Global Patient Safety and Risk Management Software Market is valued approximately USD 1.17 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 11.12% over the forecast period 2019-2026. Patient Safety and Risk Management Software are being deployed in medical institutions in order to curb out the increase in number of medical errors occurred due to the human error, ignorance and poor management. Also, growing focus on improving patient outcomes and increasing need to curtail rising healthcare costs are expected to drive the growth Patient Safety and Risk Management Software Market. Implementation of patient safety and risk management software helps in the effective management of the patient safety events. Initiatives from government to improve the patient outcomes and safety is further expected to fuel the market growth. Many healthcare organizations are actively moving towards digitization to streamline their entire workflow and also to ensure patient care and safety resulting in increasing demand for patient for patient safety and risk management software. For instance, according to a report published by National Institute for Transforming India in July 2018, operationalizing of 1.5 lac health and wellness centers that offer preventive and primary care across India is proposed by the Indian government under the Ayushman Bharat scheme. Further, Patient Safety and Risk Management Software are also being deployed in the medical institutions, public places, hospitals, ambulatory care centers and pharmacies to monitor and control the spread of contagious infections. Further, the market holds a bold future owing to opportunities such as increasing use of big data analytics for patient safety. However, lack of in-house IT expertise, data security concerns and the disinclination of healthcare providers to adopt new methods of patient safety and risk management are some of the factors that are expected to restrain the market over the forecast period.
The regional analysis of global Patient Safety and Risk Management Software Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the early technical advancements and stringent government policies and regulation pertaining to health care. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as increasing patient population in this region, rising government initiatives to improve the patient safety & patient outcomes in healthcare and rapid return on investment (ROI) would create lucrative growth opportunities for the Patient Safety and Risk Management Software market across the region.
Major market player included in this report are:
Verge Health, LLC
Clarity Group Inc.
Riskonnect Inc. (A Part of Thoma Bravo, LLC)
Smartgate Solutions Ltd.
The Patient Safety Company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Risk Management and Safety Solutions
Claims Management Solutions
Governance, Risk and Compliance Solutions
By Deployment Mode:
By End User:
Ambulatory Care Centers
Long-Term Care Centers
Other End Users
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Patient Safety and Risk Management Software Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers