Patient Safety And Risk Management Software Market Size, Share & Trends Analysis Report By Software Type, By End User (Hospitals, Ambulatory Care Centers, Long-term Care Centers), By Region, And Segment Forecasts, 2020 - 2027

Report Overview               

The global patient safety and risk management software market size was valued at USD 1.3 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 11.0% from 2020 to 2027. An increase in the number of medical errors coupled with an increased necessity to provide patient safety and care are the key factors driving the market. Also, the increased adoption of digitization and multiple initiatives taken up by the government to promote the healthcare software market is further accelerating the growth of the market. Furthermore, increasing need to decline the risk factors such as hospital-acquired infections, the need for reduction in healthcare costs, rise in focus to strengthen patient outcomes are few major factors responsible for the increasing demand for these software products. The increase in chronic health conditions is anticipated to increase the awareness and benefits associated with the market. This, in turn, is expected to help in the growth of the market for patient safety and risk management software in the coming years.

The rapid growth in healthcare infrastructure encourages hospitals and long-term care centers to adopt different innovative technologies, which in turn is influencing the growth of the market. Furthermore, increasing patient awareness and increased operational efficiency due to reduced medical errors are some major factors propelling the growth of the market for patient safety and risk management software. In addition, the patient safety and risk management software results in the improved workflow in healthcare institutions coupled with the growing need to adhere to the compliance guidelines are some of the factors boosting the demand for the market. Therefore, the companies are focusing on the development of new software products and solutions to improve healthcare provider's performance and provide quality care to the patient, which is expected to boost market growth over the forecast period.

The increase in the need to comply with the regulatory guidelines, multiple government initiatives to develop the healthcare IT, and improvements in the healthcare infrastructure is another factor that positively impacts the demand for this software. However, security breaches and data privacy are some of the factors likely to hamper the growth of the market for patient safety and risk management software. For instance, the major challenge faced by healthcare institutions is to assure data safety by hospital authority, and no changes in information permitted without proper authentication. In addition, there is a high risk associated with the delivery of data, owing to the rise in the use of personal smartphones and tablets by healthcare practitioners, which leads to inconsistency in locations. 

End-user Insights

Based on end-user, the hospital segment dominated the market for patient safety and risk management software and accounted for the highest revenue share of 40.7% in 2019, owing to the growing need to reduce medical errors. Increasing adoption of IT in healthcare, owing to its advantages such as simplified and consistent data collection process, single point of data entry reduces the risk of errors, therefore, aiding the market growth. Furthermore, the increasing risk such as sepsis, errors caused by radiotherapy, errors in transfusion practices are few factors contributing towards market growth.

On the other hand, the ambulatory care center is anticipated to register the fastest growth rate during the forecast period. The reduced diagnosis time, implementation of an efficient management system that provides patient safety, and reduce the cost associated with the treatments are the key factors driving the growth of the market.

Software Type Insights

Based on software type, risk management and safety solutions dominated the market for patient safety and risk management software and accounted for the largest revenue share of 67.4% in 2019. This large share is attributable to the development of patient safety software, which provides an advantage to the healthcare managers to access patient data from a single system, resulting in easy accessibility and protection of data. These solutions provide effective and high-quality care for patients. Furthermore, governance, risk, and compliance solutions are anticipated to be the fastest-growing segment during the forecast period.

Increasing pressure on healthcare providers to maintain the patient data securely, owing to the rising number of cybercrime events worldwide, is another major factor driving the demand for this segment. In addition, the reduced costs associated with risk management and safety solutions is increasing the adoption of this software. It decreases the chances of medical errors and patient injuries, resulting in improved survival rates. Therefore, the multiple benefits associated with this software is anticipated to drive the market for patient safety and risk management software in the coming years.

Regional Insights

North America dominated the global patient safety and risk management software market with a revenue share of 57.6% in 2019. The increasing shift from on the premise solutions to healthcare IT solutions is driving the growth of the market. The rise in the use of data analytics to streamline workflow at healthcare organizations, enhanced patient safety, the presence of numerous market participants in the U.S. are some of the key factors boosting the market growth of this region.

On the other hand, Asia Pacific is expected to exhibit lucrative growth over the forecast period with a CAGR of 12.5%.  Multiple initiatives taken up by the government to enhance patient safety, along with the rapid adoption of technology by healthcare facilities resulted in increased demand for software to provide high-quality patient care, are some of the key factors fueling the growth of the market for patient safety and risk management software. Moreover, the growing healthcare IT infrastructure in Asian countries is further driving the market growth in this region.

Key Companies & Market Share Insights

The competition is growing among existing players, owing to the increasing demand for risk management and safety solutions due to the growing medical errors and patient data security concerns. In addition, the increasing demand for software solutions is expected to favor the new entrants owing to the increase in patient awareness, technological advancements, and acceptance of these products.

Furthermore, companies are expanding their reach and increasing their portfolio by entering into mergers, acquisitions, agreements, and partnerships to capture a larger share in the market. For instance, in 2018, RL Solutions merged with Datix. This merger will help in improved investments in cloud-based patient safety and risk management solution creating a strong product portfolio which will further help in gaining more revenue share in the market. In 2020, Symplr, leading governance, risk, and compliance software provider, acquired The Patient Safety Company. This acquisition is expected to take advantage of the demand for GRC software solutions, which further strengthens patient safety and outcomes. Some of the prominent players in patient safety and risk management software market include:

• 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

Patient Safety And Risk Management Software Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research, Inc. has segmented the global patient safety and risk management software market report on the basis of software type, end-user, and region:

• Software Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Risk Management & Safety Solutions

  • Claims Management Software

  • Governance, Risk & Compliance Solutions

• End-User Outlook (Revenue, USD Million, 2016 - 2027)

  • Hospitals

  • Ambulatory Care Centers

  • Long-Term Care Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

    • Spain

    • France

    • Italy

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Singapore

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa