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Patient Safety and Risk Management Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

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Patient safety is a new health care discipline that highlights and helps in prevention, reduction, analyzing and reporting of medical errors that frequently leads to adverse health care events and risk management. The risk management and patient safety team work closely with clinical teams and other corporate areas in finding the risks, acting as a resource and giving support on all aspects of risk management. Since patient safety is new area for emphasis in health care, awareness to reduce occurrence of medical errors is gaining impetus. Quality up gradation in health care organizations are emphasizing more on patient safety and risk management and finding means to work efficiently and effectively and also to ensure that they deliver fine-quality patient care. 

The patient safety and risk management software market is segmented on the basis of its mode of delivery, by product type, by its end-users and by geography. On the basis of mode of delivery the patient safety and risk management software market is segmented into cloud based software, on-premise and web based software. On the basis of product type it is segmented as standalone software and integrated software. By end users, it is segmented into hospitals, long term care centers and health care firms.

Due to rise in need to follow regulatory guidelines, increasing need to curb growing health care costs, frequencies of medical errors and various government edges to encourage the use of health care IT across has given a boost to the patient safety and risk management software market. WHO and several governments globally are taking initiatives in leading the patient safety campaigns so as to increase awareness among the patient population. Also, several health care IT companies have come up with innovative IT solutions that ensure patient safety. But high implementation cost and lack of in house IT domain knowledge and data security are some of the issues that are restricting the growth of this market during the forecast period from 2016-2024. In addition, lack of skilled IT professionals in hospitals, use of old technologies and poor regulatory standards are also some the reasons that might hamper the growth of patient safety and risk management software market.

Geographically, patient safety and risk management software market is segmented as North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America and Europe dominates the global patient safety and risk management in healthcare, followed by Latin America, Asia-Pacific and Middle East & Africa. Developing markets in Asia Pacific and Latin America are awakening to this concept as one of the major focus areas. The necessity to improve quality management and outcomes in care delivery environments, have strengthened the health care providers to gauge and select more sophisticated IT solutions in the region. Thus, owing to the above mentioned factors the patient safety and risk management software market is expected to grow in Asia Pacific and Latin American region.

The major companies having presence in the global patient safety and risk management software market are CareFusion Corporation, Datix Limited, Health Catalyst, MetricStream, Inc., MRM Group LLC, RL Solutions, Salus Global Corporation, Quintiles, Inc. and The Patient Safety Company. To sustain in the market companies are spending more on the software development and in creating a more sophisticated IT health care. Some of the organizations are integrating their patient safety, quality functions and risks into department or institute. Some are taking advantages of using the legal protections allowed by the Patient Safety and Quality Improvement Act and also from existing state protections. These protections offer a structure to distinguish between overlapping and common patient safety activities of quality and risk which is carried within a legally safe environment.

The report offers a comprehensive evaluation of the market. It does so via in-depth insights, understanding market evolution by tracking historical developments, and analyzing the present scenario and future projections based on optimistic and likely scenarios. Each research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology developments, types, applications, and the competitive landscape. 

The study is a source of reliable data on:

  • Key market segments and sub-segments
  • Evolving market trends and dynamics
  • Changing supply and demand scenarios
  • Quantifying market opportunities through market sizing and market forecasting
  • Tracking current trends/opportunities/challenges
  • Competitive insights
  • Opportunity mapping in terms of technological breakthroughs 

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa) 

TMR estimates the market size of various sectors using a combination of available data on the number and revenue of companies within each sub-sector and tiers of companies. The basic components used to determine market size and forecast for a specific product area are not only limited to supply-side data, but are also related to demand, industry trends, and the economic outlook. All the above data points are utilized to generate a statistical model targeting the sector marketplace. More than 300 TMR analysts across the world integrate these elements into a framework to determine the subsector market size for a base year and then forecast growth within each market. 

TMR regularly interviews technology and business professionals as an ongoing effort to track the latest developments within each sector. These continuous surveys are stratified by company size and industry segment and weighted to reflect the global market place.  All data are collected on an ongoing effort through a structured questionnaire rolled over the web or conducted via telephones. This provides the TMR team opportunities to request for detailed question sets, complex skip patterns, and real-time calculations, which assists respondents in answering questions involving numbers and percentages. Respondents, who are interviewed as experts, are screened and qualified based on certain criteria in addition to their decision-making authority and the scope of activity within their organizations.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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