Patient Safety and Risk Management Software Market hits $2.2 billion by 2024

The Patient Safety and Risk Management Software market to reach USD 2.2 billion by 2024 from USD 1.3 billion in 2019, growing at a CAGR of 11.2% during the forecast period. The rising need to curtail healthcare costs, increasing incidences of medical errors & hospital-acquired infections, and growing government initiatives to improve patient safety and patient outcomes are key drivers of this market.

North America accounted for the largest share of this market majorly due to the favorable regulations (such as Patient Safety Act and Patient Protection and Affordable Care Act) combined with the high healthcare IT spending in the region, and greater adoption.

The market for governance, risk & compliance solutions is projected to grow at the highest CAGR during the forecast period

Based on type, the market for governance, risk, & compliance (GRC) solutions is expected to grow at the highest rate during the forecast period. The high growth of this segment is attributed to the increasing number of adverse events to patients across the globe and the effective utilization of GRC solutions. GRC solutions provide safe, high-quality care to patients while maintaining compliance with industry standards and regulations.

The market for ambulatory care centers is expected to witness the highest growth during the forecast period

The market for ambulatory care centers is projected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the rising need to minimize the risk associated with patient harm.

In addition, implementation of patient safety and risk management software is vital for ambulatory care centers as it helps them in the effective management of patient safety events.

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By end-user, the healthcare payers segment is expected to grow at the highest CAGR during the forecast period.

Based on end-user, the patient safety and risk management solutions market has been segmented into hospitals, long-term care centers, ambulatory care centers, pharmacies, and other end-users (primary care providers, ambulance services, pathology laboratories, and mental healthcare centers. The ambulatory care centers segment is expected to grow at the highest CAGR during the forecast period.

North America to account for the largest market size during the forecast period.

Geographically, the patient safety and risk management market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to account for the largest share of the patient safety and risk management software market in 2019, followed by Europe.

Several healthcare organizations in Asia are actively moving towards digitization to streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for patient safety and risk management software to ensure better patient care.

Leading Companies

RLDatix (Canada), Verge Health (US), Riskonnect Inc. (US), Clarity Group Inc. (US), RiskQual Technologies (US), The Patient Safety Company (Netherlands), Quantros Inc. (US), Prista Corporation (US), Smartgate Solutions Ltd. (UK), and Conduent Inc. (US).

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Healthcare Fraud Analytics Market hits USD 7.9 billion by 2024

The Healthcare Fraud Detection market is projected to reach USD 7.9 billion by 2024 from USD 5.7 billion in 2019, at a CAGR of 6.6% during the forecast period. Factors such as the high number of cases of healthcare fraud, including pharmacy-related fraud, favorable government initiatives, technological advancements, and the availability of solutions in this region are some factors contributing large share in the global healthcare fraud analytics space.

North America is expected to register the highest growth rate during the forecast period mainly due to a rise in the number of fraudulent activities in healthcare, combined with the increasing number of patients seeking medical insurance and rising pharmacy claim-related frauds. Emerging markets like APAC and Latin America provide significant growth opportunities in this market.

The descriptive analytics segment dominated the healthcare fraud analytics market in 2019

The market is segmented based on solution type, delivery model, application, and end user. Based on the solution type, the descriptive analytics segment accounted for the largest share of the market in 2019.

Descriptive analytics forms the base for the effective application of predictive or prescriptive analytics. Hence, these analytics use the basics of descriptive analytics and integrate them with additional sources of data in order to produce meaningful insights.

By application, the insurance claims review segment accounted for the largest share of the market in 2019

On the basis of application, the market is segmented into insurance claims review, pharmacy billing misuse, payment integrity, and other applications. In 2019, the insurance claims review segment dominated the healthcare fraud analytics market.

The increasing number of patients seeking health insurance, the rising number of fraudulent claims, and the growing adoption of the prepayment review model are expected to drive the growth of this segment in the coming years.

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The prescriptive analytics segment registered the highest growth during the forecast period.

Fraud analytics solutions vary from vendor to vendor. Some vendors offer rule-based models while others offer AI-based technologies, but broadly, these solutions are classified based on the type of analytics used—descriptive analytics, predictive analytics, and prescriptive analytics.

The prescriptive analytics segment registered the highest growth in the healthcare fraud analytics market during the forecast period. The high adoption of this technology is attributed to its advantages, such as rapid detection and investigation of suspects, claimants, and claim-level behavior from unstructured and/or semi-structured data.

In 2019, public & government agencies accounted for the largest share of the healthcare fraud analytics market, by end user.

Based on end user, the healthcare fraud detection market is segmented into public & government agencies, private insurance payers, employers, and third-party service providers. The public & government agencies segment accounted for the largest share of the healthcare fraud analytics market in 2019.

The increasing cost burden due to healthcare fraud is proving to be a financial threat to public and government agencies globally. These factors are compelling payer organizations associated with these agencies to adopt analytics solutions to avoid losses incurred due to FWA and improper payments, which is driving the market growth.

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North America is expected to grow at the highest rate in the Healthcare Fraud Detection market in 2019

Geographically, the Healthcare Fraud Detection market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share of the market in 2019.

The high share of the North American market is attributed to the large number of people having health insurance, growing healthcare fraud, favorable government anti-fraud initiatives, the pressure to reduce healthcare costs, technological advancements, and greater product and service availability in this region. Moreover, a majority of leading players in the healthcare fraud detection market have their headquarters in North America.

Leading Companies

IBM Corporation (US), Optum (US), SAS Institute (US), Change Healthcare (US), EXL Service Holdings (US), Cotiviti (US), Wipro Limited (India), Conduent (US), HCL (India), Canadian Global Information Technology Group (Canada), DXC Technology Company (US), Northrop Grumman Corporation (US), LexisNexis Group (US), and Pondera Solutions (US).

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ENT Laser Devices Market Growth Opportunities and Global Analysis (2020-2027) | XIO Group, Boston Scientific Corp., Shanghai Fosun Pharmaceutical (Group) Co. Ltd.

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Top players Included:

XIO Group, Boston Scientific Corp., Shanghai Fosun Pharmaceutical (Group) Co. Ltd., A.R.C. Laser GmbH, El.En. Spa

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  • Gas Lasers

On the Grounds of Application:

  • Throat and Mouth Cancer
  • Tonsillitis
  • Sinusitis
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Leading Regions:

North America, Asia-Pacific, UK, Europe, Central & South America, Middle East & Africa

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