The global patient safety and risk management software market size is expected to reach USD 3.1 billion by 2027, expanding at a CAGR of 11.0%, according to a new report by Grand View Research, Inc. The increasing need for efficient patient safety and risk assessment solutions to increase the efficiency of the healthcare providers and rising government initiatives to promote healthcare IT and improve the healthcare infrastructure are the key factors driving the market growth. Furthermore, the increasing occurrence of cyber-attacks on electronic health records is expected to boost the revenue growth of this market over the forecast period.
Based
on software type, the risk management and safety solutions segment dominated
the market and accounted for the largest revenue share of 67.4% in 2019. One of
the key factors contributing to the increase in demand for such solutions is to
monitor the safety of patients and improve organizational growth, therefore
waiving off risk factors. On the other hand, the governance, risk, and
compliance solutions segment is expected to witness the fastest growth rate
over the forecast period.
Based
on end-user, the hospital segment dominated the market and accounted for a
revenue share of 40.7% in 2019. This is attributable to the increasing need to
reduce the risks associated with patient harm and increase the workflow
efficiency of healthcare providers. On the other hand, the ambulatory care
center is anticipated to grow at the fastest growth rate during the forecast
period, owing to the growing need to improve patient outcomes and improve the
quality of care delivery.
Based
on geography, North America dominated the market in 2019. This is attributable
to the adoption of healthcare IT solutions to organize and streamline workflow
at healthcare institutions. In addition, the rise in the trend of shifting from
on-premise healthcare facilities to feasible healthcare software solutions
contributes to the growth of this market. In the Asia Pacific, the market is
expected to witness the fastest growth rate of 12.5% over the forecast period.
The growing healthcare IT infrastructure and increased government initiatives
to boost the healthcare sector in Asian countries is driving the market in this
region. Furthermore, Asia is adopting digitization to enhance healthcare
facilities with new technologies for better patient care and safety that will
boost the market growth in this region.
Full Research Report On Patient Safety And Risk Management Software Market Visit Here:
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Patient Safety And
Risk Management Software Market Report Highlights
- The
increasing incidence of medical errors is expected to be the major factor
driving the market
- The risk
management and safety solutions segment dominated the market with a
revenue share of 67.4% in 2019, owing to the development of the solutions
to effectively monitor patient safety
- The Asia
Pacific dominated the market and accounted for the largest revenue share
of 12.5% in 2019, owing to the increasing patient population and increased
adoption of technology in healthcare facilities.
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Patient Safety And
Risk Management Software Market Segmentation
Grand View Research has
segmented the global patient safety and risk management software market based
on software type, end-user, and region:
Patient Safety
& Risk Management Software Type Outlook (Revenue, USD Million, 2016 -
2027)
- Risk Management & Safety Solutions
- Claims Management Software
- Governance, Risk & Compliance Solutions
Patient Safety
& Risk Management Software End-user Outlook (Revenue, USD Million,
2016 - 2027)
- Hospitals
- Ambulatory Care Centers
- Long-Term Care Centers
- Others
Patient Safety
& Risk Management Software Regional Outlook (Revenue,
USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- Spain
- France
- Italy
- Russia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
List of Key
Players in the Patient Safety And Risk Management Software Market
- Riskonnect Inc.
- Health Catalyst (U.S.), LLC
- Conduent Inc.
- Origami Risk
- Symplr
- RLDatix
- Clarity Group Inc.
- Verge Health
- RiskQual Technologies
- Quantros Inc.
- The Patient Safety Company
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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