Healthcare Quality and Safety Reporting System Market Predicted to Grow at a CAGR of 11.8% by 2025

Healthcare Quality and Safety Reporting System Market

According to Persistence Market Research, the global market for quality and safety reporting systems for healthcare will develop at an 11.8% CAGR from 2017 to 2025. (PMR). The market's projected worth in 2016 was US$ 842.9 million, and it is expected to produce US$ 2000 million in sales by the end of 2025.

Quality and safety reporting system, a healthcare IT system, is utilized across health organisations including primary care units, hospitals, and various other healthcare settings, interpreting patient safety and reporting data. This helps in identifying medical errors or adverse events for improvements in safety and quality for patients.

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Increasing Number of Medical Recalls Expected to Fuel the Market Growth

Surging number of medical device recalls has resulted into a rise in adoption of quality and safety reporting systems, so as to reduce potential medical errors and keep track of medical device components for managing recalls.

In addition, growing incidences of medical errors is further fuelling the demand for quality and safety reporting systems in healthcare organisations. Majority of hospitals do not have patient history results. This lack of information regarding patient history has led to improper treatment of patients. Healthcare organisation are therefore adopting quality and safety reporting systems to avoid such severe errors.

With advancements in healthcare technologies, governments of various emerging countries such as China, Brazil, and India are making significant investments in healthcare sector. Improving economic conditions and surging government spending have resulted in an increase in number of hospitals across these regions. Governments in some of the countries in Asia Pacific (APAC) have approved 100% FDI in healthcare sector. The aforementioned factors are expected to pave growth opportunities for safety and quality reporting system vendors.

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Cloud-based Deployment Estimated to Reflect Fastest Growth through 2025

Owing to the implementation of strict federal regulations, there has been an increasing number of installations of quality and safety reporting systems in hospitals, clinics and several other healthcare settings. The hospitals end-user segment dominated the global quality and safety reporting systems for healthcare market in 2016, with more than 60% market share in terms of revenue. Clinics and long-term care centres are expected to exhibit a CAGR of around 12% during the forecast period.

Based on component type, although the software segment is expected to hold the dominant share of the market, the services segment is projected to register a comparatively faster growth during the forecast period. The on-premise deployment type segment is expected to be most lucrative in the global market, and is expected to account for revenues of around US$ 1600 Mn by 2025 end. In addition, cloud-based deployment is expected to register the fastest growth in the global quality and safety reporting systems for healthcare market during the forecast period.

North America Expected to Dominate the Market during the Forecast Period

North America is expected to exhibit a comparatively high growth in the global quality and safety reporting systems for healthcare market, followed by Europe and Asia Pacific (APAC). The region is estimated to reflect 12.77% CAGR during the forecast period. The growth of market in North America is primarily attributed to factors such as soaring number of Greenfield investments, relaxation of regulatory & tax burdens on the U.S. businesses, and robust adoption of advanced technologies. Europe is expected to be the second-most lucrative region in the global market throughout the forecast period.

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Key players identified in the report include -

1.Quantros, Inc.
2. The Patient Safety Company
3.Riskonnect, Inc.
4.Datix Ltd.
5.MRM Group, LLC
6.PowerHealth Solutions
7.Episource, LLC
8.Binary Fountain Inc.
9.Ventiv Technology Inc.
10.ArroHealth
11.Advantmed, LLC

Market Segmentation
By Solution Type
Software
Complaint handling
Change management
Calibration management
Audit management
Document control
Non-conformances/corrective & preventative
Patient management
Others

By End User
Hospitals
Long-term Care Centers
Rehabilitation Centers
Clinics
Others

By Deployment Type
On-premise
Cloud-based

By Region
North America
Latin America
Europe
APAC
MEA

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This release was published on openPR.