Assisted Living Software Market – Actionable Research on COVID-19|Demand for the Integration of eMAR to Boost the Market Growth
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.
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Technavio has announced its latest market research report titled Global Assisted Living Software Market 2020-2024 (Graphic: Business Wire)
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.