Table of Content

1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 MARKET DEFINITION 14
1.3 MARKET SCOPE 15
1.3.1 MARKETS COVERED 15
1.3.2 YEARS CONSIDERED FOR THE STUDY 15
1.4 CURRENCY 16
1.5 STAKEHOLDERS 16
1.6 LIMITATIONS 16

2 RESEARCH METHODOLOGY 17
2.1 RESEARCH APPROACH 17
2.1.1 SECONDARY DATA 18
2.1.1.1 Key data from secondary sources 18
2.1.2 PRIMARY DATA 19
2.1.2.1 Key data from primary sources 19
2.1.2.2 Breakdown of primaries 20
2.1.2.3 Key industry insights 20
2.2 MARKET SIZE ESTIMATION 20
2.3 DATA TRIANGULATION APPROACH 22
2.4 MARKET SHARE ESTIMATION 23

3 EXECUTIVE SUMMARY 24

4 PREMIUM INSIGHTS 28
4.1 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS: MARKET OVERVIEW 28
4.2 EUROPE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY TYPE (2018) 29
4.3 GEOGRAPHIC SNAPSHOT OF THE PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET 30
4.4 REGIONAL MIX: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET 31

5 MARKET OVERVIEW 32
5.1 INTRODUCTION 32
5.2 MARKET DYNAMICS 32
5.2.1 KEY MARKET DRIVERS 33
5.2.1.1 Increasing need to curtail rising healthcare costs and growing focus on improving patient outcomes 33
5.2.1.1.1 Medical errors 33
5.2.1.1.2 Hospital-acquired infections 34
5.2.1.2 Government initiatives to improve patient safety and patient outcomes 36
5.2.2 KEY MARKET RESTRAINTS 37
5.2.2.1 Reluctance to switch from conventional methods 37
5.2.2.2 Dearth of skilled IT professionals 37
5.2.3 KEY MARKET OPPORTUNITY 37
5.2.3.1 Increasing use of big data analytics for patient safety 37
5.2.4 KEY MARKET CHALLENGE 38
5.2.4.1 Data security concerns 38
5.2.5 KEY MARKET TREND 40
5.2.5.1 Use of artificial intelligence and predictive analytics for patient safety 40

6 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY TYPE 41
6.1 INTRODUCTION 42
6.2 RISK MANAGEMENT AND SAFETY SOLUTIONS 43
6.2.1 RISING FOCUS OF HEALTHCARE PROVIDERS ON ADDRESSING PATIENT SAFETY & RISK MANAGEMENT ASPECTS HAS INCREASED THE DEMAND FOR THESE SOLUTIONS 43
6.3 CLAIMS MANAGEMENT SOLUTIONS 45
6.3.1 GROWING FOCUS ON STREAMLINING CLAIMS PROCEDURES IS DRIVING
THE DEMAND FOR THESE SOLUTIONS 45
6.4 GOVERNANCE, RISK AND COMPLIANCE SOLUTIONS 47
6.4.1 GROWING INCIDENCE OF MEDICAL ERRORS TO SUPPORT MARKET GROWTH 47

7 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET,
BY DEPLOYMENT MODE 49
7.1 INTRODUCTION 50
7.2 PRIVATE CLOUD 51
7.2.1 GROWING CONCERNS OVER DATA SECURITY HAVE DRIVEN DEMAND FOR PRIVATE CLOUD-DEPLOYED SOLUTIONS 51
7.3 PUBLIC CLOUD 52
7.3.1 AFFORDABILITY HAS ENSURED END-USER RELIANCE ON THE PUBLIC CLOUD, BUT NEED FOR SECURITY MAY PUSH ATTENTION TO HYBRID CLOUD 52
7.4 HYBRID CLOUD 53
7.4.1 HYBRID CLOUDS OFFER THE BENEFITS OF BOTH PRIVATE AND PUBLIC CLOUDS 53
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8 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET,
BY END USER 54
8.1 INTRODUCTION 55
8.2 HOSPITALS 56
8.2.1 GROWING NEED TO MINIMIZE MEDICAL ERRORS AND ADVERSE EVENTS IS DRIVING THE USE OF PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS IN HOSPITALS 56
8.3 AMBULATORY CARE CENTERS 57
8.3.1 GROWING ADOPTION OF EHRS IN AMBULATORY CARE CENTERS TO SUPPORT MARKET GROWTH 57
8.4 LONG-TERM CARE CENTERS 58
8.4.1 LONG-TERM CARE CENTERS ARE THE MOST PREFERRED AND FASTEST-GROWING CARE OPTION FOR ELDERLY PEOPLE 58
8.5 PHARMACIES 59
8.5.1 GROWING FOCUS ON REDUCING MEDICATION ERRORS HAS INCREASED
THE ADOPTION OF PATIENT SAFETY SOLUTIONS IN PHARMACIES 59
8.6 OTHER END USERS 60

9 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY REGION 62
9.1 INTRODUCTION 63
9.2 NORTH AMERICA 64
9.2.1 US 67
9.2.1.1 The US dominates the North American patient safety and risk management solutions market 67
9.2.2 CANADA 70
9.2.2.1 Growing need for cost containment in healthcare to propel
market growth 70
9.3 EUROPE 72
9.3.1 GERMANY 75
9.3.1.1 High healthcare expenditure in the country to drive the adoption of patient safety and risk management solutions 75
9.3.2 UK 77
9.3.2.1 Increasing frequency of medical errors to propel the adoption of patient safety and risk management solutions 77
9.3.3 FRANCE 79
9.3.3.1 Initiatives taken by the French government to promote the use of healthcare IT solutions to drive market growth 79
9.3.4 REST OF EUROPE (ROE) 80
9.4 ASIA PACIFIC 82
9.4.1 RISING DEMAND AND SUPPORT FOR PATIENT SAFETY ARE DRIVING MARKET GROWTH IN THE APAC 82
9.5 LATIN AMERICA 85
9.5.1 DEVELOPMENTS IN HEALTHCARE INFRASTRUCTURE WILL CONTRIBUTE TO THE DEMAND FOR PATIENT SAFETY AND RISK MANAGEMENT 85
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9.6 MIDDLE EAST AND AFRICA 87
9.6.1 MIDDLE EAST TO WITNESS HIGH DEMAND FOR HCIT SOLUTIONS IN
THE COMING YEARS 87

10 COMPETITIVE LANDSCAPE 89
10.1 OVERVIEW 89
10.2 MARKET SHARE ANALYSIS 90
10.3 COMPETITIVE LEADERSHIP MAPPING 92
10.3.1 VISIONARY LEADERS 92
10.3.2 INNOVATORS 92
10.3.3 DYNAMIC DIFFERENTIATORS 92
10.3.4 EMERGING COMPANIES 93
10.4 COMPETITIVE SITUATION AND TRENDS 94
10.4.1 SOLUTION LAUNCHES AND ENHANCEMENTS 94
10.4.2 AGREEMENTS, PARTNERSHIPS, AND COLLABORATIONS 94
10.4.3 ACQUISITIONS AND MERGERS 95
10.4.4 OTHER STRATEGIES 96

11 COMPANY PROFILES 97
(Business overview, Services offered, Recent developments, MNM view)*
11.1 RLDATIX 97
11.2 VERGE HEALTH, LLC 99
11.3 RISKQUAL TECHNOLOGIES 101
11.4 QUANTROS, INC. 102
11.5 CLARITY GROUP INC. 103
11.6 CONDUENT INC. 104
11.7 PRISTA CORPORATION 106
11.8 RISKONNECT INC. (A PART OF THOMA BRAVO, LLC) 107
11.9 SMARTGATE SOLUTIONS LTD. 109
11.10 THE PATIENT SAFETY COMPANY 110
*Business overview, Services offered, Recent developments, MNM view might not be captured in case of unlisted companies.

12 APPENDIX 111
12.1 INSIGHTS OF INDUSTRY EXPERTS 111
12.2 MARKET SIZING & VALIDATION APPROACH 112
12.3 DISCUSSION GUIDE 114
12.4 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 117
12.5 AVAILABLE CUSTOMIZATIONS 119
12.6 RELATED REPORTS 119
12.7 AUTHOR DETAILS 120



List of Figures



FIGURE 1 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET 15
FIGURE 2 RESEARCH DESIGN 17
FIGURE 3 BOTTOM-UP APPROACH 21
FIGURE 4 TOP-DOWN APPROACH 21
FIGURE 5 DATA TRIANGULATION METHODOLOGY 22
FIGURE 6 ASSUMPTIONS OF THE STUDY 23
FIGURE 7 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY TYPE 2019 VS. 2024 (USD MILLION) 25
FIGURE 8 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY DEPLOYMENT MODE, 2019 VS. 2024 (USD MILLION) 25
FIGURE 9 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY END USER, 2019 VS. 2024 (USD MILLION) 26
FIGURE 10 GEOGRAPHICAL SNAPSHOT OF THE PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET 27
FIGURE 11 INCREASING NEED TO CURTAIL RISING HEALTHCARE COSTS AND GROWING FOCUS ON IMPROVING PATIENT OUTCOMES ARE EXPECTED TO DRIVE
MARKET GROWTH 28
FIGURE 12 RISK MANAGEMENT AND SAFETY SEGMENT COMMANDED THE LARGEST SHARE OF THE EUROPEAN PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET IN 2018 29
FIGURE 13 NORTH AMERICA ACCOUNTED FOR THE LARGEST SHARE OF THE MARKET IN 2018 30
FIGURE 14 ASIA PACIFIC MARKET TO WITNESS THE HIGHEST GROWTH DURING
THE FORECAST PERIOD 31
FIGURE 15 NUMBER OF DATA BREACHES IN THE US (2009–2018) 38
FIGURE 16 GOVERNANCE, RISK, AND COMPLIANCE SEGMENT TO WITNESS THE HIGHEST GROWTH DURING THE FORECAST PERIOD 42
FIGURE 17 PRIVATE CLOUD SEGMENT TO WITNESS THE HIGHEST GROWTH DURING
THE FORECAST PERIOD 50
FIGURE 18 AMBULATORY CARE CENTERS SEGMENT TO WITNESS THE HIGHEST GROWTH DURING THE FORECAST PERIOD 55
FIGURE 19 NORTH AMERICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS
MARKET SNAPSHOT 65
FIGURE 20 EUROPE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET SNAPSHOT 73
FIGURE 21 APAC: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET SNAPSHOT 83
FIGURE 22 AGREEMENTS, PARTNERSHIPS, AND COLLABORATIONS ? KEY GROWTH STRATEGY ADOPTED BY MARKET PLAYERS FROM 2016 TO JULY 2019 89
FIGURE 23 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET SHARE BY KEY PLAYER, 2018 90
FIGURE 24 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET: COMPETITIVE LEADERSHIP MAPPING (2018) 93
FIGURE 25 CONDUENT INC: COMPANY SNAPSHOT (2018) 104

 

List of Tables



TABLE 1 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET SNAPSHOT 2019 VS. 2024 24
TABLE 2 MARKET DYNAMICS: IMPACT ANALYSIS 32
TABLE 3 TOTAL POTENTIAL COST SAVINGS FROM THE IMPLEMENTATION OF PATIENT SAFETY PLATFORMS IN THE US FOR 2019 35
TABLE 4 LARGE HEALTHCARE DATA BREACHES IN THE US (2010–2018) 39
TABLE 5 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY TYPE 2017–2024 (USD MILLION) 42
TABLE 6 RISK MANAGEMENT AND SAFETY SOLUTIONS OFFERED BY KEY MARKET PLAYERS 44
TABLE 7 RISK MANAGEMENT AND SAFETY SOLUTIONS MARKET, BY COUNTRY 2017–2024 (USD MILLION) 45
TABLE 8 CLAIMS MANAGEMENT SOLUTIONS OFFERED BY KEY MARKET PLAYERS 46
TABLE 9 CLAIMS MANAGEMENT SOLUTIONS MARKET, BY COUNTRY 2017–2024 (USD MILLION) 46
TABLE 10 GOVERNANCE, RISK, AND COMPLIANCE SOLUTIONS OFFERED BY KEY MARKET PLAYERS 47
TABLE 11 GOVERNANCE, RISK, AND COMPLIANCE SOLUTIONS MARKET, BY COUNTRY, 2017–2024 (USD MILLION) 48
TABLE 12 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 50
TABLE 13 PRIVATE CLOUD-DEPLOYED SOLUTIONS MARKET, BY COUNTRY 2017–2024 (USD MILLION) 51
TABLE 14 PUBLIC CLOUD-DEPLOYED SOLUTIONS MARKET, BY COUNTRY 2017–2024 (USD MILLION) 52
TABLE 15 HYBRID CLOUD-DEPLOYED SOLUTIONS MARKET, BY COUNTRY 2017–2024 (USD MILLION) 53
TABLE 16 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY END USER, 2017–2024 (USD MILLION) 55
TABLE 17 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET FOR HOSPITALS, BY COUNTRY, 2017–2024 (USD MILLION) 57
TABLE 18 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET FOR AMBULATORY CARE CENTERS, BY COUNTRY, 2017–2024 (USD MILLION) 58
TABLE 19 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET FOR LONG-TERM CARE CENTERS, BY COUNTRY, 2017–2024 (USD MILLION) 59
TABLE 20 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET FOR PHARMACIES, BY COUNTRY, 2017–2024 (USD MILLION) 60
TABLE 21 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET FOR OTHER
END USERS, BY COUNTRY, 2017–2024 (USD MILLION) 61
TABLE 22 PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY REGION, 2017–2024 (USD MILLION) 63
TABLE 23 NORTH AMERICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY COUNTRY, 2017–2024 (USD MILLION) 66
TABLE 24 NORTH AMERICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY TYPE, 2017–2024 (USD MILLION) 66
TABLE 25 NORTH AMERICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 66
TABLE 26 NORTH AMERICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY END USER, 2017–2024 (USD MILLION) 67
TABLE 27 US: KEY MACROINDICATORS 68
TABLE 28 US: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY TYPE, 2017–2024 (USD MILLION) 68
TABLE 29 US: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 69
TABLE 30 US: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY END USER, 2017–2024 (USD MILLION) 69
TABLE 31 CANADA: KEY MACROINDICATORS 71
TABLE 32 CANADA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY TYPE, 2017–2024 (USD MILLION) 71
TABLE 33 CANADA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 71
TABLE 34 CANADA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY END USER, 2017–2024 (USD MILLION) 72
TABLE 35 EUROPE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY COUNTRY, 2017–2024 (USD MILLION) 74
TABLE 36 EUROPE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY TYPE, 2017–2024 (USD MILLION) 74
TABLE 37 EUROPE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 74
TABLE 38 EUROPE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY END USER, 2017–2024 (USD MILLION) 75
TABLE 39 GERMANY: KEY MACROINDICATORS 76
TABLE 40 GERMANY: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY TYPE, 2017–2024 (USD MILLION) 76
TABLE 41 GERMANY: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 76
TABLE 42 GERMANY: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY END USER, 2017–2024 (USD MILLION) 77
TABLE 43 UK: KEY MACROINDICATORS 77
TABLE 44 UK: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY TYPE, 2017–2024 (USD MILLION) 78
TABLE 45 UK: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 78
TABLE 46 UK: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY END USER, 2017–2024 (USD MILLION) 78
TABLE 47 FRANCE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY TYPE, 2017–2024 (USD MILLION) 79
TABLE 48 FRANCE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 80
TABLE 49 FRANCE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY END USER, 2017–2024 (USD MILLION) 80
TABLE 50 ROE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY TYPE, 2017–2024 (USD MILLION) 81
TABLE 51 ROE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 81
TABLE 52 ROE: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY END USER, 2017–2024 (USD MILLION) 82
TABLE 53 APAC: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY TYPE, 2017–2024 (USD MILLION) 84
TABLE 54 APAC: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 84
TABLE 55 APAC: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET BY END USER, 2017–2024 (USD MILLION) 84
TABLE 56 LATIN AMERICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY TYPE, 2017–2024 (USD MILLION) 85
TABLE 57 LATIN AMERICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 86
TABLE 58 LATIN AMERICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY END USER, 2017–2024 (USD MILLION) 86
TABLE 59 MIDDLE EAST AND AFRICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY TYPE, 2017–2024 (USD MILLION) 87
TABLE 60 MIDDLE EAST AND AFRICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY DEPLOYMENT MODE, 2017–2024 (USD MILLION) 88
TABLE 61 MIDDLE EAST AND AFRICA: PATIENT SAFETY AND RISK MANAGEMENT SOLUTIONS MARKET, BY END USER, 2017–2024 (USD MILLION) 88
TABLE 62 SOLUTION LAUNCHES AND ENHANCEMENTS, JANUARY 2016– JULY 2019 94
TABLE 63 AGREEMENTS, PARTNERSHIPS, AND COLLABORATIONS JANUARY 2016–JULY 2019 94
TABLE 64 ACQUISITIONS AND MERGERS, JANUARY 2016–APRIL 2019 95
TABLE 65 OTHER STRATEGIES, JANUARY 2016–APRIL 2019 96