The healthcare industry has undergone some major changes in the past decade. The good news is that almost all those changes have contributed to the betterment of the industry with both medical facilities and patients being the beneficiaries.

However, there are some newfound vulnerabilities too; examples include cybersecurity threats. The section below talks about the most common cybersecurity threats faced by the healthcare industry.

Ransomware

Ransomware is a kind of malware known for infecting files and systems and making them inaccessible to the owner until he pays a ransom. This medical security issue can be triggered in one or more of the following ways:

• Through a phishing email containing malicious attachments
• Upon clicking malicious links
• As a result of viewing advertisements containing malware (the phenomenon is referred to as malvertising)

Data Breach

It has become extremely common for hospitals to become victims of data breaches. A recent survey has revealed that healthcare organizations are bigger victims of this cybersecurity issue than any other public or private sector company.

There are several criminal activities for which unscrupulous individuals can use the patients’ data. However, the most common ones among them are:

Leveraging information on particular terminal illnesses or major diseases

Carrying out long-term identity theft

DDoS Attacks

DDoS (Distributed Denial of Service) attacks are widely used by cybercriminals and hacktivists for overwhelming networks until they become completely inoperable. A DDoS attack can make life difficult for medical practitioners who cannot offer adequate patient care without accessing the compromised network. Problems may also arise when a healthcare provider fails to receive and send emails, records, data, and prescriptions as a result of not having a running Internet connection following a DDoS attack. 

If you want to protect your medical center from falling prey to any of the above cybersecurity issues, get in touch with Asimily. They will help you in overcoming such security and risk management challenges effortlessly.

Increasing patient population in this region, rapid return on investment (ROI), and rising government initiatives to improve the patient safety & patient outcomes in healthcare. 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?

The Patient Safety and Risk Management Software market to reach USD 2.2 billion by 2024 from USD 1.3 billion in 2019, growing at a CAGR of 11.2% during the forecast period. 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. 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.

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.

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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.

 

This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, Asia-Pacific is expected to register the highest growth rate during the forecast period mainly 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.

Geographically, the patient safety and risk management market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to account for the largest share of the patient safety and risk management software market in 2019, followed by Europe. 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.

Leading Companies

The major players in the market include 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).

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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. 

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 Software 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. 

+ Market Dynamics 

+ Drivers

+ Increasing Need to Curtail Rising Healthcare Costs and Growing Focus on Improving Patient Outcomes
+ Government Initiatives to Improve Patient Safety and Patient Outcomes

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=231628922 

“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. 

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