Patient Safety and Risk Management Software Market - Forecast(2022 - 2027)

Report Code: HCR 0617 Report Format: PDF + Excel

Patient Safety and Risk Management Software Market Overview

Patient Safety and Risk Management Software market size was estimated at $1.5 billion in 2020, growing at a CAGR of 11.45% during the forecast period 2021-2026. Patient safety and risk management software is a field of healthcare that aids in the analysis and reporting of medical issues that arise in healthcare facilities, as well as risk management also. The software enhances the patient experience and is also used to avoid and reduce errors. The patient safety and risk management software team collaborates with a variety of clinics and corporate hospitals to identify treatment flaws and assess risk. There are different types of software such as compliance solutions, claims administration and others. The increasing adoption of digitization across the globe is one of the major factors driving the growth of the market. Increasing hospital-acquired infections coupled with a growing number of medical errors is set to further enhance the overall market development of the Patient Safety and Risk Management Software Market for the period 2021-2026.

Report Coverage

The report: “Patient Safety and Risk Management Software Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Patient Safety and Risk Management Software Market.
By Type: Governance, Risk & Compliance (GRC), Risk Management & Safety Solution and Claims Management.
By Deployment Mode: Private Cloud, Public Cloud and Hybrid Cloud.
By End User: Hospitals, Ambulatory Care Centers, Long-Term Care Centers, Pharmacies and Others.
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (Middle East, and Africa)

Key Takeaways

  • North America dominated the Patient Safety and Risk Management Software Market in 2020 owing to increasing preference towards digitization in this region. The Patient Safety and Risk Management Software Market scope for different regions will be provided in the final report.
  • Growing incidence of chronic conditions is set to aid the market growth of the Patient Safety and Risk Management Software Market report.
  • Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Patient Safety and Risk Management Software Market report.
  • Lack of in-house IT expertise is poised to create the hurdles for the Patient Safety and Risk Management Software Market.

Patient Safety and Risk Management Software Market Revenue Share, By Geography, 2020(%)
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Patient Safety and Risk Management Software Market Segment Analysis – By Type

On the basis of type, market for Patient Safety and Risk Management Software is categorized in Governance, Risk & Compliance (GRC), Risk Management & Safety Solution and Claims Management. Governance, Risk & Compliance segment in Patient Safety and Risk Management Software market held the largest share. Governance, Risk & Compliance (GRC) solutions ensure that patients receive safe, high-quality care while adhering to industry regulations and standards. It helps in reduction of risk and improve control effectiveness which increasing Patient Safety and Risk Management Software market. However, Risk Management & Safety Solution is estimated to register higher CAGR of 11.63% during the forecast period 2021-2026 owing to it provide patients with effective and high-quality care.

Patient Safety and Risk Management Software Market Segment Analysis – By End User

Based on end user the market for Patient Safety and Risk Management Software is segmented in Hospitals, Ambulatory Care Centers, Long-Term Care Centers, Pharmacies and Others. Hospitals segment in Patient Safety and Risk Management Software market held the largest share. Growing usage of IT in healthcare owing to its benefit such as it provide single point of data entry which decreases the chance of errors, and also it simplifies and consistent data collection procedure thereby increasing Patient Safety and Risk Management Software market. However, Ambulatory Care Centers is estimated to register higher CAGR of 11.70% during the forecast period 2021-2026 owing to growing adoption of patient safety and risk management software in ambulatory care centres 

Patient Safety and Risk Management Software Market Segment Analysis – By Geography

North America Patient Safety and Risk Management Software market held the significant market share of 49.45% in 2020. This is attributed to presence of key players coupled with improved healthcare sector in this region. Furthermore, growing shift away from on-premise solutions and toward healthcare IT solutions in this region which are contributing to the growth of the market in this region. 

However, Asia Pacific is estimated to grow at a faster CAGR during the forecast period 2021-2026 owing to rising government support and initiatives to improve patient safety in this region. Increasing adoption of digitization to improve patient safety and care is also increasing the growth of the market in this region. 

Patient Safety and Risk Management Software Market Drivers

Increasing Adoption of IT in Healthcare Sector

Increasing adoption of IT in healthcare sector across the globe is increasing the growth of the Patient Safety and Risk Management Software Market. IT facilitates access to healthcare data and aids in the resolution of problems associated with manual data processing. For instance, the Indian government launched National Digital Health Mission (NDHM), which aims to digitise healthcare records throughout the country. Additionally, increasing need to reduce healthcare costs is also practiced to increase the growth of the Patient Safety and Risk Management Software market during the forecast period 2021-2026. 

Growing Number of Medical Errors because of Training and Lack of Knowledge

Increasing number of medical error owing to lack of training and knowledge is increasing the growth of the Patient Safety and Risk Management Software market. For instance, every year, the FDA receives more than 100,000 reports related to medical errors. Moreover, growing need to reduce risk factors such as hospital acquired infections which increasing the growth of the Patient Safety and Risk Management Software Market during the forecast period 2021-2026.

Patient Safety and Risk Management Software Market Challenges

Lack of in-house IT Expertise

Major factor that is set to impede the growth of the Patient Safety and Risk Management Software market is lack of in house IT expertise to control the patient safety and risk management software. Another factor which hamper the growth of market is high cost of Patient Safety and Risk Management Software. 

Patient Safety and Risk Management Software Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Patient Safety and Risk Management Software Market. In 2020, the Patient Safety and Risk Management Software Market share is consolidated by the top ten players present in the market. 

Development: 

In February 2021, RLDatix acquired Ecteon Inc. This acquisition will enhance RLDatix's governance, risk, and compliance (GRC) offering.

Top 10 companies:

1. RLDatix
2. Riskonnect Inc
3. Smartgate Solutions Ltd.
4. Prista Corporation
5. Verge Health
6. Clarity Group Inc
7. The Patient Safety Company
8. Conduent Inc
9. RiskQual Technologies
10. Quantros Inc.

Relevant Titles:

Report Code: ITR 0275
Report Code: HCR 0203

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1. Patient Safety and Risk Management Software Market - Overview
    1.1 Definitions and Scope
2. Patient Safety and Risk Management Software Market - Executive Summary
    2.1 Market Revenue and Key Trends
    2.2 Key trends by Type
    2.3 Key trends by Deployment Mode
    2.4 Key trends by End User
    2.5 Key trends by Geography
3. Patient Safety and Risk Management Software Market – Comparative Analysis
    3.1 Product Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis- Average Selling Price
4. Patient Safety and Risk Management Software Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Patient Safety and Risk Management Software Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Patient Safety and Risk Management Software Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Patient Safety and Risk Management Software Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Patient Safety and Risk Management Software Market – By Type(Market Size –$Million/$Billion)
    8.1 Governance, Risk & Compliance (GRC)
    8.2 Risk Management & Safety Solution
    8.3 Claims Management
9. Patient Safety and Risk Management Software Market - By Deployment Mode (Market Size –$Million/$Billion)
    9.1 Private Cloud
    9.2 Public Cloud
    9.3 Hybrid Cloud
10. Patient Safety and Risk Management Software Market - By End User(Market Size –$Million/$Billion)
    10.1 Hospitals
    10.2 Ambulatory Care Centers
    10.3 Long-Term Care Centers
    10.4 Pharmacies
    10.5 Others
11. Patient Safety and Risk Management Software Market - By Geography(Market Size –$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Mexico
        11.1.3 Canada
    11.2 Europe
        11.2.1 U.K.
        11.2.2 France
        11.2.3 Germany
        11.2.4 Italy  
        11.2.5 Spain
        11.2.6 Russia
        11.2.7 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 India
        11.3.3 Japan
        11.3.4 South Korea
        11.3.5 Australia & New Zealand
        11.3.6 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Others
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. Patient Safety and Risk Management Software Market - Entropy
13. Patient Safety and Risk Management Software Market – Industry/Segment Competition Landscape Premium
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key companies
        13.1.3 Market Share by Countries – Key Companies
        13.1.4 Competition Matrix
        13.1.5 Best Practices for Companies
14. Patient Safety and Risk Management Software Market – Key Company List by Country Premium Premium
15. Patient Safety and Risk Management Software Market Company Analysis Analysis(Company Revenue, Product, M&A, Developments)
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
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