(PharmaNewsWire.Com, February 05, 2022 ) Patient Safety and Risk Management Software market size was estimated at $1.5 billion in 2020, growing at a CAGR of 11.45% during the forecast period 2021-2026. Patient safety and risk management software is a field of healthcare that aids in the analysis and reporting of medical issues that arise in healthcare facilities, as well as risk management also. The software enhances the patient experience and is also used to avoid and reduce errors. The patient safety and risk management software team collaborates with a variety of clinics and corporate hospitals to identify treatment flaws and assess risk. There are different types of software such as compliance solutions, claims administration and others. The increasing adoption of digitization across the globe is one of the major factors driving the growth of the market. Increasing hospital-acquired infections coupled with a growing number of medical errors is set to further enhance the overall market development of the Patient Safety and Risk Management Software Market for the period 2021-2026.
Patient Safety and Risk Management Software Market Segment Analysis – By Type
On the basis of type, market for Patient Safety and Risk Management Software is categorized in Governance, Risk & Compliance (GRC), Risk Management & Safety Solution and Claims Management. Governance, Risk & Compliance segment in Patient Safety and Risk Management Software market held the largest share. Governance, Risk & Compliance (GRC) solutions ensure that patients receive safe, high-quality care while adhering to industry regulations and standards. It helps in reduction of risk and improve control effectiveness which increasing Patient Safety and Risk Management Software market. However, Risk Management & Safety Solution is estimated to register higher CAGR of 11.63% during the forecast period 2021-2026 owing to it provide patients with effective and high-quality care.
Patient Safety and Risk Management Software Market Segment Analysis – By End User
Based on end user the market for Patient Safety and Risk Management Software is segmented in Hospitals, Ambulatory Care Centers, Long-Term Care Centers, Pharmacies and Others. Hospitals segment in Patient Safety and Risk Management Software market held the largest share. Growing usage of IT in healthcare owing to its benefit such as it provide single point of data entry which decreases the chance of errors, and also it simplifies and consistent data collection procedure thereby increasing Patient Safety and Risk Management Software market. However, Ambulatory Care Centers is estimated to register higher CAGR of 11.70% during the forecast period 2021-2026 owing to growing adoption of patient safety and risk management software in ambulatory care centres
Patient Safety and Risk Management Software Market Segment Analysis – By Geography
North America Patient Safety and Risk Management Software market held the significant market share of 49.45% in 2020. This is attributed to presence of key players coupled with improved healthcare sector in this region. Furthermore, growing shift away from on-premise solutions and toward healthcare IT solutions in this region which are contributing to the growth of the market in this region.
However, Asia Pacific is estimated to grow at a faster CAGR during the forecast period 2021-2026 owing to rising government support and initiatives to improve patient safety in this region. Increasing adoption of digitization to improve patient safety and care is also increasing the growth of the market in this region.
Patient Safety and Risk Management Software Market Drivers
Increasing Adoption of IT in Healthcare Sector
Increasing adoption of IT in healthcare sector across the globe is increasing the growth of the Patient Safety and Risk Management Software Market. IT facilitates access to healthcare data and aids in the resolution of problems associated with manual data processing. For instance, the Indian government launched National Digital Health Mission (NDHM), which aims to digitise healthcare records throughout the country. Additionally, increasing need to reduce healthcare costs is also practiced to increase the growth of the Patient Safety and Risk Management Software market during the forecast period 2021-2026.
Growing Number of Medical Errors because of Training and Lack of Knowledge
Increasing number of medical error owing to lack of training and knowledge is increasing the growth of the Patient Safety and Risk Management Software market. For instance, every year, the FDA receives more than 100,000 reports related to medical errors. Moreover, growing need to reduce risk factors such as hospital acquired infections which increasing the growth of the Patient Safety and Risk Management Software Market during the forecast period 2021-2026.
Patient Safety and Risk Management Software Market Challenges
Lack of in-house IT Expertise
Major factor that is set to impede the growth of the Patient Safety and Risk Management Software market is lack of in house IT expertise to control the patient safety and risk management software. Another factor which hamper the growth of market is high cost of Patient Safety and Risk Management Software.
Patient Safety and Risk Management Software Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Patient Safety and Risk Management Software Market. In 2020, the Patient Safety and Risk Management Software Market share is consolidated by the top ten players present in the market.
Key Takeaways
North America dominated the Patient Safety and Risk Management Software Market in 2020 owing to increasing preference towards digitization in this region. The Patient Safety and Risk Management Software Market scope for different regions will be provided in the final report.
Growing incidence of chronic conditions is set to aid the market growth of the Patient Safety and Risk Management Software Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Patient Safety and Risk Management Software Market report.
Lack of in-house IT expertise is poised to create the hurdles for the Patient Safety and Risk Management Software Market.
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