Patient safety and risk management software are computer programs used in risk management to analyze and report medical issues that arise in healthcare institutions. These programs are instrumental in reducing and preventing errors within the healthcare system. Patient safety focuses on minimizing harm to patients, while risk management prioritizes mitigating patient harm as well as other forms of hazards.
The main types of patient safety and risk management software include risk management and safety solutions, claims management solutions, and governance, risk, and compliance solutions. Risk management and safety solutions are applied for analyzing and reporting medical issues that arise in healthcare institutions, covering both risk assessment and reduction in safety risk management. Deployment modes for these software solutions include private cloud and public cloud. They are adopted by various end users, including hospitals, ambulatory care centers, long-term care centers, pharmacies, and others.
The patient safety and risk management software market research report is one of a series of new reports that provides Patient safety and risk management software market statistics, including Patient safety and risk management software industry global market size, regional shares, competitors with a Patient safety and risk management software market share, detailed Patient safety and risk management software market segments, market trends and opportunities, and any further data you may need to thrive in the Patient safety and risk management software industry. This Patient safety and risk management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The patient safety and risk management software market size has grown strongly in recent years. It will grow from $2.16 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed in the historic period can be attributed to factors such as increased awareness of patient safety, regulatory requirements, a focus on reducing medical errors, the utilization of data-driven insights, real-time monitoring and alerts, as well as efforts towards patient engagement and empowerment.
The patient safety and risk management software market size is expected to see rapid growth in the next few years. It will grow to $3.66 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The anticipated growth in the forecast period can be attributed to factors such as stringent regulatory compliance, advancements in data analytics and artificial intelligence, integration with electronic health records (EHR), and the implementation of preventive measures for medical errors. Major trends expected in the forecast period include an emphasis on patient-centric care, the integration of data analytics and artificial intelligence, enhanced electronic health records (EHR) integration, and a focus on preventing medical errors.
The anticipated surge in the adoption of information technology (IT) within the healthcare sector is poised to drive the growth of the patient safety and risk management software market. Significant strides in IT have been a boon for the healthcare industry, exemplified by the notable improvement brought about by Electronic Medical Records (EMR) in hospitals. This technology compiles medical data into a unified database, streamlining healthcare processes. Recent advancements in IT, such as the utilization of digital tools and teleconsultation, further exemplify the sector's progress. For instance, a McKinsey & Company report from August 2021 highlighted the widespread use of telehealth, accounting for 13% to 17% of U. S. patient visits across all specialties. This surge indicates a substantial increase in consumer adoption of telehealth services, thereby contributing to the expected growth of the patient safety and risk management software industry.
The prospective upswing in investments in healthcare infrastructure is anticipated to propel the expansion of the patient safety and risk management software market. Investments in healthcare infrastructure involve directing resources, including funding, technology, and personnel, toward enhancing the physical and technological aspects of healthcare facilities and systems. These investments contribute to upgrading hospital facilities, bolstering the healthcare workforce, digitizing public health data infrastructure, and fortifying health systems. A notable example is the report by the UK-based Office for National Statistics in May 2023, which indicated a 9.4% increase in healthcare spending in the UK between 2020 and 2021. The surge in spending on preventive care, doubling from 2020 to $45.72 billion in 2021, underlines the significant impact of increasing investments in healthcare infrastructure on driving the patient safety and risk management software market.
The adoption of diverse innovative technologies has emerged as a prominent trend in the patient safety and risk management software market. Characterized by technological or scientific processes and products, innovative technology plays a crucial role in the development of patient safety and risk management software. Companies in this market are actively focusing on creating innovative products equipped with the latest technologies to broaden their customer base and enhance their business offerings. A case in point is Mindray, a global provider of medical devices and solutions, which launched the M-Connect IT Solution in May 2022. This solution is designed to optimize clinical workflow and ensure patient safety in hospitals, exemplifying the trend of incorporating innovative technologies in the patient safety and risk management software market.
Major players in the patient safety and risk management software market are concentrating on augmenting their existing platforms with new features to gain a competitive advantage. The addition of new functionalities or capabilities to patient safety and risk management software solutions is aimed at assisting healthcare providers in improving patient safety and mitigating the risk of medical errors. Origami Risk, a US-based risk, safety, and insurance software as a service (SaaS) technology firm, exemplifies this trend. In May 2023, Origami Risk introduced a new solution to its platform for patient safety and healthcare risk management, streamlining the initiation, monitoring, and reporting of peer reviews. This inclusive solution supports interactions with committees and peer reviewers, facilitating a just culture and identifying opportunities to elevate the standard of care. The platform addresses reviews of nurses and medical residents and includes specialty-based review forms that can be tailored to meet individual organizational needs.
In June 2021, RLDatix, a UK-based provider of healthcare governance, risk, and compliance (GRC) solutions, made an undisclosed acquisition of Allocate. This strategic move positions RLDatix to combine its industry-leading capabilities in patient safety, compliance, risk, and provider management with Allocate's human capital management solutions, reinforcing their commitment to effective and safe healthcare delivery.
Major companies operating in the in the patient safety and risk management software market report are Conduent Legal & Compliance Solutions LLC, Becton Dickinson and Company, Health Catalyst Inc., RLDatix Solutions Inc., Riskonnect Inc., Origami Risk LLC, Symplr LLC, Clarity Group Inc., Verge Solutions LLC, RiskQual Technologies Inc., The Patient Safety Company B. V., Meditech Group Holdings Limited, Morrisey Holdings Inc., RiskMan International Pty Ltd, MidasPlus Inc., Quantros Inc., Brandix Lanka Limited, MRM Group LLC, Prista Corporation, Marsh ClearSight LLC, CCD Health Systems Inc., Datix Limited, Smartgate Solutions Ltd., RL Solutions Inc., Fortude Company Ltd., Ideagen plc, IQVIA Holdings Inc., NAVEX Global Inc., Wolters Kluwer N. V.
North America was the largest region in the patient safety and risk management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patient safety and risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the patient safety and risk management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The patient safety and risk management software market consist of revenues earned by entities by providing patient safety and risk management software used to analyze and report medical issues. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The main types of patient safety and risk management software include risk management and safety solutions, claims management solutions, and governance, risk, and compliance solutions. Risk management and safety solutions are applied for analyzing and reporting medical issues that arise in healthcare institutions, covering both risk assessment and reduction in safety risk management. Deployment modes for these software solutions include private cloud and public cloud. They are adopted by various end users, including hospitals, ambulatory care centers, long-term care centers, pharmacies, and others.
The patient safety and risk management software market research report is one of a series of new reports that provides Patient safety and risk management software market statistics, including Patient safety and risk management software industry global market size, regional shares, competitors with a Patient safety and risk management software market share, detailed Patient safety and risk management software market segments, market trends and opportunities, and any further data you may need to thrive in the Patient safety and risk management software industry. This Patient safety and risk management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The patient safety and risk management software market size has grown strongly in recent years. It will grow from $2.16 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed in the historic period can be attributed to factors such as increased awareness of patient safety, regulatory requirements, a focus on reducing medical errors, the utilization of data-driven insights, real-time monitoring and alerts, as well as efforts towards patient engagement and empowerment.
The patient safety and risk management software market size is expected to see rapid growth in the next few years. It will grow to $3.66 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The anticipated growth in the forecast period can be attributed to factors such as stringent regulatory compliance, advancements in data analytics and artificial intelligence, integration with electronic health records (EHR), and the implementation of preventive measures for medical errors. Major trends expected in the forecast period include an emphasis on patient-centric care, the integration of data analytics and artificial intelligence, enhanced electronic health records (EHR) integration, and a focus on preventing medical errors.
The anticipated surge in the adoption of information technology (IT) within the healthcare sector is poised to drive the growth of the patient safety and risk management software market. Significant strides in IT have been a boon for the healthcare industry, exemplified by the notable improvement brought about by Electronic Medical Records (EMR) in hospitals. This technology compiles medical data into a unified database, streamlining healthcare processes. Recent advancements in IT, such as the utilization of digital tools and teleconsultation, further exemplify the sector's progress. For instance, a McKinsey & Company report from August 2021 highlighted the widespread use of telehealth, accounting for 13% to 17% of U. S. patient visits across all specialties. This surge indicates a substantial increase in consumer adoption of telehealth services, thereby contributing to the expected growth of the patient safety and risk management software industry.
The prospective upswing in investments in healthcare infrastructure is anticipated to propel the expansion of the patient safety and risk management software market. Investments in healthcare infrastructure involve directing resources, including funding, technology, and personnel, toward enhancing the physical and technological aspects of healthcare facilities and systems. These investments contribute to upgrading hospital facilities, bolstering the healthcare workforce, digitizing public health data infrastructure, and fortifying health systems. A notable example is the report by the UK-based Office for National Statistics in May 2023, which indicated a 9.4% increase in healthcare spending in the UK between 2020 and 2021. The surge in spending on preventive care, doubling from 2020 to $45.72 billion in 2021, underlines the significant impact of increasing investments in healthcare infrastructure on driving the patient safety and risk management software market.
The adoption of diverse innovative technologies has emerged as a prominent trend in the patient safety and risk management software market. Characterized by technological or scientific processes and products, innovative technology plays a crucial role in the development of patient safety and risk management software. Companies in this market are actively focusing on creating innovative products equipped with the latest technologies to broaden their customer base and enhance their business offerings. A case in point is Mindray, a global provider of medical devices and solutions, which launched the M-Connect IT Solution in May 2022. This solution is designed to optimize clinical workflow and ensure patient safety in hospitals, exemplifying the trend of incorporating innovative technologies in the patient safety and risk management software market.
Major players in the patient safety and risk management software market are concentrating on augmenting their existing platforms with new features to gain a competitive advantage. The addition of new functionalities or capabilities to patient safety and risk management software solutions is aimed at assisting healthcare providers in improving patient safety and mitigating the risk of medical errors. Origami Risk, a US-based risk, safety, and insurance software as a service (SaaS) technology firm, exemplifies this trend. In May 2023, Origami Risk introduced a new solution to its platform for patient safety and healthcare risk management, streamlining the initiation, monitoring, and reporting of peer reviews. This inclusive solution supports interactions with committees and peer reviewers, facilitating a just culture and identifying opportunities to elevate the standard of care. The platform addresses reviews of nurses and medical residents and includes specialty-based review forms that can be tailored to meet individual organizational needs.
In June 2021, RLDatix, a UK-based provider of healthcare governance, risk, and compliance (GRC) solutions, made an undisclosed acquisition of Allocate. This strategic move positions RLDatix to combine its industry-leading capabilities in patient safety, compliance, risk, and provider management with Allocate's human capital management solutions, reinforcing their commitment to effective and safe healthcare delivery.
Major companies operating in the in the patient safety and risk management software market report are Conduent Legal & Compliance Solutions LLC, Becton Dickinson and Company, Health Catalyst Inc., RLDatix Solutions Inc., Riskonnect Inc., Origami Risk LLC, Symplr LLC, Clarity Group Inc., Verge Solutions LLC, RiskQual Technologies Inc., The Patient Safety Company B. V., Meditech Group Holdings Limited, Morrisey Holdings Inc., RiskMan International Pty Ltd, MidasPlus Inc., Quantros Inc., Brandix Lanka Limited, MRM Group LLC, Prista Corporation, Marsh ClearSight LLC, CCD Health Systems Inc., Datix Limited, Smartgate Solutions Ltd., RL Solutions Inc., Fortude Company Ltd., Ideagen plc, IQVIA Holdings Inc., NAVEX Global Inc., Wolters Kluwer N. V.
North America was the largest region in the patient safety and risk management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patient safety and risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the patient safety and risk management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The patient safety and risk management software market consist of revenues earned by entities by providing patient safety and risk management software used to analyze and report medical issues. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Patient Safety And Risk Management Software Market Characteristics3. Patient Safety And Risk Management Software Market Trends And Strategies31. Global Patient Safety And Risk Management Software Market Competitive Benchmarking32. Global Patient Safety And Risk Management Software Market Competitive Dashboard33. Key Mergers And Acquisitions In The Patient Safety And Risk Management Software Market
4. Patient Safety And Risk Management Software Market - Macro Economic Scenario
5. Global Patient Safety And Risk Management Software Market Size and Growth
6. Patient Safety And Risk Management Software Market Segmentation
7. Patient Safety And Risk Management Software Market Regional And Country Analysis
8. Asia-Pacific Patient Safety And Risk Management Software Market
9. China Patient Safety And Risk Management Software Market
10. India Patient Safety And Risk Management Software Market
11. Japan Patient Safety And Risk Management Software Market
12. Australia Patient Safety And Risk Management Software Market
13. Indonesia Patient Safety And Risk Management Software Market
14. South Korea Patient Safety And Risk Management Software Market
15. Western Europe Patient Safety And Risk Management Software Market
16. UK Patient Safety And Risk Management Software Market
17. Germany Patient Safety And Risk Management Software Market
18. France Patient Safety And Risk Management Software Market
19. Italy Patient Safety And Risk Management Software Market
20. Spain Patient Safety And Risk Management Software Market
21. Eastern Europe Patient Safety And Risk Management Software Market
22. Russia Patient Safety And Risk Management Software Market
23. North America Patient Safety And Risk Management Software Market
24. USA Patient Safety And Risk Management Software Market
25. Canada Patient Safety And Risk Management Software Market
26. South America Patient Safety And Risk Management Software Market
27. Brazil Patient Safety And Risk Management Software Market
28. Middle East Patient Safety And Risk Management Software Market
29. Africa Patient Safety And Risk Management Software Market
30. Patient Safety And Risk Management Software Market Competitive Landscape And Company Profiles
34. Patient Safety And Risk Management Software Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
Patient Safety And Risk Management Software Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on patient safety and risk management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description:
Where is the largest and fastest growing market for patient safety and risk management software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
- Markets Covered: 1) By Type: Risk Management And Safety Solutions; Claims Management Solutions; Governance, Risk And Compliance Solutions 2) By Deployment Mode: Private Cloud; Public Cloud 3) By End-User: Hospitals; Ambulatory Care Centers; Long-Term Care Centers; Pharmacies; Other End Users
- Companies Mentioned: Conduent Legal & Compliance Solutions LLC; Becton Dickinson and Company; Health Catalyst Inc.; RLDatix Solutions Inc.; Riskonnect Inc.
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Conduent Legal & Compliance Solutions LLC
- Becton Dickinson and Company
- Health Catalyst Inc.
- RLDatix Solutions Inc.
- Riskonnect Inc.
- Origami Risk LLC
- Symplr LLC
- Clarity Group Inc.
- Verge Solutions LLC
- RiskQual Technologies Inc.
- The Patient Safety Company B. V.
- Meditech Group Holdings Limited
- Morrisey Holdings Inc.
- RiskMan International Pty Ltd
- MidasPlus Inc.
- Quantros Inc.
- Brandix Lanka Limited
- MRM Group LLC
- Prista Corporation
- Marsh ClearSight LLC
- CCD Health Systems Inc.
- Datix Limited
- Smartgate Solutions Ltd.
- RL Solutions Inc.
- Fortude Company Ltd.
- Ideagen plc
- IQVIA Holdings Inc.
- NAVEX Global Inc.
- Wolters Kluwer N. V.
Methodology
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