The rising need to reduce increasing healthcare costs and the implementation of government initiatives to improve patient safety & patient outcomes are the major factors driving the growth of this market.
Market Size
The global Patient Safety and Risk Management Software market size is estimated to be worth USD 2.2 billion by 2024 from a value of USD 1.3 billion in 2019, growing at a CAGR of 11.2%
RLDatix (Canada), Riskonnect Inc. (US), Verge Health (US), Clarity Group Inc. (US), The Patient Safety Company (Netherlands), RiskQual Technologies (US), Quantros Inc. (US), Conduent Inc. (US), Prista Corporation (US), Smartgate Solutions Ltd. (UK) are some key players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
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“RLDatix (Canada) was the leading player in the patient safety and risk management solutions market and accounted for the largest share in 2018. “
The company offers cloud-based and integrated software solutions for patient safety and risk management. The company is an industry leader in the fast implementation of patient safety software solutions, thus providing additional value with innovative technologies. RLDatix’s position in the market can be attributed to its active R&D activities and wide distribution footprint across the world. To garner a large share of the patient safety and risk management solutions market, the company continuously focuses on inorganic growth strategies such as agreements and acquisitions. For instance, in May 2019, the company entered into an agreement with iContracts (US) to broaden its reach into the governance, risk management, and compliance space.
“Verge Health (US) held the second-largest share of the patient safety and risk management solutions market. “
Its position in the market can be attributed to its robust product portfolio and reliable distribution channel across the world. To maintain its position in the market, the company focuses on expanding its product portfolio through strategies such as product launches, partnerships, and agreements. For instance, in August 2018, the company entered into a partnership with MG Select (US). Under the partnership, MG Select’s implementation & migration services were combined with Verge Health’s converge platform to offer more advanced risk management platform for healthcare providers.
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