Patient Safety And Risk Management Software Market By Software Type, By End User (Hospitals, Ambulatory Care Centers, Long-term Care Centers)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Patient Safety And Risk Management Software market gathered revenue around USD 2.0 Billion in 2020 and market is set to grow USD 4.7 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 12.9% during the prediction period 2021 to 2027.
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 2020. 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 40.9% in 2020. 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 2020. 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.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Patient Safety And Risk Management Software market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Patient Safety And Risk Management Software market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 4.7 Billion by 2027|
|Growth Rate||CAGR of 12.9% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Software type, end-user And Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||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|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Patient Safety And Risk Management Software market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America dominated the global patient safety and risk management software market with a revenue share of 57.9% in 2020. The increasing shift from on the premise solutions to healthcare IT solutions is driving the growth of the market. The rise in the use of data analytics to streamline workflow at healthcare organizations, enhanced patient safety, the presence of numerous market participants in the U.S. are some of the key factors boosting the market growth of this region.
On the other hand, Asia Pacific is expected to exhibit lucrative growth over the forecast period with a CAGR of 12.8%. Multiple initiatives taken up by the government to enhance patient safety, along with the rapid adoption of technology by healthcare facilities resulted in increased demand for software to provide high-quality patient care, are some of the key factors fueling the growth of the market for patient safety and risk management software. Moreover, the growing healthcare IT infrastructure in Asian countries is further driving the market growth in this region.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Patient Safety And Risk Management Software Market include: 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
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Software Type
- Risk Management & Safety Solutions
- Claims Management Software
- Governance, Risk & Compliance Solutions
- By End-User
- Ambulatory Care Centers
- Long-Term Care Centers
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Patient Safety And Risk Management Software market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Patient Safety And Risk Management Software market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Patient Safety And Risk Management Software markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Patient Safety And Risk Management Software Market Study:
- Growth of Patient Safety And Risk Management Software in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Patient Safety And Risk Management Software and How to Navigate
- Key Product Innovations and Regulatory Climate
- Patient Safety And Risk Management Software Consumption Analysis
- Patient Safety And Risk Management Software Production Analysis
- Patient Safety And Risk Management Software and Management