The rising need to curtail healthcare costs, increasing incidences of medical errors & hospital-acquired infections, and growing government initiatives to improve patient safety and patient outcomes are key drivers of this market.
The patient safety and risk management solutions market 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% during the forecast period.
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“The risk management & safety solutions segment is expected to dominate the market in 2019.”
The market for governance, risk, & compliance (GRC) solutions is expected to grow at the highest rate during the forecast period. The high growth of this segment is attributed to the increasing number of adverse events to patients across the globe and the effective utilization of GRC solutions. GRC solutions provide safe, high-quality care to patients while maintaining compliance with industry standards and regulations.
“The market for ambulatory care centers is expected to witness the highest growth during the forecast period”
The market for ambulatory care centers is projected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the rising need to minimize the risk associated with patient harm.
“By end-user, the healthcare payers segment is expected to grow at the highest CAGR during the forecast period.”
The patient safety and risk management solutions market has been segmented into hospitals, long-term care centers, ambulatory care centers, pharmacies, and other end-users (primary care providers, ambulance services, pathology laboratories, and mental healthcare centers.
- In June 2019, Riskonnect Inc. launched Riskonnect ClearSight 19.0, an addition to its integrated risk management platform.
- In May 2019, RLDatix entered into an agreement to acquire iContracts (US) that provided more significant opportunities to RLDatix.
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