According to the latest publication from Meticulous Research®, the global patient safety and risk management software market is expected to reach $1,472.17 million by 2021 with a CAGR of 9.7% over the period of 2016 to 2021.
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Patient safety and risk management software is designed to streamline clinical workflows, prevent accidents, injuries and other adverse occurrences, assist with claims management, lower administrative costs, and increase the overall efficiency of day-to-day operations of hospitals long-term care centers, and other end users. The rapidly changing healthcare system is placing all hospitals and long-term care centers under tremendous pressure to maintain the overall patient data, enhance the value of health services, improve the overall efficiency of daily operations, and meet the compliance requirements.
Several market drivers will continue to increase patient safety and risk management software spending. The increasing need to curtail growing healthcare costs, rising incidence of medical errors, growing need to adhere to regulatory guidelines, and various government initiatives to promote the use of healthcare IT across the globe will drive hospitals, long term care centers and other end users to deploy patient safety and risk management software. In addition, the need to improve outcomes and quality management in care delivery environments, will force healthcare providers to evaluate and select more sophisticated IT solutions such as patient safety and risk management software. However, the high implementation cost, lack of in house IT domain knowledge, reluctance among end users to adopt new methods, and the data security and interoperability issues are expected to limit the adoption of these software, thereby restricting the growth of this market to some extent.
The global patient safety and risk management software market is mainly segmented by product, mode of delivery, end-user, and geography. The product market is primarily segmented into integrated and standalone software. The market is further segmented by mode of delivery into on-premise, and web/cloud based software. The comprehensive end-user analysis is provided in the report by segmenting this market into hospitals, long-term care centers, and other end-users. The global patient safety and risk management software market is further segmented by geography into four major continents namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). These regions are further analyzed at a country level to provide the market size and forecast for each segment and sub-segment of the market in various countries across the globe.
The U.S. accounted for the largest share in the global patient safety and risk management software market in 2015. The large share of this region can be attributed to the stringent legislative and accreditation requirement regarding healthcare, high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, growing geriatric population, increasing need to curtail mountinghealthcare costs, and presence of large number of patient safety and risk management software companies in this country. On the other hand, Emerging markets in Asia Pacific and Latin America are waking to the concept of patient safety and risk management as one of the major focus areas and provides significant opportunities for the growth of this market as a result of many technological and healthcare reforms in these regions with improved economic conditions and positive approach of the government towards the healthcare sector.
The global patient safety and risk management software market is fragmented with the presence of many small and global players operating in this market. The key players in the global patient safety and risk management software market are Quantros, Inc. (U.S.), MRM Group LLC (U.S.), Salus Global Corporation (Canada), RL Solutions (Canada), MetricStream, Inc. (U.S.), CareFusion Corporation (U.S.), Datix Limited (U.K.), Health Catalyst (U.S.), LLC, StatSoft Inc. (U.S.), and The Patient Safety Company (The Netherlands).
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