Patient Safety and Risk Management Software Market

Patient Safety and Risk Management Software Market Size (2023 to 2028)

The global patient safety and risk management software market is valued at USD 1.78 billion in 2023. It is projected to reach USD 3.09 billion by 2028, growing at a CAGR of 11.6% during the forecast period.

Patient safety & risk management software is a type of healthcare software that helps with the study and reporting of medical issues that develop in hospitals and risk management. This program is also used to avoid and reduce errors of this nature. The risk management and patient safety team collaborate closely with clinical teams and other corporate departments to identify risks, serve as a resource, and assist with risk management. Quality improvement in healthcare companies involves focusing more on patient safety and risk management and finding ways to work more efficiently & effectively while also ensuring that patients receive high-quality care. Patient safety and risk management software improve workflow in healthcare institutions.

Impact of COVID-19 on the global patient safety and risk management software market:

There is an ongoing slowdown in the healthcare business due to the global outbreak of COVID-19 and the ensuing lockout. COVID-19 is estimated to have long-term consequences for the healthcare industry and stresses the need for remote diagnosis, care, and consultation at COVID-19. Due to regulatory and behavioral challenges, the growth of the telemedicine market was slowed down until 2018 but saw significant growth due to COVID-19 and because many healthcare providers are already experimenting with video conferencing and phone calls. In addition, medical IoT devices that live with patients at home are now being utilized to improve outpatient therapy & reduce recurrent visits. These devices can even be employed in an emergency. As a result of the pandemic, there were severe resource restrictions. This is projected to lead to the establishment of competitive pricing and value-based pricing models. COVID-19 is predicted to substantially impact the patient safety and risk management software market due to these factors.

MARKET DRIVERS:

The growing need to reduce healthcare costs, rising medical errors and hospital-acquired infection rates, and expanding government programs to improve patient safety and outcomes drive the patient safety and risk management market.

In addition, with higher patient awareness and increased operational efficiency due to fewer medical errors, the market for patient safety and risk management is expected to grow. Furthermore, the increased requirement to adhere to regulatory guidelines is a factor that favors the market's growth rate. As a result, companies are focussing on developing novel software products and solutions to assist healthcare providers in improving their efficiency and providing better patient care, which is expected to fuel the growth of the patient safety and risk management market in the forecast period.

Rising digitization and several government programs to promote the patient safety and risk management market.

As a result, the demand for patient safety and risk management software will likely grow. In addition, the impact of medical data is expanding due to the rising prevalence of chronic diseases and increased access to healthcare services worldwide. This system collects data, automates operations, and reduces medical errors cost-effectively and securely, the factors above directly supporting the patient safety and risk management market and hence the market growth.

MARKET RESTRAINTS:

Lack of in-house IT experience and healthcare providers' unwillingness to implement new patient safety and risk management strategies are projected to limit the market growth.

In addition, the high cost of patient safety and risk management software is another factor restricting market expansion. The patient safety and risk management software market is likely to be hampered by security breaches and data privacy concerns. In addition, the absence of in-house IT expertise to handle patient safety and risk management software is expected to be a significant stumbling block to the market's growth.

REPORT COVERAGE:

This research report on the global patient safety and risk management software market has been segmented and sub-segmented based on the following categories.

Patient Safety and Risk Management Software Market - By Type:

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

Based on the type, the market for governance, risk, and compliance solutions (GRC) segment is predicted to rise the fastest in the global market during the forecast period. The growth of this segment is attributable to the increase in the number of adverse events experienced by patients around the world, as well as the successful use of GRC solutions. GRC solutions ensure that patients receive safe, high-quality care while adhering to market norms and laws.

However, the risk management and safety solutions segment is also expected to show significant revenue during the forecast period due to the rising need for high-quality patient care and proper barrier to patients' private data. 

Patient Safety and Risk Management Software Market - By Deployment Mode:

• Cloud
• Public Cloud
• Private Cloud

Based on the deployment model, the private cloud segment held the most significant proportion of the global market in 2022 due to its high security and scalability features that are not available with public cloud solutions; the private cloud segment is likely to maintain its dominance.

The public cloud segment, however, is expected to see some drawbacks due to the introduction of private cloud systems. Public clouds are relatively more open than private clouds and, therefore, not as effective as a safety management tool compared to private cloud systems. 

Patient safety and risk management software market - By End-user:

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

Based on the End-user, the ambulatory care centers segment is expected to grow at the fastest CAGR during the forecast period owing to the factors such as shorter diagnosis times, the deployment of an efficient management system that ensures patient safety, and lower treatment costs.

However, the hospital segment is also expected to have significant revenue in the market due to the growing acceptance of IT solutions in healthcare settings and the need to maintain the safety of administrative patient records like the EHR. Furthermore, hospitals are large enterprises with multiple facilities and thousands of patients meaning data collection and saving can get very hectic, and there is a high chance of data breaches with healthcare software. Therefore, it is mandatory to use risk management software to keep the data secure. 

Patient safety and risk management software market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American Region led the patient safety and risk management market worldwide in 2022 due to a growing shift from one solution to healthcare IT solutions. In addition, the increased use of data analytics to streamline workflow in healthcare companies, improved patient safety, and the market participants in the United States are further anticipated to boost the market in North America.

The Europe patient safety and risk management software market is predicted to grow at a CAGR of 10.74% from 2023 to 2028.

APAC's patient safety and risk management software market is predicted to value at USD 650 million by 2028. Factors such as the growing patient population in this Region, rapid return on investment (ROI), and rising government measures to improve patient safety and healthcare outcomes are boosting the region's market. In addition, several healthcare organizations in Asia are aggressively moving toward digitization to optimize their workflow and ensure patient care and safety, resulting in a surge in demand for patient safety and risk management software.

The market in the Latin American Region is predicted to grow at a CAGR of 12.56% during the forecast period. Latin America is becoming more aware of this concept as a primary focus area. In addition, the need to improve quality management and outcomes in care delivery contexts has pushed healthcare providers in the Region to evaluate and use more complex IT systems. As a result of the factors mentioned, the patient safety and risk management software market in Latin America is predicted to develop.

KEY MARKET PLAYERS:

Companies playing a vital role in the global patient safety and risk management software market profiled in the Report are Riskonnect Inc., Health Catalyst (U.S.), LLC, Conduent Inc, Origami Risk, Symplr, RLDatix, Clarity Group Inc., Verge Health, RiskQual Technologies, and Quantros Inc.

RECENT MARKET DEVELOPMENTS:

• In November 2022, Through its subsidiary PETRONAS Financial Systems GmbH, FundHero S.A. of Luxembourg will work with niiio finance group AG, a Software-as-a-Service platform for asset and wealth management. Thus, as part of its expansion strategy, the niiio Group is enhancing the risk management capabilities of the SaaS platform and maximizing additional customer and synergy potentials. Banks and financial service providers are forced to automate and digitalize asset and wealth management due to the industry's intense cost pressures, constantly evolving technical landscape, and rapidly rising regulatory requirements.
• In November 2022, The American Hospital Association (AHA) and KLAS Research are co-sponsoring "The Healthcare Cybersecurity Benchmarking Study," which Censinet, the top supplier of healthcare risk management solutions, announced today. It will debut at the CHIME22 Fall Forum, from November 7–10, 2022, in San Antonio, Texas. Participating organizations will be able to compare cybersecurity investments, resources, performance, and maturity to peer organizations across key operational cyber metrics, coverage of the NIST Cybersecurity Framework (NIST CSF), and Health Industry Cybersecurity Practices thanks to the landmark study, which is currently enrolling hospitals and health systems (HICP).
• In April 2022, A ground-breaking KLAS research published on Thursday looked at the market's state regarding safety, risk, and compliance management. According to the research and analytics company, many firms are becoming more interested in adopting a comprehensive, enterprise-wide strategy. The Report stated that "more than half of the firms interviewed say they currently use or intend to utilize an enterprise solution for safety, risk, and compliance management. However, researchers did note that there was considerable room for advancement.
• In February 2020, Patient Safety Company was bought by symplr. In addition, verge Health was acquired by RLDatix, a developer of patient safety technology, in 2020. RLDatix can offer provider credentialing solutions and increase its strategic advising services in safety and compliance because of the acquisition.