Global Patient Safety & Risk Management Software Market By Type (Risk Management & Safety Solutions, Governance, Risk & Compliance Solutions, and Claims Management Software), By End User (Hospitals, Ambulatory Care Centers, Long-Term Care Centers and Other End-users), By Region, Industry Analysis and Forecast, 2020 - 2026

Analysis of Market Size & Trends

The Global Patient Safety and Risk Management Software Market size is expected to reach $2.7 billion by 2026, rising at a market growth of 11.6% CAGR during the forecast period. Patient Safety and Risk management software is a planned program in healthcare that benefits in analyzing and recording medical problems that arise in the healthcare amenities and aid in risk management. This software is also helpful in the prevention and decrease of such kind of errors. The patient safety and risk management software team are working with numerous clinics and commercial hospitals so as to find any inadequacy in the treatments and analyzing the danger. The evidence assembled is then used as a resource by other amenities to offer better services.

Patient Safety & Risk Management Software Market Size, By Type, 2020-2026

The increasing essential to limit healthcare costs, growing occurrences of medical errors & hospital-acquired infections, and rising government enterprises to increase patient safety and patient consequences are the main drivers of the market. In addition to it, the lack of in-house IT proficiency and the disinclination of healthcare suppliers to approve new approaches to patient care and risk management are likely to confine the growth of the market to a certain range during the foreseeable period.

Patient Safety & Risk Management Software Market Share, By End-User, 2019

A surge in the overall number of medical errors along with an augmented requirement to offer patient safety and care are the vital factors boosting the market. Also, the augmented adoption of digitization and several initiatives that are being taken up by the government so as to promote the healthcare software market is additionally speeding up the growth of the market. Moreover, the growing need to deterioration the risk factors like hospital-acquired infections, the necessity for decreasing healthcare costs, increase in prominence to support patient outcomes are the major factors that are responsible for the growing demand for software products. The surge in chronic health conditions is expected to surge the consciousness and benefits related to the market. Therefore, it is likely to aid in the market growth for patient safety and risk management software over the forecasted period.

Patient Safety & Risk Management Software Market Report Coverage

Report Attribute	Details
Market size value in 2019	USD 1.2 Billion
Market size forecast in 2026	USD 2.7 Billion
Base Year	2019
Historical Period	2016 to 2018
Forecast Period	2020 to 2026
Revenue Growth Rate	CAGR of 11.6% from 2020 to 2026
Number of Pages	183
Number of Tables	270
Report coverage	Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling
Segments covered	Type, End User, Region
Country scope	US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers	Rising need to limit growing healthcare costs The surge in usage in hospital applications
Restraints	The high cost of implementation

Free Valuable Insights: Global Patient Safety & Risk Management Software Market to reach a market size of $2.7 Billion by 2026

Based on Type, the market is segmented into Risk Management & Safety Solutions, Governance, Risk & Compliance Solutions, and Claims Management Software. Based on End User, the market is segmented into Hospitals, Ambulatory Care Centers, Long-Term Care Centers and Other End-users. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Conduent, Incorporated, Becton, Dickinson and Company, Health Catalyst, Inc., RLDatix, Riskconnect, Inc., Clarity Group, Inc., Symplr (The Patient Safety Company), RiskQual Technologies, Inc., Smartgate Solutions Ltd. and Prista Corporation.

Recent Strategies Deployed in Technology CAD Software Market

• Oct-2020:-Symplr acquired TractManager, a healthcare-specific application. This acquisition helped to deliver a complete and end-to-end GRC software and services platform.
• Oct-2020: RLDatix acquired Verge Health, the best class credentialing software provider. The acquisition would further stimulate a shift from an active approach to risk management which is rooted in safety and prevention.
• Sep-2020: Symplr completed the acquisition of ComplyTrack to expand end-to-end GRC platform of scale by the upgraded patient safety software solutions. Symplr’s SaaS platform provides an end-to-end solution envelop data management and workforce management.
• Aug-2020: Riskonnect released a new feature within its Healthcare Patient Safety and Risk Management solution. The new feature aimed to help customers comply with the Ongoing Professional Practice Evaluation (OPPE) standard. The enhanced platform equips healthcare organizations with the tools for regularly collecting data and reporting on practitioners’ professional performance.
• Jul-2020: Health Catalyst, Inc. introduced its Care Management Suite. It included a patient-centric data- and analytics-driven factor for care management. The tools and processes delivered visibility over the continuum of care for high-risk and at-risk populations. It enabled the integration of multi-disparate data sources, facilitated more streamlined and patient-centric workflows, better quality of patient care, and decrease overall costs.
• Jul-2020: RLDatix introduced Applied Safety Intelligence, a new framework. This framework built a strong relationship between patient safety and risk management. It brought a shift from a retrospective review of negative events to a future of proactive prevention. It guides the users for future-forward patient safety.
• Feb-2020: Health Catalyst signed a definitive agreement to acquire Able Health, Inc., a leading SaaS provider of quality and regulatory measurement tracking and reporting. The Able Health SaaS application would strengthen Health Catalyst’s existing Quality and Regulatory Measures capabilities.
• Oct-2019: RLDatix took over Milpitas, Calif., based Quantros Inc.'s patient safety business. This acquisition expanded the company's horizon into governance, risk and compliance (GRC) along with the company's commitment to patient safety. It also stimulated company's data and analytics strategy with their new datasets from variety of healthcare organizations.
• Oct-2019: Riskonnect came into partnership with Focal Point Data Risk, a leader in the competitive Integrated Risk Management (IRM) space. The partnership aligned Riskonnect’s best-in-class IRM software solutions with Focal Point’s implementation and risk management consulting services. Together, the companies used the best features of two great organizations, enabled its clients to benefit from increased risk visibility, better decision making, and streamlined compliance.
• Jul-2019: Riskonnect introduced the latest version of its platform Riskonnect 2019.2. This version provides new, robust features for the healthcare and health and safety markets, including support for non-clinical rounding, long-term care event reporting and safety audits.
• Oct-2018: Riskonnect took over Marsh ClearSight LLC, a global leader in risk, safety, and claims software and services. The acquisition expanded its offerings, delivering customers a comprehensive, end-to-end technology suite to manage and control risk.
• Sep-2018: Riskonnect introduced its new Riskonnect User Experience, RKUX. It delivers more delightful user experience developed to work more fast and smart for the risk professionals.
• Sep-2018: Health Catalyst announced its Health Catalyst Patient Safety Organization. This protects all harm causing patient safety data extracted from the company’s Patient Safety Monitor suite of software applications.
• Jul-2018: Health Catalyst introduced the Patient Safety Monitor Suite. It includes Surveillance Module, an industry’s first comprehensive patient safety application that uses predictive and text analytics mixed with concurrent clinician review of data to look, detect, predict and prevent threats to patient safety before causing any harm.

Scope of the Patient Safety & Risk Management Software Market Analysis

Market Segmentation:

By Type

• Risk Management & Safety Solutions
• Governance
• Risk & Compliance Solutions
• Claims Management Software

By End-User

• Hospitals
• Ambulatory Care Centers
• Long-Term Care Centers
• Other End-users

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Companies Profiled

• Conduent, Incorporated
• Becton, Dickinson and Company
• Health Catalyst, Inc.
• RLDatix
• Riskconnect, Inc.
• Clarity Group, Inc.
• Symplr (The Patient Safety Company)
• RiskQual Technologies, Inc.
• Smartgate Solutions Ltd.
• Prista Corporation