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

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).

The 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. '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', '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.'

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.

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.

Globally, the regions covered in the patient safety and risk management software market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.