Europe Patient Safety and Risk Management Software Market

Europe Patient Safety and Risk Management Software Market Size (2022 to 2027)

The patient safety and risk management software market size in the European region is expected to be worth USD 800 million by 2027 from USD 480 million in 2022, growing at a CAGR of 10.74% from 2022 to 2027.

The growing adoption of electronic health records (EHR), rising awareness around patient safety, and increasing incidence of medical errors in the healthcare sector across the European region are majorly propelling the patient safety and risk management software market in Europe. Medical errors are considered the primary reason for the increased mortality rate in Europe. Due to this, collecting and tracking all the data about the errors happening in the hospital and medical sectors helps to measure the impact and to provide quality treatment and confidence to the patients in the hospital. Some medical errors in hospitals occur due to improper functioning of the devices used for the treatment and errors in entering the patient data into the record, which may lead to the wrong treatment administered and increase the risk of ill effects to the patient. All these errors can be rectified or prevented by using patient safety software where the data can be stored in the cloud and used for future analyses.

YOY growth in the incidence of hospital-acquired infection across the European population is further fuelling the regional market growth. An estimated 4 million people in Europe suffer from hospital-acquired infection each year. To increase patients' safety in the hospital, hospitals must take several measures, such as using sterilization methods and advanced devices to improve the treatment quality. This prediction can be performed by using patient safety and risk management software.

However, high costs associated with implementing and maintaining patient safety and risk management software for healthcare organizations are one of the major factors hampering the market’s growth rate. Furthermore, data security and privacy issues are showcasing negative impacts on market growth. In addition, lack of interoperability is one of the significant challenges to the patient safety and risk management software market in the European region. The lack of skilled professionals and standardization are anticipated to limit the market’s growth rate in this region during the forecast period.

This research report on the European patient safety and risk management software market has been segmented and sub-segmented into the following categories:

By Type:

• Risk Management & Safety Solutions
• Claims Management Solutions
• Governance, Risk & Compliance Solutions

By Deployment Mode:

• Cloud
• Public Cloud
• Private Cloud

By End-user:

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

By Country:

• United Kingdom
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands and
• Rest of Europe

Geographically, Europe occupied the second-largest global market share in 2021 and is anticipated to have good occupancy in the worldwide market during the forecast period. Factors such as the increasing patient population suffering from chronic diseases and the growing adoption of patient safety and risk management software promote regional market growth. Patient safety software is used in healthcare to increase patient safety and positive health outcomes. Most hospitals now use patient safety and risk management software as it can provide a wide range of insights to hospitals that help in the strategy formulation for the growth of the hospitals. In Europe, nearly one in ten patients suffer additional injuries while being treated in hospitals. As a result, European hospitals are taking several measures to reduce such injuries to patients.

Germany is playing a vital role in the European market. In Germany, key players are focusing on developing various types of software by adding new features to the software, which will improve the performance of the software and get a clear view by collecting the data to make certain decisions. The government in this region supports the approvals of the software based on several features, which include safety, data privacy, etc. Increasing government initiatives and investment in patient safety also promote market growth.

In the United Kingdom, risk management software is available with less cost and a simple interface. This risk management software collects data on the medical issues in the hospitals and helps in giving a clear view of each aspect for further decisions. Additionally, increasing risk management start-ups in the United Kingdom also helps the market growth.

KEY MARKET PLAYERS:

Riskonnect Inc., Health Catalyst (U.S.), LLC, Conduent Inc, Origami Risk, Symplr, RLDatix, Clarity Group Inc., Verge Health, RiskQual Technologies, and Quantros Inc. are some of the noteworthy companies in the European patient safety and risk management software market.