According to the new market research report "Patient Safety and Risk Management Software Market by Type (Risk Management, Governance, Risk Compliance, Claims Management), Deployment Mode (Cloud, Public, Private), End-User (Hospital, Ambulatory Care, Pharmacy), Region - Global Forecasts to 2024 ", published by MarketsandMarkets™, the Patient Safety and Risk Management Solutions Market is projected to reach USD 2.2 billion by 2024 from USD 1.3 billion in 2019, at a CAGR of 11.2% during the forecast period.
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The rising need to reduce increasing healthcare costs and the implementation of government initiatives to improve patient safety patient outcomes are the major factors driving the growth of this market.
"The risk management safety solutions segment is expected to dominate the market in 2019."
Based on type, the Patient Safety and Risk Management Solutions Market is segmented into risk management safety solutions, claims management solutions, and governance, risk compliance solutions. The risk management and safety solutions segment is expected to account for the largest share in 2019.
The large share of this segment can be attributed to the high adoption of these solutions as they help providers to streamline workflows and remove most of the administrative tasks associated with adverse events, resulting in additional time for patient care and quality improvement.
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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.
The rising need to minimize delayed diagnoses, reduce healthcare associated infections, and ensure mediation safety is expected to drive the growth of the ambulatory care centers segment.
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"North America to hold the largest regional market share in 2019."
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 rising need to curtail healthcare costs, increasing incidences of medical errors amp; hospital-acquired infections, and growing government initiatives to improve patient safety and patient outcomes are key drivers of this market. 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.
The patient safety and risk management software market in APAC is expected to grow at the highest CAGR during the forecast period. Much of this growth is driven by the increasing patient population in this region, rapid return on investment (ROI), and rising government initiatives to improve the patient safety amp; patient outcomes in healthcare. 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.
The prominent players in this market are 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).
