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

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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. 

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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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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. 

Market Size

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.

To know about the assumptions considered for the study download the 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. 

“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.

Recent Developments

• 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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