Global Patient Safety and Risk Management Software Market

Patient Safety and Risk Management Software market Overview

The Patient Safety and Risk Management Software market size was valued at USD 1.5 Billion in 2020 and is expected to grow at a CAGR of 11.1% during the forecast period, 2021-2027. The growing healthcare industry and the increasing burden of medical data on hospitals are the primary factors driving the patient safety and risk management software market worldwide. The rising need to reduce hospital costs, growing incidences of medical errors, and increasing government initiatives to improve patient safety will boost the patient safety and risk management software market during the forecast period. Moreover, the growing adoption of digitalization among the healthcare industries is expected to drive the global product market growth.

What is Patient Safety and Risk Management Software?

Patient Safety and Risk Management Software is an integral part of healthcare that helps deliver safe and trusted care to patients and staff. This software helps in analyzing and reporting medical error associated with patient health and help in risk management. This software is a powerful and flexible program. It is widely used in hospitals and other medical organizations, including clinics and pharmacies, to mitigate potential medical errors and much more.

Growth Driver

Growing healthcare industries and government initiatives to improve patient safety will boost the product demand.

The growing concerns regarding patient safety due to an increase in the incidence of medical errors that puts patient safety at risk is the primary factor driving the patient safety and risk management software market growth. According to the Health Protection Agency, it is recorded that one out of ten hospital patients has experienced an incident that put their safety at risk. In addition to the line, the growing government initiatives to improve patient safety will increase the product market growth in the coming years. Moreover, the increasing hospital-acquired infections and increase in the incidence of chronic diseases are few major factors responsible for the increased demand for these risk management software products across the globe. The heavy workloads on the hospitals due to the increasing geriatric population and growing incidence of surgeries have adversely affected patient safety. These factors are commonly responsible for the high demand for patient safety and risk management software. Furthermore, the key players and the government taking various initiatives to create awareness towards the benefits of risk management software are the key factors driving the market growth in the coming years. The increased investment in the healthcare infrastructure and increased adoption of innovative IT solutions in the hospitals will escalate the demand for the global patient safety and risk management software market worldwide. Furthermore, the high cost of implementing these software and lack of skilled labor are major restraining the product market growth. In addition, data privacy and security breaches are other challenges that will likely hinder the patient safety and risk management software market growth.

Pre Covid-19 impact

The growing healthcare industries and high investment in the hospital infrastructure are the major factors driving the patient safety and risk management software market worldwide. The increasing incidence of chronic diseases and change of lifestyle has increased hospitals’ workload, resulting in increased medical errors and risks to patient health and safety. These are the major factors driving the product market growth in the coming years. Furthermore, the growing awareness among patients and hospitals towards hospital-acquired infections has increased the demand for patient safety and risk management software worldwide. The government and the WHO have imposed various regulations towards adopting risk management software in the healthcare sector to ensure patient safety and reduce hospital costs. These are major factors escalating the demand for patient safety and risk management software during the forecast period.

Covid-19 impact

The spread of the COVID-19 pandemic has severely impacted major world economies, especially the healthcare sector. The pandemic is expected to have long-term impacts on the healthcare sector. In addition, the healthcare industries are widely adopting technologies to provide treatment considering social distancing and other norms. The growing adoption of various IT solutions among healthcare professionals and patients has increased the demand for different software during the COVID-19 pandemic. Furthermore, the pandemic has increased digital technology and communications among healthcare providers due to social distancing. Medical professionals are widely adopting telephone and online consultations over the traditional method of patient walk-ins. In addition, to reduce the burden on hospitals and minimize repeat visits, healthcare professionals use Medical IoT devices that live at home with the patient to provide treatment. The heavy workload on hospitals and staff has increased the adoption of digital solutions among healthcare industries, which is expected to increase the demand for patient safety and risk management software during the forecast period.

Post Covid-19 impact

The impact of the COVID-19 pandemic has been expected to be long-term, increasing the incidence of hospital admissions worldwide. The growing incidence of COVID-19 and other diseases will surely increase the workload on the healthcare industries, which will increase the demand for patient safety and risk management software in hospitals. Furthermore, the high investment in the healthcare facilities and several initiatives of the government along with the World Health Organization (WHO) to create awareness regarding patient safety will increase the adoption of IT solutions in the healthcare sectors, which will provide lucrative opportunities in the growth of the market during the forecast period. Furthermore, the rise in preventive measures, high demand for error-free procedures, and increased need to handle medical data will increase the future growth of the patient safety and risk management software market during the forecast period.

Type Segmental Analysis

Based on the Type, the Patient Safety and Risk Management Software market is segregated into Risk Management, Governance, Risk and Compliance, and Claims Management. The Governance, Risk and Compliance segment is expected to have the largest market share in 2020 and will continue this trend in the coming years. This growth is attributable to the increasing patient safety error in hospitals around the world. Furthermore, the growing adoption of Governance, Risk, and Compliance solutions due to their effective utilization will further increase the demand for the product market in the coming years.

End-User Segmental Analysis

Based on the End User, the Patient Safety and Risk Management Software market is classified into Hospital Ambulatory Care Centre, Pharmacy, and Others. The ambulatory care centers are expected to have substantial market growth during the forecast period. This growth is attributable to the increased demand for patient safety and risk management software in ambulatory care centers to minimize the risk associated with patients and effectively manage patients during the procedure.

Region Segmental Analysis

The Patient Safety and Risk Management Software market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region is expected to have a significant market in the coming years. This growth is attributable to the growing incidence of chronic diseases, which burden healthcare sectors. In addition, minimizing the safety error and increasing awareness towards patient safety will increase the market growth during the forecast period. Furthermore, the high investment and growing adoption of innovative IT solutions in hospitals will improve patient safety and risk management software. North America is expected to be an important market for patient safety and risk management software during the forecast period. The developed hospital infrastructure and high investment in R&D, and stringent regulations regarding patient safety are the primary factors responsible for the growth of patient safety and risk management software market growth.

Competitor Analysis

Companies include Quantros Inc., Riskonnect Inc., RLDatix, Prista Corporation, Verge Health, The Patient safety Company, Origami Risk, RiskQual Technologies, Smartgate Solutions Ltd., Sympir, Health Catalyst, and Conduent Inc. are the key players in the Patient Safety and Risk Management Software market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Local Governments
• Tourists
• Ecological Groups
• Research organizations and consulting companies
• Tourism Agencies
• NGOs
• Regulatory bodies

Recent Developments

• RLDatix and ECRI have collaborated to launch empathetic communication and caring to meet the needs of care teams during the COVID-19 pandemic. Their collaboration will initiate with free, compassionate communication and caring for the caregiver training program.
• In Aug 2020, Verge Health launched the first fully-embedded Business Intelligence (BI) and analytics platform for healthcare providers’ access to tools and information to drive high reliability.
• In Feb 2019, Verge Health signed a partnership with Texas Hospital Association to help Texas Hospitals.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 1.5 Billion
Growth Rate	CAGR of 11.1% from 2020 to 2027
Historical data	2017-2020
Forecast period	2021-2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Quantros Inc., Riskonnect Inc., RLDatix, Prista Corporation, Verge Health, The Patient safety Company, Origami Risk, RiskQual Technologies, Smartgate Solutions Ltd., Sympir, Health Catalyst, Conduent Inc.

Market Modelling

By Type

• Risk Management
• Governance, Risk and Compliance
• Claims Management

By Deployment Mode

• Cloud
• Public
• Private

By End-User

• Hospital
• Ambulatory Care
• Pharmacy
• And Others

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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