What Fueled The Previous Growth In The Patient Safety And Risk Management Software Market?
The patient safety and risk management software market has seen considerable growth due to a variety of factors.
• In recent times, there has been significant growth in the market size of patient safety and risk management software. The market, which is set to grow from $2.31 billion in 2024 to $2.5 billion in 2025, has a compound annual growth rate (CAGR) of 8.2%.
The growth witnessed in the historical period is attributable to factors such as enhanced awareness of patient safety, regulatory mandates, emphasis on minimizing medical mistakes, insights derived from data, real-time monitoring and alerts, as well as patient engagement and empowerment.
What Is The Expected Growth In The Patient Safety And Risk Management Software Market Size?
The patient safety and risk management software market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for patient safety and risk management software is projected to witness substantial expansion in the coming years, reaching $4.23 billion by 2029, with a 14.0% compound annual growth rate (CAGR).
The expected growth throughout the forecast period can be ascribed to strict regulatory compliance, progress in data analytics and artificial intelligence, connections with electronic health records (EHR), and steps taken to avoid medical errors. During this forecast period, the focus is primarily on patient-centric care, data analytics and AI integration, improved EHR integration, and reduction of preventable medical errors.
What Are The Leading Drivers Of Growth In The Patient Safety And Risk Management Software Market?
The patient safety and risk management software market is anticipated to grow due to the increased implementation of IT within the healthcare sector. The health sector has witnessed significant advancement thanks to information technology innovations. Electronic medical records, for instance, present a prominent progression as they allow for medical data to be collected into one unified database. Digital instruments and teleconsultation signify another recent IT advancement within healthcare. Health Tech Digital, a UK-based digital transformation journey provider, reported in July 2024 that 57% of UK citizens have worries about the rapid deployment of AI in personalized medicine, with fears that there might not be sufficient time for comprehensive training to guarantee safe usage. Furthermore, the security of health data becomes a concern for 49% of the UK population when AI is incorporated into personalized healthcare. Nonetheless, the AI market in the UK, which stands at around £16.8 billion (USD 18.39 billion), is forecasted to witness a substantial surge, hitting £801.6 billion (USD 877.26 billion) by 2035. As such, the increased reliance on IT within healthcare is projected to spur the growth of the patient safety and risk management software market in the future.
How Are The Segments Defined Within The Global Patient Safety And Risk Management Software Market?
The patient safety and risk management software market covered in this report is segmented –
1) By Type: Risk Management And Safety Solutions, Claims Management Solutions, Governance, Risk And Compliance Solutions
2) By Deployment Mode: Private Cloud, Public Cloud
3) By End-User: Hospitals, Ambulatory Care Centers, Long-Term Care Centers, Pharmacies, Other End Users
Subsegments:
1) By Risk Management And Safety Solutions: Incident Reporting Systems, Risk Assessment Tools, Safety Event Management, Patient Safety Culture Assessment Tools
2) By Claims Management Solutions: Claims Processing Software, Claims Tracking Systems, Denial Management Solutions, Payment Processing Solutions
3) By Governance, Risk And Compliance Solutions: Regulatory Compliance Management Software, Policy Management Systems, Audit Management Solutions, Risk Assessment And Mitigation Tools
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How Are New Trends Expected To Influence The Growth Of The Patient Safety And Risk Management Software Market?
Embracing various pioneering technologies has become a predominant trend in the patient safety and risk management software market. The phrase innovative technology is employed to define a scientific or technological method or product that is distinguished in relation to production, research, and development. Firms in the patient safety and risk management software sector are concentrating on crafting novel products using state-of-the-art technologies to broaden their customer base and enhance their business services. For example, in May 2022, Mindray, a top-tier global provider of medical devices and solutions, introduced the M-Connect IT Solution, which aids in the optimization of clinical workflow and the assurance of patient safety in hospitals.
Who Are the Key Players in the Patient Safety And Risk Management Software Market?
Major companies operating in the patient safety and risk management software market include:
• Conduent Legal & Compliance Solutions LLC
• Becton Dickinson and Company
• Health Catalyst Inc.
• RLDatix Solutions Inc.
• Riskonnect Inc.
• Origami Risk LLC
• Symplr LLC
• Clarity Group Inc.
• The Patient Safety Company B. V.
• Morrisey Holdings Inc.
• Quantros Inc.
• Marsh ClearSight LLC
• Datix Limited
• RL Solutions Inc.
• Ideagen plc
• IQVIA Holdings Inc.
• NAVEX Global Inc.
• Wolters Kluwer N. V.
What Is The Most Dominant Region In The Patient Safety And Risk Management Software Market?
North America was the largest region in the patient safety and risk management software market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patient safety and risk management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
