USD 1.33 billion
Patient Safety and Risk Management Software Market Size, Share, Growth Analysis, By Product(governance, risk and compliance solutions, claim management solution and others), By End user(hospitals, outpatient treatment centers and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2117 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
62
|Figures:
77
Patient Safety and Risk Management Software Market Insights
Global Patient Safety and Risk Management Software Market size was valued at USD 1.33 billion in 2022 and is poised to grow from USD 1.48 billion in 2023 to USD 3.46 billion in 2031, at a CAGR of 11.2% during the forecast period (2024-2031).
Patient safety and risk management software is a healthcare area that helps analyze and report on medical issues and manage risks in healthcare facilities. It provides innovative tools to protect hospitals from administrative, clinical and financial loss. Consistently collect data, build internal compliance processes, and collect visitor feedback to help manage expectations and resolve concerns in a timely manner. It relies on advanced analytics to transform complex data into understandable and actionable information.Medical IoT devices that live in patients' homes are now being used to optimize outpatient care and minimize repeat visits, and these devices can continue to be used in crisis situations. The pandemic has severely limited resources. This will lead to the development of competitive pricing and value-based pricing models, which is expected to accelerate market growth in the future. Increased need for preventive measures and the impact of error-free procedures have reduced health care costs. Governments have developed various initiatives to improve patient safety and patient outcomes. Various governments are working with WHO to conduct patient safety campaigns to raise awareness among patient populations.
Additionally, many healthcare IT companies are developing new IT software to ensure patient safety. Other factors driving market growth include increasing investment in healthcare and growing importance of patient-centered care.
US Patient Safety and Risk Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Governance
Fastest Growth
Governance
Growth Rate
11.2% CAGR
Global Patient Safety and Risk Management Software Market, 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Patient Safety and Risk Management Software Market Segmental Analysis
Global Patient Safety and Risk Management Software Market is segmented on the basis of product type, end user, and region. By Product, the market is sub-segmented into governance, risk and compliance solutions, claim management solution and others. By End user, the Patient Safety and Risk Management Software Market is categorized into hospitals, outpatient treatment centers and others. By region, the Patient Safety and Risk Management Software Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Patient Safety and Risk Management Software Market Analysis by Product Type
By product type, The market for governance, risk and compliance solutions is expected to grow fastest during the forecast period. GCR solutions provide safe, high-quality care to patients while ensuring compliance with industry standards and regulations. Increasing adverse events in patients worldwide and effective use of gcr solutions.
Patient Safety and Risk Management Software Market Analysis by End User
By End user, it can be divided into hospitals, outpatient treatment centers, long-term care centers, pharmacies, etc. This is due to the growing need to limit the risk of patient injury while improving the efficiency of medical workflows. On the other hand, ambulatory care facilities will grow fastest during the forecast period owing to growing demand for improved billing management.
Global Patient Safety and Risk Management Software Market, 2021-2030 ($ Bn)
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Patient Safety and Risk Management Software Market Regional Insights
Globally, the regions covered in the global patient safety and risk management software market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
North America was the largest region in the patient safety and risk management software market in 2021 as compared to other counterparts due to an increase in medical errors and an improvement in the healthcare sector. A new international survey by the Commonwealth Fund found that one-third of people with a health problem in the United States report a treatment, medication or testing error. The highest rate of any country study looked at healthcare access, safety and coordination in Australia, Canada, Germany, New Zealand, the United Kingdom and the United States. There were high error rates, inefficient care coordination, and high overhead, all of which were barriers to care. Additionally, there is a significant shift from on-premises solutions to healthcare IT solutions in this region, driving the market growth.
Asia-Pacific is expected to be the fastest-growing region in the global patient safety and risk management software market forecast period. Given the growing demand for compliance solutions in the region and increasing government funding and initiatives to improve patient safety, the market in the region is growing to improve patient safety and care is growing due to the increasing use of digitization.
Global Patient Safety and Risk Management Software Market, 2021-2030 ($ Bn)t By Geography
- Largest
- Fastest
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Patient Safety and Risk Management Software Market Dynamics
Patient Safety and Risk Management Software Market Drivers
Demand for Improved Patient Care to Bolster Market Growth
- The need to deduct rising healthcare costs has increased the focus on improving patient outcomes. Most government initiatives support and improve patient safety and outcomes. The growing importance of patient-centered care has led to stronger collaboration between medical facilities and software companies.
Patient Safety and Risk Management Software Market Restraints
Lack of Skilled Workers to Hinder Market Growth
- Absence of skill in IT professionals, privacy and security concerns along with high adoption of conventional methods fall down market growth during the forecast period.
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Patient Safety and Risk Management Software Market Competitive Landscape
The Global Patient Safety and Risk Management Software Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio.
Patient Safety and Risk Management Software Market Top Players Company Profiles
- RLDatix
- Verge Health
- Datix Limited
- Riskonnect, Inc.
- Clarity Group Inc.
- Quantros, Inc.
- The Patient Safety Company
- Prista Corporation
- The RL Solutions
- Morrisey, A HealthStream Company
- RiskQual Technologies
- MRM Group
- Berry Systems
- LogicManager, Inc.
- Vistar Technologies
- Conduent
- Riskwise
- MRM Group LLC
- MetricStream
- RiskMan International
Patient Safety and Risk Management Software Market Recent Developments
- ThinkQA Secondary Dose Check is a new software tool that allows patients' secondary dosages to be verified and calculated. It was launched by DOSIsoft in May 2023. It is intended to support Radiation Therapy (RT) departments in achieving the quality assurance (QA) standards of the most recent adaptive radiotherapy tools and processes as well as patient-specific safety and QA procedures.
- Conduent Inc. introduced CommunityVision in April 2021 in response to providers' growing emphasis on lowering health disparities—differences in health and healthcare between populations brought on by social, economic, and/or environmental disadvantages. CommunityVision is distinct in that it integrates important data on socioeconomic factors into the care team's workflow.If the care team has a greater grasp of the community concerns that may affect their patients, they can get closer to achieving the Triple Aim with the right solution for the right patient at the right time.
Patient Safety and Risk Management Software Key Market Trends
- The market for Ambulatory care centres is projected to grow at the highest rate during the forecast period. The highest growth rate of this segment can be attributed to the increasing need to minimise the risk associated with patient harm. Adoption of patient safety and rest management software is vital for Ambulatory care centres as it helps them in the effective management of Patient Safety events.
Patient Safety and Risk Management Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Patient Safety and Risk Management Software Market analysis, The role of information technology in healthcare will be more important in 2021 than in recent years. IT refers to the use of telecommunications and computers to access and distribute information, used in medicine to process health-related data. Electronic health/medical records (EHR/EMR), electronic prescriptions, and technology solutions that help patients achieve goals such as blood sugar monitoring and smoking cessation are some of the most common cases of healthcare IT. Additionally, with the availability of many mobile apps and information platforms, healthcare IT has been touted as a way to give people more control over their health. By facilitating access to health data, IT can help solve the challenges associated with human data processing. Moreover, rising demand for savings in healthcare is driving the growth of the patient safety and risk management software market.
| Report Metric | Details |
|---|---|
| Market size value in 2031 | USD 1.33 billion |
| Growth Rate | 11.2% |
| Forecast period | 2024-2031 |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Patient Safety and Risk Management Software Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Patient Safety and Risk Management Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Patient Safety and Risk Management Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Patient Safety and Risk Management Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Patient Safety and Risk Management Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Patient Safety and Risk Management Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Patient Safety and Risk Management Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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