The Global Patient Safety and Risk Management Software Market was valued at approximately USD 2.0 billion in 2023 and is projected to grow at a CAGR of 11.9% from 2024 to 2032. This market is experiencing robust growth due to the increasing number of medical errors and a growing focus on improving patient safety across healthcare systems. The adoption of these software solutions is further accelerated by government initiatives aimed at advancing healthcare IT infrastructure and the increased digitization of healthcare practices. The WHO’s 2023 World Patient Safety Day campaign, focusing on elevating the voice of patients, is one such initiative that underscores the critical role of patient-centric approaches in healthcare safety.
A shift from fee-for-service to value-based healthcare models, where reimbursement is tied to patient outcomes, has significantly increased the demand for patient safety and risk management solutions. Rising healthcare expenditure in both developed and developing nations has fueled the adoption of these solutions. For example, data from the U.S. Centers for Medicare & Medicaid Services indicated that National Health Expenditure in the U.S. was USD 13,493 per capita in 2022. This shift in focus towards enhancing patient outcomes and reducing medical errors is driving the market’s expansion. Technological advancements such as AI, machine learning, real-time IoT monitoring, and cloud computing are transforming the landscape of patient safety software. For instance, Pharmapod’s deployment of OMNI Care Homes in June 2023 exemplifies how technology can enhance medication management and improve patient care. Moreover, the adoption of cloud-based solutions is growing, offering scalability, security, and real-time data management, particularly as healthcare organizations seek efficient ways to manage patient safety and risks.
The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America dominated the market in 2023, with a revenue share of 48.4%, driven by high healthcare IT adoption and increasing government initiatives to promote patient safety. Europe follows closely, with significant contributions from countries like Germany and the UK. Meanwhile, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period, supported by rising healthcare investments and the increasing need for digital healthcare solutions in emerging economies such as China and India.
Major market players included in this report are:
Riskonnect, Inc.
Origami Risk LLC
RLDatix
Health Catalyst
Conduent, Inc.
symplr
Clarity Group, Inc.
Becton, Dickinson and Company (BD)
RiskQual Technologies, Inc.
Prista Corporation
Pharmapod (Think Research Corporation)
ObservSMART
Surglogs
DOSIsoft
Neighbourly Pharmacy
The detailed segments and sub-segments of the market are explained below:
By Type:
Risk Management & Safety Solutions
Governance, Risk & Compliance Solutions
By Deployment Type:
Cloud
On-Premise
By End-Use:
Hospitals
Ambulatory Care Centers
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year – 2022
Base year – 2023
Forecast period – 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand-side and supply-side analysis of the market.