Dublin, Nov. 15, 2019 (GLOBE NEWSWIRE) -- The "Patient Safety and Risk Management Software Market by Type (Risk Management, Governance, Risk & Compliance, Claims Management), Deployment Mode (Cloud, Public, Private), End-User (Hospital, Ambulatory Care, Pharmacy), Region - Global Forecasts to 2024" report has been added to ResearchAndMarkets.com's offering.
The global patient safety and risk management solutions market is projected to reach USD 2.2 billion by 2024 from USD 1.3 billion in 2019, at a CAGR of 11.2% during the forecast period.
- This report analyzes the various patient safety and risk management solutions and their adoption pattern.
- It aims at estimating the market size and future growth potential of the patient safety and risk management solutions market for different segments such as type, deployment mode, end user, and region.
- The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
The leading players in this market include RLDatix (Canada), Riskonnect Inc. (US), Verge Health (US), Clarity Group Inc. (US), The Patient Safety Company (Netherlands), RiskQual Technologies (US), Quantros Inc. (US), Conduent Inc. (US), Prista Corporation (US), and Smartgate Solutions Ltd. (UK).
The patient safety and risk management solutions market is projected to grow at a CAGR of 11.2%
Increasing need to improve patient safety & patient outcomes in the healthcare industry in line with patient safety standards across the globe while enhancing the operational efficiency of healthcare organizations is expected to propel the growth of this market. On the other hand, reluctance to switch from conventional methods and lack of skilled IT professionals are expected to restrain the market growth to a certain extent.
By type, the risk management & safety solutions segment accounted for the largest market share of the market
The risk management & safety solutions segment is excepted to account for the largest share in 2019. The large share of this segment can be attributed to the benefits offered by these solutions such as minimal medical errors & hospital-acquired infections, prevention from patient safety events, efficient compliance, and improving the operational efficiency of healthcare providers.
The private cloud segment accounted for the largest share of the market
The private cloud segment is expected to account for the largest share in 2019 due to factors such as the rising end-user preference for high-security solutions and rapid & controlled data access. Deployment via private cloud is gaining preference over other types on account of its proprietary architecture dedicated to a single organization with defined needs and goals.
APAC is projected to witness the highest growth during the forecast period
North America is expected to hold the largest share of the patient safety and risk management solutions market in 2019. On the other hand, Asia Pacific is expected to witness the highest growth during the forecast period. The high growth rate of the APAC region can be attributed to the rising awareness of patient safety and risk management in healthcare and government initiatives to improve patient safety & care quality. Furthermore, a move towards digitizing the healthcare sector in the APAC region is expected to drive market growth during the forecast period.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Patient Safety and Risk Management Solutions: Market Overview
4.2 Europe: Market, By Type (2018)
4.3 Geographic Snapshot of the Market
4.4 Regional Mix: Market
5 Market Overview
5.1 Introduction
5.2 Patient Safety Management Software Market Dynamics
5.2.1 Key Market Drivers
5.2.1.1 Increasing Need to Curtail Rising Healthcare Costs and Growing Focus on Improving Patient Outcomes
5.2.1.1.1 Medical Errors
5.2.1.1.2 Hospital-Acquired Infections
5.2.1.2 Government Initiatives to Improve Patient Safety and Patient Outcomes
5.2.2 Key Market Restraints
5.2.2.1 Reluctance to Switch From Conventional Methods
5.2.2.2 Dearth of Skilled It Professionals
5.2.3 Key Market Opportunity
5.2.3.1 Increasing use of Big Data Analytics for Patient Safety
5.2.4 Key Market Challenge
5.2.4.1 Data Security Concerns
5.2.5 Key Market Trend
5.2.5.1 Use of Artificial Intelligence and Predictive Analytics for Patient Safety
6 Patient Safety and Risk Management Software Market, By Type
6.1 Introduction
6.2 Risk Management and Safety Solutions
6.2.1 Rising Focus of Healthcare Providers on Addressing Patient Safety & Risk Management Aspects has Increased the Demand for These Solutions
6.3 Claims Management Solutions
6.3.1 Growing Focus on Streamlining Claims Procedures is Driving the Demand for These Solutions
6.4 Governance, Risk and Compliance Solutions
6.4.1 Growing Incidence of Medical Errors to Support Market Growth
7 Patient Safety and Risk Management Software Market by Deployment Mode
7.1 Introduction
7.2 Private Cloud
7.2.1 Growing Concerns Over Data Security Have Driven Demand for Private Cloud-Deployed Solutions
7.3 Public Cloud
7.3.1 Affordability has Ensured End-User Reliance on the Public Cloud But Need for Security May Push Attention to Hybrid Cloud
7.4 Hybrid Cloud
7.4.1 Hybrid Clouds Offer the Benefits of Both Private and Public Clouds
8 Patient Safety and Risk Management Software Market By End-User
8.1 Introduction
8.2 Hospitals
8.2.1 Growing Need to Minimize Medical Errors and Adverse Events is Driving the use of Patient Safety and Risk Management Solutions in Hospitals
8.3 Ambulatory Care Centers
8.3.1 Growing Adoption of Ehrs in Ambulatory Care Centers to Support Market Growth
8.4 Long-Term Care Centers
8.4.1 Long-Term Care Centers are the Most Preferred and Fastest growing Care Option for Elderly People
8.5 Pharmacies
8.5.1 Growing Focus on Reducing Medication Errors has Increased the Adoption of Patient Safety Solutions in Pharmacies
8.6 Other End Users
9 Patient Safety and Risk Management Solutions Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 The US Dominates the North American Patient Safety and Risk Management Software Market
9.2.2 Canada
9.2.2.1 Growing Need for Cost Containment in Healthcare to Propel Market Growth
9.3 Europe
9.3.1 Germany
9.3.1.1 High Healthcare Expenditure in the Country to Drive the Adoption of Patient Safety and Risk Management Solutions
9.3.2 UK
9.3.2.1 Increasing Frequency of Medical Errors to Propel the Adoption of Patient Safety and Risk Management Solutions
9.3.3 France
9.3.3.1 Initiatives Taken By the French Government to Promote the use of Healthcare It Solutions to Drive Market Growth
9.4 Asia Pacific
9.4.1 Rising Demand and Support for Patient Safety are Driving Market Growth in the APAC
9.5 Latin America
9.5.1 Developments in Healthcare Infrastructure Will Contribute to the Demand for Patient Safety and Risk Management
9.6 Middle East and Africa
9.6.1 Middle East to Witness High Demand for Hcit Solutions in the Coming Years
10 Competitive Landscape
10.1 Overview
10.2 Patient Safety Management Software Market Share Analysis
10.3 Competitive Leadership Mapping
10.3.1 Visionary Leaders
10.3.2 Innovators
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.4 Competitive Situation and Trends
10.4.1 Solution Launches and Enhancements
10.4.2 Agreements, Partnerships, and Collaborations
10.4.3 Acquisitions and Mergers
10.4.4 Other Strategies
11 Company Profiles
11.1 RLDatix
11.2 Verge Health LLC
11.3 RiskQual Technologies
11.4 Quantros Inc.
11.5 Clarity Group Inc.
11.6 Conduent Inc.
11.7 Prista Corporation
11.8 Riskonnect Inc. (A Part of Thoma Bravo, LLC)
11.9 Smartgate Solutions Ltd.
11.10 The Patient Safety Company
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