According to the report, global demand for patient safety and risk management software market was valued at approximately USD 1.23 billion in 2018, and is expected to generate revenue of around USD 2.49 billion by end of 2025, growing at a CAGR of around 10.6% between 2019 and 2025.
The report covers forecast and analysis for the patient safety and risk management software market on a global and regional level. The study provides historic data from 2016 along with forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the patient safety and risk management software market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the patient safety and risk management software market on a global as well as regional level.
In order to give the users of this report a comprehensive view on the patient safety and risk management software market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the patient safety and risk management software market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the patient safety and risk management software market on global and regional basis.
The study includes a strategic view on the patient safety and risk management software by segmenting the market based on type, deployment mode, end user and region. All the segments of patient safety and risk management software market have been analyzed based on present and future trends and the market is estimated from 2018 to 2025.
Risk management is a process of identifying factors that assist to provide safe, excellent, effective and efficient care. The aim of risk management services is to ensure early identification and assessment of risks to control or manage the risks and related effects. Risk management in healthcare deals with administrative and clinical processes, systems and reports engaged to monitor, detect, assess, alleviate, and prevent risks. The risk management solutions play crucial role in patient safety along with organization’s accreditation, assets, reimbursement levels, community standing and brand value.
Patient safety and risk management software market is driven by growing need to reduce health care costs, medical errors and related adverse events. Other factors propelling the market growth include increasing government initiatives to improve patient outcome and patient safety, increasing investments in health care, and the growing emphasis on patient-centric care has. However, lack of skilled health care IT professionals, data privacy issues, reluctance to shift from conventional methods may hamper the growth of this market.
Risk management and safety solutions, governance, risk and compliance solutions and claims management solutions constitute the types segment of global patient safety and risk management software market. Among the type segment, governance, risk and compliance solutions segment is expected to grow at a highest CAGR over the forecast period owing to need to reduce increasing number of medical errors. Increasing focus on addressing patient safety and risk management by healthcare providers has led to increased adoption of Risk management and safety solutions. The demand for claims management solutions is driven by need to streamline claim procedures.
Based on deployment mode, global patient safety and risk management software market is bifurcated into hybrid, public and private cloud. Increasing data security concerns has driven the market growth of private cloud deployment mode. However, affordability has led to reliance of end users on public cloud and data privacy and security concerns may push adoption of hybrid cloud deployment mode.
The end user segment is divided into include ambulatory care centers, long term care centers, hospitals, pharmacies, and others. Hospitals segment dominated the market in 2018 with growing need to reduce adverse events and medical errors among large patient volume. Long term care centers end user segment is expected to witness highest growth rate over the forecast period as it is most widely preferred and fastest growing care solution among geriatric population.
The estimated and forecasted demand for regions such as Middle East & Africa, North America, Asia Pacific, Latin America and Europe is covered for patient safety and risk management software market with further split into major countries such as U.S., France, China, UK, Germany, Japan, Brazil, India among others is included in the report.
Major players included in the report are Conduent Inc., Clarity Group Inc., Prista Corporation, Riskonnect Inc., Quantros Inc., RiskQual Technologies, Smartgate Solutions Ltd., RLDatix, Verge Health and The Patient Safety Company among others.
The report segment of global patient safety and risk management software market as follows:
Global Patient Safety and Risk Management Software Market: By Type
Global Patient Safety and Risk Management Software Market: By Deployment Mode
Global Patient Safety and Risk Management Software Market: By End User
Global Patient Safety and Risk Management Software Market: By Region