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. On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of patient safety and risk management are expected to restrain the growth of the market to a certain extent during the forecast period.
How much is the Patient Safety and Risk Management Software Market worth?
MarketsandMarkets forecasts the Patient Safety and Risk Management Software market to grow from 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. Increasing patient population in this region, rapid return on investment (ROI), and rising government initiatives to improve the patient safety & patient outcomes in healthcare. The global Patient Safety and Risk Management Software market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of this market majorly due to the favorable regulations (such as Patient Safety Act and Patient Protection and Affordable Care Act) combined with the high healthcare IT spending in the region, and greater adoption.
The market for governance, risk & compliance solutions is projected to grow at the highest CAGR during the forecast period
Based on type, 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.
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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. In addition, implementation of patient safety and risk management software is vital for ambulatory care centers as it helps them in the effective management of patient safety events.
By end-user, the healthcare payers segment is expected to grow at the highest CAGR during the forecast period.
Based on end-user, 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. The ambulatory care centers segment is expected to grow at the highest CAGR during the forecast period.
North America to account for the largest market size during the forecast period.
North America is the major revenue generating region in the Patient Safety Management Software market. Several healthcare organizations in Asia are actively moving towards digitization to streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for patient safety and risk management software to ensure better patient care.
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Who are the leading vendors operating in Patient Safety and Risk Management Solutions Market?
RLDatix (Canada), Verge Health (US), Riskonnect Inc. (US), Clarity Group Inc. (US), RiskQual Technologies (US), The Patient Safety Company (Netherlands), Quantros Inc. (US), Prista Corporation (US), Smartgate Solutions Ltd. (UK), and Conduent Inc. (US).
RLDatix (Canada) is one of the leading players in the market and accounted for the largest share in 2018. RLDatix is one of the leading providers of cloud-based and integrated software solutions for patient safety and risk management to various industries, including healthcare. To strengthen its market position and to broaden its product offerings, the company majorly focuses on agreement, acquisitions, and mergers.
- 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.
- In February 2019, Verge Health entered into a partnership with the Texas Hospital Association (US) to strengthen its governance, risk, & compliance platform.
- In October 2018, Riskonnect, Inc. acquired Marsh ClearSight LLC (US) to expand its product offerings.
- In August 2017, Conduent Inc. (US) launched the Midas Hospital Risk Adjustment Model.
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