Global patient safety and risk management software market was valued at USD1.3 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 11.0%) between 2020 and 2027. The market is driven by an increase in medical errors and the increased need to provide safety and care for patients. The market's growth is also being accelerated by digitization adoption and the multiple government initiatives to promote healthcare software. These factors include the growing need to reduce risk factors like hospital-acquired infection, decrease in healthcare costs, and a focus on improving patient outcomes. Market awareness will increase due to the rising prevalence of chronic conditions. This will in turn help to grow the market for risk management and patient safety software over the next few years.
The market is growing because hospitals and long-term care facilities are able to adopt new technologies due to the rapid growth of healthcare infrastructure. The market for risk management and patient safety software is growing due to increased patient awareness and reduced medical errors. The market is also being driven by the increased demand due to patient safety and risk management software. This, along with the need to follow compliance guidelines, has led to an improved workflow in healthcare institutions. The companies are now focusing their efforts on developing new software products and solutions that will improve the performance of healthcare providers and deliver quality care to patients. This is expected to increase market growth in the forecast period.
This software is also being demanded because of the increased compliance with regulatory guidelines and multiple government initiatives to create the Healthcare IT. Also, improvements in healthcare infrastructure are another factors that have a positive impact on the market. Security breaches and privacy concerns are two of the main factors that could hinder the growth of this market for risk management and patient safety software. Healthcare institutions face a major challenge in ensuring data safety. No changes to information are allowed without proper authentication. There is also a high risk of data delivery due to the increased use of smartphones and tablets by healthcare professionals, which can lead to inconsistency between locations.
The hospital segment was the most dominant market for patient safety software. It accounted for 40.7% of the total revenue in 2019. This is due to the increasing need to reduce medical mistakes. The market is growing because of the increasing adoption of IT in healthcare. This is due to its benefits such as a simplified and consistent data collection process, single-point data entry, and lower risk of errors. Market growth is also being driven by the decreasing risk of sepsis, radiotherapy errors, and transfusion errors.
The fastest expected growth rate for the ambulatory care centers is the opposite. Market growth is driven by the reduction in diagnosis time and the implementation of a streamlined management system that ensures patient safety and lowers the costs associated with treatments.
The market for patient safety and safety software was dominated by risk management and safety solutions. They accounted for the largest share of revenue at 67.4%. This large share can be attributed to the creation of patient safety software. It allows healthcare managers to easily access patient data in one system. This makes it easy to protect and maintain data. These solutions offer high-quality, effective care for patients. During the forecast period, compliance, governance and risk solutions will be the fastest growing segment.
Another factor driving demand is the increasing pressure on healthcare providers to secure patient data due to rising cybercrime incidents worldwide. This software is also being adopted more because of the lower costs associated with safety and risk management. This software reduces the risk of patient injuries and medical errors, which leads to higher survival rates. The multiple benefits of this software are expected to drive demand for risk management and patient safety software over the next few years.
North America was the dominant market for patient safety and risk management software in 2019, with a share of 57.6%. This market is growing due to the shift from traditional on-premise solutions to IT solutions for healthcare. This is due to the increasing use of data analytics to improve workflow at healthcare organizations, patient safety, and the presence of many market participants in the U.S., which are all key factors driving the region's market growth.
Asia Pacific, on the other hand is expected to experience lucrative growth during the forecast period at a CAGR 12.5%. The government has taken multiple initiatives to improve patient safety. This, in conjunction with rapid adoption of technology by hospitals, has led to a greater demand for software that can provide high-quality patient care. The market is also being driven by the expanding healthcare IT infrastructure in Asian nations.
Due to growing demand for safety and risk management solutions in light of growing medical errors and security concerns regarding patient data, there is more competition among the existing players. Due to technological advances and patient awareness, increasing demand for software solutions, it is expected that the new entrants will be more successful.
Companies are also expanding their reach and increasing the number of their partners by entering into acquisitions, mergers, agreements and partnerships to gain a greater market share. In 2018, RL Solutions merged to Datix. The merger will result in increased investments in cloud-based patient safety, risk management solutions. This will create a strong product portfolio that will allow us to gain more market share. Symplr, a leading provider of compliance, governance, risk and compliance software, purchased The Patient Safety Company in 2020. This acquisition will take advantage of the growing demand for GRC software solutions which will further enhance patient safety and outcomes. The following are some of the most prominent players in the patient safety and risk management software markets:
Riskonnect Inc.
Health Catalyst LLC (U.S.),
Conduent Inc.
Origami Risk
Symplr
RLDatix
Clarity Group Inc.
Verge Health
RiskQual Technologies
Quantros Inc.
The Patient Safety Company
Up Market Research published a new report titled “Patient Safety And Risk Management Software Market research report which is segmented by End User (Ambulatory Care Centers, Hospitals, Long-term Care Centers), By Players/Companies Health Catalyst (US) LLC, The Patient Safety Company, Origami Risk, RLDatix, Quantros Inc, Riskonnect Inc, Conduent Inc, RiskQual Technologies, Clarity Group Inc, Verge Health, Symplr”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Patient Safety And Risk Management Software Market Research Report |
By End User | Ambulatory Care Centers, Hospitals, Long-term Care Centers |
By Companies | Health Catalyst (US) LLC, The Patient Safety Company, Origami Risk, RLDatix, Quantros Inc, Riskonnect Inc, Conduent Inc, RiskQual Technologies, Clarity Group Inc, Verge Health, Symplr |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 220 |
Number of Tables & Figures | 154 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End User (Ambulatory Care Centers, Hospitals, Long-term Care Centers).
Patient Safety And Risk Management Software Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Patient Safety And Risk Management Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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