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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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.