Patient Safety And Risk Management Software Market Size, Share & Trends Analysis Report By Software Type (Risk Management & Safety Solutions), By End-user (Hospitals, Ambulatory Care Centers), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global patient safety and risk management software market size was valued at USD 1.77 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 12.2% from 2023 to 2030. An increase in the number of medical errors, coupled with a growing necessity to provide patient safety and care, are the key factors driving the market. Also, government initiatives to promote the healthcare software sector and the increased adoption of digitization are further accelerating market growth.  The WHO is coming up with a campaign for World Patient Safety Day 2023 with the slogan “Elevate the voice of patients!”, to ensure that all stakeholders are involved in policy formulation, designing safety strategies, and being active partners. Such activities contribute to the development of a platform that is patient-centered. 

Furthermore, the increasing need to reduce risk factors such as hospital-acquired infections, the need for reduction in healthcare costs, and a rise in focus to strengthen patient outcomes are a few major factors responsible for the increasing demand for these software products. An increase in chronic health conditions is anticipated to drive 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 use of patient safety and risk management software results in an improved workflow in healthcare institutions. Coupled with the growing need to adhere to compliance guidelines, the demand for the market is expected to grow sharply in the coming years. As a result, companies are focusing on the development of new software products and solutions to improve healthcare provider performance and offer quality care to the patient, which is expected to boost market growth over the forecast period.

In May 2023, Origami Risk, one of the leading providers of integrated SaaS solutions for the risk, healthcare, and insurance industry, announced the addition of a new standard solution that can facilitate the initiation, tracking, and reporting of peer reviews, including nurses and medical residents that can be further configured to meet organizational needs. 

An increase in the need to comply with regulatory guidelines, multiple government initiatives to develop healthcare IT, and improvements in healthcare infrastructure are other factors positively impacting the demand for this software. However, security breaches and data privacy are some factors likely to hamper market growth for patient safety and risk management software.

For instance, some major challenges faced by healthcare institutions include assurance of data safety by hospital authorities, 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 rapidly rising use of personal smartphones and tablets by healthcare practitioners, which leads to inconsistency in locations.

Digital transformation has led to advancements in risk management technologies. Patient safety & risk management software provides improved benefits to organizations and strengthens relationships with patients while reducing anticipated risks. The COVID-19 pandemic led to several advancements in digital health technology. Globally, countries were using integrated technologies with government-coordinated software such as tracing the infected person and testing processes during this period. Such factors are most likely to contribute to growth in the patient safety and risk management software space.

End-user Insights

The hospital segment accounted for the largest market share of 36.0% in 2022 owing to the growing need to reduce medical errors. Increasing adoption of IT in healthcare due to its advantages such as simplified and consistent data collection process, as well as single point of data entry, reduces the risk of errors, thus aiding market growth. Furthermore, the increasing risk of conditions such as sepsis, errors caused by radiotherapy, and errors in transfusion practices are a few factors contributing to market growth.

In May 2022, Mindray, a global provider of medical solutions, optimized its innovative M-Connect IT Solution at the Tulip Hospital in Haryana, India. The monitoring design of the M-Connect solution helps clinicians to access real-time and historical patient data of all the actions and improvements near the bedside, doctor’s office, nurse’s station, and around the hospital on their smartphones.

The ambulatory care center segment is expected to expand at the fastest CAGR of 12.7% during the forecast period in the global patient safety & risk management software market. The reduced diagnosis time, implementation of an efficient management system that provides patient safety, and reduction in the cost associated with treatments are the key factors expected to drive the growth of this market segment in the coming years.

Software Type Insights

The risk management and safety solutions segment accounted for the largest market share of 67.2% in 2022. This large share is attributable to the development of patient safety software, which provides an advantage to 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.

In May 2023, DOSIsoft announced the launch of ThinkQA Secondary Dose Check, a new software application that provides the calculation and verification of secondary doses of patients. It is designed to help Radiation Therapy (RT) departments with patient-specific safety and quality assurance (QA) procedures and achieve meeting the QA standards of the most recent adaptive radiotherapy tools and procedures.

Increasing pressure on healthcare providers to maintain 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 are boosting 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 are anticipated to drive the market for patient safety and risk management software in the coming years.

The governance, risk, and compliance solutions segment is expected to expand at the fastest CAGR of 12.9% during the forecast period. This is attributed to the rising number of adverse health-related events across the world. As per a report by the Institute of Medicine (IOM), around 98,000 people die per year due to medical errors, when they are admitted to the hospital. Governments have developed a number of measures to enhance patient outcomes and safety. To raise awareness in this area, the WHO and several governments are directing several patient safety programs.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 57.1% in 2022. The increasing shift from on-premise solutions to healthcare IT solutions is driving the growth of the market. The rising use of data analytics to streamline workflow at healthcare organizations, enhanced patient safety, and the presence of numerous market participants in the U.S. are some major factors boosting the market growth of this region.

Asia Pacific is expected to expand at the fastest CAGR of 13.6% during the forecast period. Multiple initiatives taken up by regional governments to enhance patient safety, along with the rapid adoption of technologies by healthcare facilities resulting in an 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 advancing healthcare IT infrastructure in Asian countries is further driving market growth in this region. In March 2023, Fujitsu launched a cloud-based AI platform for the healthcare sector in Japan. It allows the secure gathering of health-related data and the automatic conversion of medical data from electronic medical records kept by medical institutions. It helps healthcare organizations and pharmaceutical firms in conducting data analysis and R&D tasks to speed up the creation of individualized healthcare and the discovery of novel medicines.

Key Companies & Market Share Insights

The competition is growing among existing players in the market, owing to the increasing demand for risk management and safety solutions due to the growing incidence of medical errors and patient data security concerns. In addition, the increasing demand for software solutions is expected to favor the new market entrants owing to an increase in patient awareness, technological advancements, and widespread 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 of the market. For instance, in May 2023, RLDatix, a provider of technology solutions, announced its partnership with Nashville General Hospital (NGH), a public safety hospital. A portfolio of solutions for workforce management, governance, risk, and compliance will be implemented by RLDatix at NGH. This partnership will generate operational efficiencies with a major focus on patient risk management and quality outcomes.

In February 2020, Symplr, a leading governance, risk, and compliance software provider, acquired The Patient Safety Company. This acquisition is expected to take advantage of the rising demand for GRC software solutions, which further strengthen patient safety and outcomes. Some of the prominent players in the global patient safety & risk management software market include:

• Riskonnect Inc.

• Origami Risk

• RLDatix

• Health Catalyst (U.S.), LLC

• Conduent Inc.

• Symplr

• Clarity Group Inc.

• Verge Health

• RiskQual Technologies

• Quantros Inc.

• The Patient Safety Company

Patient Safety And Risk Management Software Market Report Scope

Global Patient Safety And Risk Management Software Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global patient safety & risk management software market report on the basis of software type, end-user, and region:

• Software Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Risk management and safety solutions

  • Claims management software

  • Governance, risk, and compliance solutions

• End-user Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Ambulatory care centers

  • Long-term care centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Sweden

    • Norway

    • Denmark

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE

    • Kuwait