) | 10% |
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