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(Medical-NewsWire.com, May 22, 2020 ) The rising need to curtail healthcare costs, increasing incidences of medical errors & 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 solutions market is estimated to be worth USD 2.2 billion by 2024 from a value of USD 1.3 billion in 2019, growing at a CAGR of 11.2% 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 & 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 market for governance, risk, & compliance (GRC) solutions is expected to grow at the highest rate during the forecast period. The high growth of this segment is attributed to the increasing number of adverse events to patients across the globe and the effective utilization of GRC solutions. GRC solutions provide safe, high-quality care to patients while maintaining compliance with industry standards and regulations.
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The research report categorizes the patient safety management software market into the following segments and subsegments:
Patient Safety and Risk Management Software Market, By Type
+ Risk Management & Safety Solutions
+ Claims Management Solutions
+ Governance, Risk & Compliance Solutions
Patient Safety and Risk Management Solutions Market, By Deployment Mode
+ Private Cloud
+ Public Cloud
+ Private Cloud
Patient Safety and Risk Management Software Market, By End-User
+ Ambulatory Care Centers
+ Long-Term Care Centers
+ Other End Users
Patient Safety and Risk Management Solutions Market, by Region
4} Rest of Europe (RoE)
+ Asia Pacific
+ Latin America
+ The Middle East & Africa
Key Market Players
The key players in the global patient safety and risk management solutions market are Clarity Group Inc. (US), Conduent Inc. (US), Prista Corporation (US), Quantros Inc. (US), Riskonnect Inc. (US), RiskQual Technologies (US), RLDatix (Canada), Smartgate Solutions Ltd. (UK), The Patient Safety Company (Netherlands), and Verge Health (US).
RLDatix (Canada) is one of the leading players in the market and accounted for the largest share in 2018. RLDatix is one of the leading providers of cloud-based and integrated software solutions for patient safety and risk management to various industries, including healthcare. To strengthen its market position and to broaden its product offerings, the company majorly focuses on agreement, acquisitions, and mergers. For example, in May 2019, the company entered into an agreement to acquire iContracts (US) to broaden its reach into the governance, risk management, & compliance space.
+ In June 2019, Riskonnect Inc. launched Riskonnect ClearSight 19.0, an addition to its integrated risk management platform.
+ In May 2019, RLDatix entered into an agreement to acquire iContracts (US) that provided more significant opportunities to RLDatix.
+ In February 2019, Verge Health entered into a partnership with the Texas Hospital Association (US) to strengthen its governance, risk, & compliance platform.
+ In October 2018, Riskonnect, Inc. acquired Marsh ClearSight LLC (US) to expand its product offerings.
+ In August 2017, Conduent Inc. (US) launched the Midas Hospital Risk Adjustment Model.
Critical Questions the Report Answers:
+ Where will all these developments take the industry in the mid-to-long term?
+ What are the major end-users and the benefits they avail by implementing patient safety and risk management solutions?
+ What are the trends going on in the market?
+ What are the major market dynamics and their impact on market growth?
+ What is the global scenario of the market?
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Mr. Aashish Mehra