Zion Market Research has published a new report titled “Patient Safety and Risk Management Software Market by Type (Governance, Risk and Compliance Solutions, Risk Management and Safety Solutions and Claims Management Solutions); by Deployment Mode (Hybrid, Public and Private Cloud), for Long Term Care Centers, Ambulatory Care centers, Pharmacies, Hospitals and Other End Users: Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2025”. 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.
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Risk management is a systematic process of assessing various factors that aid to provide safe, efficient effective and excellent care to patients. Risk management services aim to ensure early risk identification and assessment to manage and control the risks and related effects. Healthcare related risk management deals with clinical and administrative processes, reports and systems involved to monitor, assess, detect, prevent and alleviate risks. The risk management solutions are crucial part of patient safety as well as important aspect of organization’s accreditation, community standing, reimbursement levels, assets, and brand value.
The market growth for patient safety and risk management software is fueled by variety of factors such as increasing demand for better patient outcomes with need to reduce medical errors, health care costs, and related adverse events. Additionally, market growth is supported by some other factors such as emphasis on improving patient safety and outcome through government initiatives, growth in health care investments, and the growing focus to offer patient-centric care. However, data privacy issues, dearth of skilled health care IT professionals and reluctance to shift from conventional methods may act as restraining factors for the market growth in the coming years. Growing use of big data analytics for patient safety is projected to bring new growth opportunities for the market over the forecast period.
The patient safety and risk management software market is by segmented based on deployment mode, end user, type, and region. Based on type, market is segmented into claims management solutions, governance, risk and compliance solutions and risk management and safety solutions. Governance, risk and compliance solutions type segment will register fastest growth over the forecast period due to increasing need for minimizing growing numbers of medical errors. On the other hand, growing focus of healthcare providers to address patient safety and risk management has led to swift adoption of risk management and safety solutions. Claims management solutions are projected to see surge in the coming years due to increasing need to streamline claim procedures.
Based on deployment mode, market is segmented into public, hybrid and private cloud. The growth for private cloud deployment mode is driven by growing concerns of data security. However, public cloud deployment mode will capture the market share as a result of high price of private cloud versus affordability public cloud. Security concerns and data privacy issues may push hybrid cloud adoption across the globe.
Hospitals, ambulatory care centers, pharmacies, long term care centers, and others are end users of the market. Hospitals end user segment dominated the patient safety and risk management software market in 2018. This large share is attributed to increasing need to minimize medical errors and adverse events among large patient volume. Fastest growth is projected for long term care centers over the forecast period. This is due to increasing preference to long term care centers among elderly population.
At regional level, North America dominated the patient safety and risk management software market in 2018. The large market share is attributed to increasing need to minimize healthcare costs, reduce medical errors, and offer better patient outcomes along with government initiatives to offer improved patient safety solutions and better patient outcome. Europe was second largest regional market whereas Asia Pacific region is projected to register fastest growth in the coming years for patient safety and risk management software market. Increasing aging population, growing support and demand for patient safety, increasing healthcare spending are factors that drive the rapid growth in Asia Pacific. Latin America region will witness moderate growth over the forecast period due to focus on healthcare infrastructure development. Middle East and Africa is projected to see steady growth over the forecast period.
Major players included in the report are Conduent Inc., Prista Corporation, Quantros Inc., Riskonnect Inc., Smartgate Solutions Ltd., RiskQual Technologies, Verge Health, RLDatix, Clarity Group Inc. 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
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