The rising need to curtail healthcare costs, increasing incidences of medical errors & hospital-acquired infections, and growing government initiatives to improve patient safety and patient outcomes are key drivers of this market.[122 Pages Report] The patient safety and risk management software market is estimated to be worth USD 2.2 billion by 2024 from a value of USD 1.3 billion in 2019, growing at a CAGR of 11.2% during the forecast period.
What drives the Patient Safety and Risk Management Solutions Market?
- Increasing Need to Curtail Rising Healthcare Costs and Growing Focus on Improving Patient Outcomes
- Government Initiatives to Improve Patient Safety and Patient Outcomes
- Reluctance to Switch From Conventional Methods
- Dearth of Skilled It Professionals
On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of patient safety and risk management are expected to restrain the growth of the Patient Safety and Risk Management Solutions market to a certain extent during the forecast period.
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The APAC region is expected to grow at the fastest rate during the forecast period
The patient safety and risk management solutions market in APAC is expected to grow at the highest CAGR during the forecast period. Much of this growth is driven by the increasing patient population in this region, rapid return on investment (ROI), and rising government initiatives to improve the patient safety & patient outcomes in healthcare. Several healthcare organizations in Asia are actively moving towards digitization to streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for patient safety and risk management software to ensure better patient care.
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Key Market Players
The key players in the global patient safety and risk management solutions market are Clarity Group Inc. (US), Conduent Inc. (US), Prista Corporation (US), Quantros Inc. (US), Riskonnect Inc. (US), RiskQual Technologies (US), RLDatix (Canada), Smartgate Solutions Ltd. (UK), The Patient Safety Company (Netherlands), and Verge Health (US).
RLDatix (Canada) is one of the leading players in the market and accounted for the largest share in 2018. RLDatix is one of the leading providers of cloud-based and integrated software solutions for patient safety and risk management to various industries, including healthcare. To strengthen its market position and to broaden its product offerings, the company majorly focuses on agreement, acquisitions, and mergers. For example, in May 2019, the company entered into an agreement to acquire iContracts (US) to broaden its reach into the governance, risk management, & compliance space.
Verge Health (US) held the second-largest share in the patient safety management software market in 2018. The company offers a robust portfolio of patient safety solutions, including governance, risk, & compliance. To sustain its strong position in the market, the company focuses on strengthening its software platform through organic and inorganic strategies, such as product launches and partnerships. For instance, in February 2019, the company entered into a partnership with Texas Hospital Association (US) to enhance its governance, risk, & compliance platform and allowed the Texas Hospital Association to effectively and efficiently manage risk and provide better patient care.
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- In June 2019, Riskonnect Inc. launched Riskonnect ClearSight 19.0, an addition to its integrated risk management platform.
- In May 2019, RLDatix entered into an agreement to acquire iContracts (US) that provided more significant opportunities to RLDatix.
- In February 2019, Verge Health entered into a partnership with the Texas Hospital Association (US) to strengthen its governance, risk, & compliance platform.
- In October 2018, Riskonnect, Inc. acquired Marsh ClearSight LLC (US) to expand its product offerings.
- In August 2017, Conduent Inc. (US) launched the Midas Hospital Risk Adjustment Model.