Patient Safety & Risk Management Software Market Overview
Patient Safety & Risk Management Software Market Size is estimated to reach $3.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 11.6% over the forecast period of 2022-2027. Patient safety and risk management software is a type of healthcare software that helps with the study and reporting of medical issues that develop in hospitals, as well as risk management. The program improves the patient experience while also preventing and reducing errors. To discover treatment defects and estimate risk, the patient safety, and risk management software team partners with a variety of clinics and corporate hospitals. Patient experience, Compliance solutions, Claims administration, and other sorts of software are available. One of the primary factors driving the market's growth is the increasing acceptance of digitalization around the world.
Risk management in pharmacovigilance is to ensure that medicines are used safely and that patients' health is protected. It is a series of activities that are carried out to identify risk, assess risk, and minimize and prevent risk. The stages of risk management are identification and characterization of the medicinal product's safety profile; planning of pharmacovigilance activities to characterize risks and identify new risks; planning and implementation of risk minimization and mitigation activities, as well as evaluation of their effectiveness; and documenting post-approval obligations imposed as a condition of the marketing authorization. All of these efforts are combined to form the risk management strategy, which must be presented as part of the medication approval process. Risk management's overall goal is to ensure that the pharmaceutical product's advantages outweigh the dangers by a large margin for the treatment of a certain indication, both at the individual level and for the target population as a whole.
Patient Safety & Risk Management Software Market Report Coverage
The report: “Patient Safety & Risk Management Software Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Patient Safety & 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, United Kingdom (U.K.), France, Italy, Spain, Russia, and the Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia, and Rest of South America), and Rest of the World (the Middle East, and Africa).
- Geographically, North America held a dominant market share in the year 2021 on account of the increasing prevalence of chronic diseases. Asia-Pacific is expected to offer lucrative growth opportunities to the manufacturers owing to the increasing medical errors. The proliferation of medication errors is predicted to augment the market growth during the forecast period of 2022-2027.
- The growing prevalence of chronic diseases is estimated to drive the market growth of the Patient Safety & Risk Management Software Market. However, the problems with data security poses threat to the Patient Safety & Risk Management Software Market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Patient Safety & Risk Management Software Market Report.
Patient Safety & Risk Management Software Market: Market Share (%) by Region, 2021
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Patient Safety & Risk Management Software Market Segment Analysis – By Type
Patient Safety & Risk Management Software Market based on type can be further segmented into Risk Management & Safety Solution, Governance, Risk & Compliance (GRC), and Claims Management. The Risk Management & Safety Solution segment held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 12.3% over the forecast period of 2022-2027. One of the major elements driving the demand for such solutions is the need to monitor patient safety and boost organizational growth while avoiding risk concerns. In terms of risk, hospitals are potentially dangerous places to work for both patients and employees. Adverse occurrences and numerous potential dangers associated with surgery, anesthesia, and patient transfers must be dealt with on a constant basis by hospital staff. On the other hand, the governance, risk, and compliance solutions market are predicted to increase at the quickest rate over the forecast period 2022-2027.
Patient Safety & Risk Management Software Market Segment Analysis – By End User
Patient Safety & Risk Management Software Market based on end user can be further segmented into Hospitals, Ambulatory Care Centers, Long-Term Care Centers, Pharmacies, and Others. The Hospitals segment held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 12.5% over the forecast period of 2022-2027. This is owing to the growing requirement to limit the risks of patient injury while also improving healthcare practitioners' workflow efficiency. The ambulatory care center, on the other hand, is expected to increase at the quickest rate throughout the projection period, owing to the growing demand to improve claims administration. According to the New England Journal of Medicine (NEJM), in 2019, The clinical and administrative systems, processes, and reports used to detect, monitor, analyze, reduce, and prevent hazards are referred to as risk management in hospitals. Risk management allows healthcare businesses to protect patient safety, as well as their assets, market share, accreditation, reimbursement levels, brand value, and community status, in a proactive and methodical manner. The growing use of IT in healthcare owing to benefits such as providing a single point of data entry, reducing the risk of errors, and simplifying and uniform data collection procedures, resulting in an increase in the market for Patient Safety and Risk Management Software.
Patient Safety & Risk Management Software Market Segmentation Analysis- By Geography
The Patient Safety & Risk Management Software Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 32% in the year 2021 as compared to the other counterparts on account of the rising medical errors, as well as an enhanced healthcare sector. According to a new Commonwealth Fund international survey, one-third of individuals with health problems in the United States report medical, drug, or test errors, the highest incidence of any country. The survey looked at health care access, safety, and coordination in Australia, Canada, Germany, New Zealand, the United Kingdom, and the United States, and found that while no country was the best or worst overall, the United States stood out for high error rates, inefficient care coordination, and high out-of-pocket costs, all of which led to barriers to care. Furthermore, in this region, there is a significant shift away from on-premise solutions and toward healthcare IT solutions, which is driving the market's growth.
However, Asia-Pacific is estimated to be the fastest-growing over the forecast period of 2022-2027 on account of growing demand for compliance solutions and increased government funding and initiatives in this region to improve patient safety The market in this region is also growing due to the increased usage of digitalization to improve patient safety and care.
Patient Safety & Risk Management Software Market Drivers
Increasing Medical Errors is a Driving Factor in Patient Safety & Risk Management Software Market.
A medical error is an avoidable adverse effect of care ("iatrogenesis"), whether or not the patient is aware of it. An incorrect or incomplete diagnosis or treatment of a disease, injury, syndrome, behavior, infection, or other ailment is one example. Recent studies of medical errors have estimated errors that accounted for as many as 251,000 deaths annually in the United States (U.S).
According to the World Health Organization, doctors' errors hurt more than 138 million patients per year in 2019. The three main reasons why so many patients are injured are errors in diagnosis, errors in pharmaceutical prescriptions and treatments, and improper drug usage. These errors occur because healthcare systems are inadequately designed to deal with and learn from them. While acknowledging that many medical facilities conceal what went wrong, this often prevents them from taking efforts to ensure that similar mistakes do not occur in the future. "In the United States, health care is not as safe as it should - or can be." at least 44,000 individuals, and possibly as many as 98,000 people, die in hospitals each year as a result of medical errors that could have been avoided. Even if the lesser estimate is used, preventable medical errors in hospitals outnumber mortality from anticipated hazards like car accidents, breast cancer, and AIDS. Hence, Increasing Medical errors are a driving factor in Patient Safety & Risk Management Software Market.
Increasing IT Adoption in the Healthcare Industry is propelling the Market for Patient Safety and Risk Management Software.
According to the Health and Life Sciences Experience Survey, 1,800 people in the United States have revealed that 26% said their access to healthcare has been even better and the digital adoption spiked overnight as providers had to quickly pivot to virtual care. The Patient Safety & Risk Management Software Market is growing due to the increasing adoption of IT in the healthcare industry around the world. According to Statista, the function of information technology in healthcare will be more crucial in 2021 than it has been in recent years. IT refers to the use of telecommunications and computers to access and distribute information, and it is used in healthcare to handle health-related data. Electronic health/medical records (EHRs/EMRs), e-prescriptions, and tech solutions that assist patients to reach goals like monitoring blood sugar levels or quitting smoking are some of the most prevalent instances of healthcare IT. Furthermore, because of the availability of many mobile apps and information platforms, IT in healthcare has been touted as a means of providing people more control over their health. IT aids in the resolution of challenges connected with human data processing by facilitating access to healthcare data. The Indian government, for example, has created the National Digital Health Mission (NDHM), which intends to digitize all healthcare information in the country. Furthermore, the growing demand to save healthcare expenses is fueling the growth of the Patient Safety & Risk Management Software market.
Patient Safety & Risk Management Software Market Challenges
Problems with Data Security are a Key Challenge for Patient Safety & Risk Management Software Market.
According to the 2020 Data Security Report, 34% of Organizations describe data classification as the biggest encryption-related challenge. Risk Management software introduces security and privacy concerns for businesses. Enterprises carry sensitive information that must be safeguarded to avoid data breaches and cyber-attacks. When opposed to on-premise implementation, cloud deployment has security risks because company data is held by third parties and unauthorized individuals can access it. As the acceptance of cloud-based deployments grows, security issues arise, posing a threat to company data security and weakening the business position, stymieing adoption. Thus, Problems with Data Security are a key challenge for Patient Safety & Risk Management Software Market.
Patient Safety and Risk Management Software Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Patient Safety & Risk Management Software Market. The top 10- Patient Safety & Risk Management Software Market companies are-
- Riskonnect Inc.
- Health Catalyst (U.S.), LLC
- Conduent Inc.
- Origami Risk
- Symplr Software
- RLDatix Company
- Clarity Group Inc.
- Verge Health
- RiskQual Technologies
- The Patient Safety Company
- In April 2021, Conduent Inc has launched CommunityVision comes as providers increasingly focus on reducing health disparities, which are differences in health and healthcare between groups caused by social, economic, and/or environmental disadvantages. CommunityVision is unique in that it incorporates key social determinants data into the workflow of the care team." The care team can get closer to reaching the Triple Aim with the right solution for the right patient at the right time if they have a better understanding of the community concerns that may affect their patients.
- In March 2021, Health catalyst has launched Healthcare. AI™ to address revenue, cost, and quality concerns in the healthcare industry. The AI suite of augmented intelligence (AI) goods and services will dramatically enhance AI's usefulness and applications in healthcare. The Future of Healthcare, Health Catalyst's AI solution is a game-changing set of tools and expert services that tackle a wide range of important business concerns.
- In October 2020, RLDatix has acquired Verge Health in order to develop a risk mitigation solution based on safety. This acquisition propels Applied Safety Intelligence forward significantly and cements our position as the global leader in patient safety software at a time when accreditation bodies like The Joint Commission are expected to take more proactive measures to decrease adverse events. RLDatix will consolidate the four major pillars of GRC under one roof as a result of this acquisition: Safety, Compliance, Provider Management, and Strategic Advisory Services.
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