Patient Safety And Risk Management Software Market | Ongoing Trends and Recent Developments | Major Key Players like RLDatix (Canada), Verge Health (US), Riskonnect Inc. (US)

The rising need to curtail healthcare costs, increasing incidences of medical errors & hospital-acquired infections, and growing government initiatives to improve patient safety and patient outcomes are key drivers of this Patient Safety and Risk Management Solutions Market. On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of patient safety and risk management are expected to restrain the growth of the market to a certain extent during the forecast period.

What the Market Looks Like?

Predicted to grow at a CAGR of 11.2% during the forecast period, the global Patient Safety and Risk Management Solutions market is estimated to reach USD 2.2 Billion by the end of 2024. North America is expected to account for the largest share of the Patient Safety And Risk Management Software Market in 2019, followed by Europe.

Based on type, the market for governance, risk, & compliance (GRC) solutions is expected to grow at the highest rate during the forecast period. The high growth of this segment is attributed to the increasing number of adverse events to patients across the globe and the effective utilization of GRC solutions. GRC solutions provide safe, high-quality care to patients while maintaining compliance with industry standards and regulations.

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The Patient Safety And Risk Management Software Market for ambulatory care centers is projected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the rising need to minimize the risk associated with patient harm. In addition, implementation of patient safety and risk management software is vital for ambulatory care centers as it helps them in the effective management of patient safety events.

What Drives the Patient Safety and Risk Management Solutions Market?

The growth of the global market for Patient Safety and Risk Management Solutions is primarily influenced by the following factors:

• Increasing Need to Curtail Rising Healthcare Costs and Growing Focus on Improving Patient Outcomes
• Government Initiatives to Improve Patient Safety and Patient Outcomes

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Geographical growth scenario of Patient Safety and Risk Management Solutions Market:

The Patient Safety and Risk Management Software Market in APAC is expected to grow at the highest CAGR during the forecast period. Much of this growth is driven by the increasing patient population in this region, rapid return on investment (ROI), and rising government initiatives to improve the patient safety & patient outcomes in healthcare. Several healthcare organizations in Asia are actively moving towards digitization to streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for patient safety and risk management software to ensure better patient care.

Leading Patient Safety and Risk Management Software Market players and strategies adopted:

The prominent players in the Patient Safety and Risk Management Solutions market include Clarity Group Inc. (US), Conduent Inc. (US), Prista Corporation (US), Quantros Inc. (US), Riskonnect Inc. (US), RiskQual Technologies (US), RLDatix (Canada), Smartgate Solutions Ltd. (UK), The Patient Safety Company (Netherlands), and Verge Health (US).

RLDatix (Canada) is one of the leading players in the market and accounted for the largest share in 2018. RLDatix is one of the leading providers of cloud-based and integrated software solutions for patient safety and risk management to various industries, including healthcare. To strengthen its market position and to broaden its product offerings, the company majorly focuses on agreement, acquisitions, and mergers.

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