Press Release

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.

                                                                                             

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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

 

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“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.



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