Allied Market Research

2024

Patient Safety And Risk Management Software Market

Patient Safety and Risk Management Software Market Size, Share, Competitive Landscape and Trend Analysis Report, by Deployment mode, by Type and, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

LS : Healthcare IT

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Author's: | Roshan Deshmukh
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Patient Safety and Risk management software is a field in healthcare that helps in analyzing and reporting medical issues that occur in the healthcare facilities and help in risk management. This software is also used in prevention and reduction of such kind of errors. The Patient safety and risk management software team works with various clinics and corporate hospitals in order to find any shortcoming in the treatments and analyzing the risk. The information gathered is then used as a resource by other facilities to provide better services. 

Patient-Safety-and-Risk-Management-Software

The healthcare IT plays a big role in delivering this service. This software refers to methodologies of report used, the technology used and also the occurrence of errors during the process and the precautions taken to avoid the same. Although, this is a new field in the healthcare systems it has gained a good momentum in the last few years, reason being the awareness to minimize the errors. The major focus of risk management services is to make sure that disease and other errors are identified earlier and risk are assessed beforehand to control or manage the risks and related effects.

COVID-19 scenario analysis:

With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.

Technological progress, cost containment, and increased access will in the near future be an integral part of healthcare reforms. Digital health and telehealth have taken a front seat in the ongoing outbreak.

COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, this segment's growth will increase several folds over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduces the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis situation. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which will accelerate the market growth in the future.

Owing to such factors, COVID 19 is expected to have a significant impact on patient safety and risk management software market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis: 

The rise in the need of preventive measures, the effect of error free procedures has reduced the healthcare costs. Government has come up with various initiatives to improve the patient safety and outcome. Various governments along with the WHO are leading patient safety campaigns to increase the awareness among the patient population. Moreover, many healthcare IT companies have come up with new IT software to ensure patient safety. Other factors boosting the market growth include increasing investments in health care, and the growing significance of patient-centric care.

On the other hand, there is a deficiency of IT professionals in healthcare sectors; issues with data privacy and security, unwillingness to shift from conventional methods are hampering the growth. Along with this, poor regulatory policies in some nations, lack of latest technologies, lack of awareness regarding the population, inability of advanced healthcare IT tools are the major reasons for occurrence of patient safety issues.

New product launches to flourish the market:

In May 2019, RLDatix had an agreement with contracts which resulted in getting them a wider reach in the compliance space, risk management and governance.

In February 2019, Verge Health established partnership with Texas Hospital Association and Texas Hospital association is now able to efficiently manage and provide better services in Patient Safety and Risk Management software.

In June 2019, Riskonnect ClearSight 19.0 was registered to integrated risk management platform by Riskonnect Inc.

Surge in usage in hospital applications:

Hospitals are increasingly using Patient Safety and Risk Management in order to reduce the adverse events and errors during any medical procedures among the laser volume for patients. The increasing number of patients due to change in lifestyle and other factors, awareness amongst both the patients and the hospital professionals are increasing the usage of Patient safety and risk management Software throughout. The streamlined data collected and stored in the software are being helpful to the hospitals at various stages. 

Appropriate measures and use of prophylaxis during treatment has minimized various risks. Various infections which can be caused due to reuse of medicinal apparatus have come into information to various healthcare facilities.

Key benefits of the report:

  • This study presents the analytical depiction of the global Patient Safety and Risk Management Software industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Patient Safety and Risk Management Software market share.
  • The current market is quantitatively analyzed to highlight the global Patient Safety and Risk Management Software market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global Patient Safety and Risk Management Software market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Patient Safety and Risk Management Software Market research report:

  • What are the leading market players active in the Patient Safety and Risk Management Software market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the Patient Safety and Risk Management Software market?
  • What are the projections for the future that would help in taking further strategic steps?

Patient Safety and Risk Management Software Market Report Highlights

Aspects Details
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By Deployment mode
  • Public cloud
  • Private cloud
  • Hybrid cloud
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By Type
  • Governance solutions
  • Risk and compliance solutions
  • Risk management & safety solutions
  • Claims management solutions
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By End User
  • Hospitals
  • Pharmacies
  • Ambulatory care centers
  • Long term care centers
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
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Key Market Players

CCD Health Systems, Conduent Inc., RLDatix, Smartgate Solutions Ltd., Clarity Group Inc., Meditech Group., Riskonnect Inc., Verge Health, Prista Corporation, Quantros Inc.

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Patient Safety and Risk Management Software Market

Global Opportunity Analysis and Industry Forecast, 2023-2032