Patient Safety And Risk Management Software Market to Grow with a CAGR of 10.60% through 2028
Increasing
demand for healthcare software and global initiatives promoting patient safety is
expected to drive the Global Patient Safety And Risk Management Software Market
growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Patient Safety And Risk Management Software Market
– Global Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Patient Safety And Risk Management Software Market stood
at USD 1.72 billion in 2022 and is anticipated to grow with a CAGR of 10.60% in
the forecast period, 2024-2028. This can be attributed to rising demand for
healthcare software. The demand for healthcare software, in general, is on the
rise. This includes not only EHRs and telemedicine, but also specialized
software designed to enhance patient safety and risk management. As the
healthcare industry becomes increasingly reliant on digital solutions, this
demand is expected to surge further.
Furthermore, regulatory
bodies will continue to evolve and adapt to the changing healthcare landscape.
Patient safety and risk management software providers will need to stay abreast
of these regulations to ensure compliance and market relevance.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on
"Global Patient Safety And Risk Management Software Market”
The increasing
demand for these software products can be attributed to a variety of factors,
including the growing necessity to mitigate risk factors like hospital-acquired
infections, cost reduction imperatives in healthcare, and an elevated emphasis
on enhancing patient outcomes. The rise in chronic health conditions is
expected to foster awareness of and benefits associated with the market,
consequently driving growth in the patient safety and risk management software
sector in the coming years.
The rapid
expansion of healthcare infrastructure is encouraging hospitals and long-term
care centers to embrace innovative technologies, which, in turn, is impacting
the market's growth. Additionally, heightened patient awareness and enhanced
operational efficiency stemming from reduced medical errors play significant
roles in propelling the patient safety and risk management software market's
growth.
Furthermore, the
utilization of patient safety and risk management software leads to improved
workflow within healthcare institutions, combined with the increasing need for
compliance with regulatory guidelines. These factors are expected to
substantially boost market demand in the foreseeable future. Consequently,
companies are directing their efforts toward developing new software products
and solutions aimed at enhancing healthcare provider performance and delivering
quality care to patients, further augmenting market growth.
In May 2023,
Origami Risk, a leading provider of integrated SaaS solutions for the risk,
healthcare, and insurance industry, introduced a new standard solution that
streamlines the initiation, tracking, and reporting of peer reviews, including
those involving nurses and medical residents, with the flexibility to adapt to
organizational requirements.
The demand for
patient safety and risk management software is positively influenced by the
increasing need to comply with regulatory guidelines, various government
initiatives to advance healthcare IT, and improvements in healthcare
infrastructure. Nevertheless, market growth may be hampered by security
breaches and concerns regarding data privacy.
For instance,
healthcare institutions face challenges related to ensuring data security by
hospital authorities and restricting information alterations without proper
authentication. Moreover, there is an elevated risk associated with data
transmission due to the widespread use of personal smartphones and tablets by
healthcare practitioners, leading to inconsistencies in data access.
The ongoing
digital transformation has brought about advancements in risk management
technologies. Patient safety and risk management software offer organizations
improved benefits and foster stronger patient relationships while mitigating
anticipated risks. The COVID-19 pandemic accelerated developments in digital
health technology, with countries globally implementing integrated
technologies, including government-coordinated software for contact tracing and
testing procedures. These factors are likely to contribute to the growth of the
patient safety and risk management software sector.
The Global Patient
Safety And Risk Management Software Market is segmented into type, end user,
regional distribution, and company.
Based on its type,
the risk management and safety solutions sector took the lead in terms of
market share in 2022. This dominant position is a result of the development of
patient safety software, offering healthcare managers a convenient
single-system access to patient data, ensuring data security and easy
retrieval. These solutions also contribute to delivering high-quality care to
patients.
The
governance, risk, and compliance solutions segment is anticipated to experience
the most rapid CAGR throughout the forecast period. This is primarily due to
the increasing occurrence of adverse health-related events worldwide. According
to a report from the Institute of Medicine (IOM), approximately 98,000
individuals succumb to medical errors each year during hospital admissions.
Governments have introduced numerous initiatives to improve patient outcomes
and safety. In a bid to raise awareness in this domain, the World Health
Organization (WHO) and various governments are spearheading multiple patient
safety programs.
Based on end user, the hospital sector secured the
largest market share in 2022, primarily driven by the increasing imperative to
mitigate medical errors. The growing adoption of Information Technology (IT) in
healthcare, owing to its advantages such as streamlined and consistent data
collection processes and a unified data entry point, plays a pivotal role in
risk reduction, thus facilitating market expansion. Additionally, the
escalating risk associated with conditions like sepsis, errors related to radiotherapy,
and issues in transfusion practices are notable contributors to the market's
growth.
The
ambulatory care center sector is poised to exhibit the highest CAGR in the
global patient safety and risk management software market during the forecast
period. Key factors expected to propel this market segment's growth in the
coming years include reduced diagnostic times, the implementation of an
efficient management system that prioritizes patient safety, and cost savings
associated with treatments.
Major companies
operating in Global Patient Safety And Risk Management Software Market
are:
- Riskonnect Inc
- Origami Risk LLC
- RLDatix Ltd
- Health Catalyst
Corp
- Conduent Inc
- Symplr Software Inc
- Clarity Group Inc
- Verge Solutions LLC
- RiskQual
Technologies, Inc.
- Quantros Inc
Download Free Sample Report
Customers can
also request for 10% free customization on this report
“The future of
the Global Patient Safety and Risk Management Software Market is full of
promise, with emerging trends that will transform patient care and safety. The
integration of AI, predictive analytics, telehealth, and blockchain technology
will revolutionize how healthcare providers ensure patient safety. With a focus
on personalized care and enhanced interoperability, the healthcare industry is
poised to achieve new heights in patient safety, leading to better outcomes for
patients worldwide,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Global Patient Safety And Risk Management Software Market
By Type
(Risk management and safety solutions, Claims management software, Governance,
risk, and compliance solutions), End User (Hospitals, Ambulatory care centers,
Long-term care centers, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Patient Safety And Risk
Management Software Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Patient
Safety And Risk Management Software Market.
Contact
Techsci Research LLC
420 Lexington Avenue
Suite 300, New York
United States- 10170
M: +13322586602
Email: [email protected]
Web: https://www.techsciresearch.com