The global patient safety and risk management software market size is expected to reach USD 3.1 billion by 2027, expanding at a CAGR of 11.0%, according to a new report by Grand View Research, Inc. The increasing need for efficient patient safety and risk assessment solutions to increase the efficiency of the healthcare providers and rising government initiatives to promote healthcare IT and improve the healthcare infrastructure are the key factors driving the market growth. Furthermore, the increasing occurrence of cyber-attacks on electronic health records is expected to boost the revenue growth of this market over the forecast period.
Based on software type, the risk management and safety solutions segment dominated the market and accounted for the largest revenue share of 67.4% in 2019. One of the key factors contributing to the increase in demand for such solutions is to monitor the safety of patients and improve organizational growth, therefore waiving off risk factors. On the other hand, the governance, risk, and compliance solutions segment is expected to witness the fastest growth rate over the forecast period.
Based on end-user, the hospital segment dominated the market and accounted for a revenue share of 40.7% in 2019. This is attributable to the increasing need to reduce the risks associated with patient harm and increase the workflow efficiency of healthcare providers. On the other hand, the ambulatory care center is anticipated to grow at the fastest growth rate during the forecast period, owing to the growing need to improve patient outcomes and improve the quality of care delivery.
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Based on geography, North America dominated the market in 2019. This is attributable to the adoption of healthcare IT solutions to organize and streamline workflow at healthcare institutions. In addition, the rise in the trend of shifting from on-premise healthcare facilities to feasible healthcare software solutions contributes to the growth of this market. In the Asia Pacific, the market is expected to witness the fastest growth rate of 12.5% over the forecast period. The growing healthcare IT infrastructure and increased government initiatives to boost the healthcare sector in Asian countries is driving the market in this region. Furthermore, Asia is adopting digitization to enhance healthcare facilities with new technologies for better patient care and safety that will boost the market growth in this region.
Patient Safety And Risk Management Software Market Report Highlights
• The increasing incidence of medical errors is expected to be the major factor driving the market
• The risk management and safety solutions segment dominated the market with a revenue share of 67.4% in 2019, owing to the development of the solutions to effectively monitor patient safety
• The Asia Pacific dominated the market and accounted for the largest revenue share of 12.5% in 2019, owing to the increasing patient population and increased adoption of technology in healthcare facilities.
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Patient Safety And Risk Management Software Market Segmentation
Grand View Research has segmented the global patient safety and risk management software market based on software type, end-user, and region:
Patient Safety & Risk Management Software Type Outlook (Revenue, USD Million, 2016 - 2027)
• Risk Management & Safety Solutions
• Claims Management Software
• Governance, Risk & Compliance Solutions
Patient Safety & Risk Management Software End-user Outlook (Revenue, USD Million, 2016 - 2027)
• Hospitals
• Ambulatory Care Centers
• Long-Term Care Centers
• Others
Patient Safety & Risk Management Software Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o The U.S.
o Canada
• Europe
o The U.K.
o Germany
o Spain
o France
o Italy
o Russia
• Asia Pacific
o Japan
o China
o India
o South Korea
o Singapore
o Australia
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o UAE
o Saudi Arabia
o South Africa
List of Key Players in the Patient Safety And Risk Management Software Market
• Riskonnect Inc.
• Health Catalyst (U.S.), LLC
• Conduent Inc.
• Origami Risk
• Symplr
• RLDatix
• Clarity Group Inc.
• Verge Health
• RiskQual Technologies
• Quantros Inc.
• The Patient Safety Company
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.