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 patient safety and risk management solutions market.
What the Patient Safety and Risk Management Market Looks Like?
The patient safety and risk management solutions market is estimated to be worth USD 2.2 billion by 2024 from a value of USD 1.3 billion in 2019, growing at a CAGR of 11.2% during the forecast period. Much of this growth is driven by the increasing patient population, rapid return on investment (ROI), and rising government initiatives to improve the patient safety & patient outcomes in healthcare.
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.
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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.
What Drives the Patient Safety Management Solutions Market?
The growth of the global market for Patient Safety Management Solutions is primarily influenced by the following factors:
Increasing Need to Curtail Rising Healthcare Costs
Growing Focus on Improving Patient Outcomes
Government Initiatives to Improve Patient Safety and Patient Outcomes
On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of patient safety and risk management are expected to restrain the growth of the market to a certain extent during the forecast period.
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Geographical growth scenario of Home Healthcare Market
North America is expected to account for the largest share of the patient safety and risk management software market in 2019, followed by Europe. The large share of North America can be attributed 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 of patient safety and risk management solutions.
The patient safety and risk management software market in APAC is expected to grow at the highest CAGR during the forecast period. 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 market players and strategies adopted
The key players in the global patient safety and risk management solutions market are Clarity Group Inc. (US), Conduent Inc. (US), Prista Corporation (US), Quantros Inc. (US), Riskonnect Inc. (US), RiskQual Technologies (US), RLDatix (Canada), Smartgate Solutions Ltd. (UK), The Patient Safety Company (Netherlands), and Verge Health (US).
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