The patient safety and risk management software 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.
The rising need to reduce increasing healthcare costs and the implementation of government initiatives to improve patient safety & patient outcomes are the major factors driving the growth of this market.
“The risk management & safety solutions segment is expected to dominate the market in 2019.”
Based on type, the patient safety and risk management solutions market is segmented into risk management & safety solutions, claims management solutions, and governance, risk & compliance solutions. The risk management and safety solutions segment is expected to account for the largest share in 2019.
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“By end-user, the healthcare payers segment is expected to grow at the highest CAGR during the forecast period.”
Based on end-user, the patient safety and risk management software market has been segmented into hospitals, long-term care centers, ambulatory care centers, pharmacies, and other end-users (primary care providers, ambulance services, pathology laboratories, and mental healthcare centers. The ambulatory care centers segment is expected to grow at the highest CAGR during the forecast period.
“North America to hold the largest regional market share in 2019.”
North America is expected to account for the largest share of the patient safety and risk management software market in 2019, followed by Europe. The large share of North America can be attributed to the favorable regulations (such as Patient Safety Act and Patient Protection and Affordable Care Act) combined with the high healthcare IT spending in the region, and greater adoption of patient safety and risk management solutions.
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Leading Companies of patient safety and risk management software market
RLDatix (Canada), Verge Health (US), Riskonnect Inc. (US), Clarity Group Inc. (US), RiskQual Technologies (US), The Patient Safety Company (Netherlands), Quantros Inc. (US), Prista Corporation (US), Smartgate Solutions Ltd. (UK), and Conduent Inc. (US).
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