May 12, 2020
As per the report titled ‘Global Patient Safety and Risk Management Software Market Size study, by Type (Risk Management and Safety Solutions, Claims Management Solutions, Governance, Risk and Compliance Solutions), by Deployment Mode (Private Cloud, Public Cloud, Hybrid Cloud), by End User Industry (Hospitals, Ambulatory Care Centers, Long-Term Care Centers, Pharmacies, Other End Users) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global patient safety and risk management software market was worth USD 1.17 billion in 2018 and is projected to record a y-o-y growth rate of 11.12% through 2026.
Growing focus towards improving patient outcomes and lowering healthcare costs is driving the growth of global patient safety and risk management software market. These solutions help to reduce medical errors caused by the human inaccuracy, ignorance, and poor management.
Increasing digitization of the healthcare sector in an effort to streamline their entire workflow coupled with several government initiatives towards improving patient care & safety is enhancing the market growth. As per a report published by National Institute for Transforming India in July 2018, Ayushman Bharat scheme proposed 1.5 lac health & wellness centers that provide preventive and primary care to be operationalized across India. Increasing establishments of such centers is positively impacting the market outlook.
Growing deployment of these software in medical institutions, hospitals, public places, ambulatory care centers and pharmacies for monitoring and controlling the spread of contagious infection is further augmenting the industry growth.
In addition, integration of advanced technologies such as Big Data analytics for improving patient safety will create new growth opportunities in the coming years. However, dearth of in-house IT professionals, rising data security concerns, and reluctance of healthcare providers to adopt new methods for patient safety and risk management will hinder the market growth over the forecast duration.
As per the regional analysis, North America presently accounts for a significant market share, due to stringent government policies and regulations pertaining to healthcare and early adoption rate of advanced technologies.
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Asia Pacific patient safety and risk management software market is anticipated to see a sizeable growth during the forecast period, owing to increasing government initiatives towards enhancing patient safety & outcome and burgeoning patient pool in the region.
Major players operating in global patient safety and risk management software market are Verge Health, LLC, RLDatix, RiskQual Technologies, Clarity Group Inc., Quantros, Inc., Prista Corporation, Conduent Inc., Smartgate Solutions Ltd., Riskonnect Inc. (A Part of Thoma Bravo, LLC), and The Patient Safety Company.