Global Patient Safety and Risk Management Software Market – Industry Trends and Forecast to 2030

Patient Safety and Risk Management Software Market Analysis and Size

The patient safety and risk management software market is predicted to grow significantly due to the rise in medical errors associated with an increased necessity to offer patient safety and care. In addition, rapid growth in the geriatric population, the high adoption of digitization, and multiple initiatives taken up by the government to promote healthcare software are also contributing to the rising global market. Also, the increase in chronic health conditions is the key factor that is expected to drive market growth.

Data Bridge Market Research analyses that the patient safety and risk management software market which was USD 1,728.45 million in 2022, would rocket up to USD 4,964.24 million by 2030, and is expected to undergo a CAGR of 12.1% during the forecast period. “ Risk management and safety solutions ” dominates the type segment of the Patient Safety and Risk Management Software Market owing to the high demand for this type of products.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Patient Safety and Risk Management Software Market Scope and Segmentation

Market Definition

Patient Safety and Risk management software is a healthcare field that helps analyze and report medical issues in healthcare facilities and helps manage risk. This software is also used to prevent and reduce such kinds of errors.

Patient Safety and Risk Management Software Market Dynamics

Drivers

• Rise in the number of medical errors

The rise in the number of medical errors is among the essential factors intensifying the growth and demand of the market. This, in turn, has carved the way for the market's growth.

• Research and development proficiencies

Rising expenditure for research and development proficiencies, especially in developed and developing economies about medical drugs and devices, will further create lucrative market growth opportunities. Research and development proficiencies being conducted to develop medical drugs also bolstered the market growth rate.

• Growing investment in healthcare facilities

Surging focus on improving the condition of healthcare facilities and improving the overall healthcare infrastructure is another important factor fostering market growth. The rising number of partnerships and strategic collaborations between the public and private players about funding and application of new and improved technology is further creating lucrative market opportunities.  

Opportunities

• Increasing Demand for Patient Safety Solutions

Patient safety is a top priority for healthcare organizations worldwide. There is a growing demand for software solutions that can help identify, prevent, and mitigate patient safety risks. These solutions offer opportunities for companies to develop and provide innovative software tools that can improve patient outcomes and reduce adverse events.

• Integration of Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML technologies can potentially revolutionize patient safety and risk management. These technologies can analyze large volumes of data, identify patterns, and provide real-time insights to prevent adverse events. Companies leveraging AI and ML capabilities to develop advanced software solutions have a competitive advantage in the market.

Challenges/ Restraints

• Resistance to Technology Adoption

Healthcare organizations, particularly smaller ones, may resist adopting new technology solutions. Factors such as cost, lack of IT infrastructure, and concerns about workflow disruption can hinder the adoption of patient safety and risk management software. Vendors need to address these concerns by demonstrating their solutions' value, ease of use, and return on investment.

• Data Integration and Interoperability

Healthcare organizations often have multiple systems and databases that may not communicate effectively with each other. Integrating patient safety and risk management software with existing Electronic Health Record (EHR) systems and other IT infrastructure can be complex. Vendors need to ensure seamless integration and interoperability to enable efficient data exchange and analysis.

This patient safety and risk management software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the patient safety and risk management software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2020, LogicStream Health announced that it had launched a new version of its software platform that includes advanced analytics capabilities. The platform is designed to help healthcare organizations identify and address potential patient safety risks before they become problems
• In 2019, Meditech announced that it had launched a new version of its patient safety software that includes advanced analytics and reporting capabilities. The software is designed to help healthcare organizations improve patient outcomes and reduce the risk of adverse events.

Global Patient Safety and Risk Management Software Market Scope

The patient safety and risk management software market is segmented on the basis of types, deployment mode, and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Risk Management and Safety Solutions
• Claims Management Solutions
• Governance
•  Risk and Compliance Solutions

Deployment Mode

• Private Cloud
• Public Cloud
• Hybrid Cloud

End Users

• Hospitals
• Ambulatory Care Centers
• Long-Term Care Centers
• Pharmacies
• Others

Patient Safety and Risk Management Software Market Regional Analysis/Insights

The patient safety and risk management software market is analysed and market size insights and trends are provided by country, type, deployment mode and end users as referenced above.

The countries covered in the patient safety and risk management software market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina and rest of South America.

North America is expected to dominate the market because of the strong base of healthcare facilities, strong presence of major players, and rising number of research activities in this region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in healthcare facilities, growing research activities in the region, availability of massive untapped markets, large population pool, and the growing demand for quality healthcare in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The patient safety and risk management software market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Patient Safety and Risk Management Software Market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the patient safety and risk management software market. The data is available for historic period 2010-2020.

Competitive Landscape and Patient Safety and Risk Management Software Market Share Analysis

The patient safety and risk management software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Patient Safety and Risk Management Software Market.

Some of the major players operating in the market are:

• Clarity Group (U.S.)
• Datix (U.K.)
• FairWarning (U.S.)
• First Databank (U.S.)
• Health Catalyst (U.S.)
• Iatric Systems (U.S.)
• LogicStream Health (U.S.)
• Meditech (U.S.)
• Metavision (Israel)
• Midas+ Solutions (U.S.)
• Omnicell  (U.S.)
• Quantros (U.S.)
• RL Solutions (Canada)
• Riskonnect (U.S.)
• RLDatix (Canada)
• SAI Global (Australia)
• Salus Global (Canada)

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