Patient Safety And Risk Management Software Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[215+ Pages Report] According to Facts & Factors, the global patient safety and risk management software market size was valued at USD 2,140.35 million in 2023 and is predicted to surpass USD 5,378.20 million by the end of 2032. The patient safety and risk management software industry is expected to grow by a CAGR of 10.78% between 2024 and 2032.

Market Overview

Patient safety and risk management software refers to the technological solutions that help healthcare facilities focus on patient safety by managing potential risks. This software also helps organizations to comply with regulatory policies. This software helps with incident reporting and management by offering insights on near misses, adverse events, or medical errors in real time. It also helps identify potential risks in workflow and administration. This software also lowers the overall costs by eliminating the loss in adverse events like penalties, legal fields, or damage to reputation.

Key Insights

• As per the analysis shared by our research analyst, the global patient safety and risk management software market size is estimated to grow annually at a CAGR of around 10.78% over the forecast period (2024-2032).
• In terms of revenue, the global patient safety and risk management software market size was valued at around USD 2,140.35 million in 2023 and is projected to reach USD 5,378.20 million by 2032.
• Focus on patient safety is driving the growth of the global patient safety and risk management software market.
• Based on end-users, the hospital segment is growing at a high rate and is projected to dominate the global market.
• Based on deployment modes, the cloud-based segment is anticipated to grow with the highest CAGR in the global market.
• Based on types, the risk management & safety solutions segment is projected to swipe the largest market share.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Focus on patient safety is driving the growth of the global market.

Patient safety is becoming a top priority in care facilities globally. Therefore, people are investing in efficient risk management solutions to prevent medical errors and eliminate any incidences of adverse events.

Also, the strict regulatory policies imposed on healthcare facilities are pushing care facilities to invest in patient safety software to comply with safety protocols and regulatory frameworks.

Additionally, the increasing number of cases of health-associated infections is also a crucial reason for the high growth rate of the industry. Public hospitals are witnessing an increasing patient burden, leading to many adverse events during patient stays. This software also helps with data-driven decision-making, thereby guiding hospitals on patient safety and risk management practices. Sophisticated software with new technologies analyzes the data and predicts risk in real time.

Therefore, all these factors are likely to contribute significantly towards the growth of the global patient safety and risk management software market.

For instance, Origami Risk LLC came up with a new mobile app in 2024 to enhance the user experience. This app helps safety and risk management professionals proceed with audits and inspections.

Restraints

• High initial cost is expected to hamper the growth of the global market.

Patient safety software is quite expensive, and therefore, purchasing and implementing such solutions is difficult for budget-constrained organizations.

Additionally, the complexity of integration and installation is likely to negatively impact the growth of the patient safety and risk management software industry.

Opportunities

• Technological advancements are likely to foster growth opportunities in the global market.

The emergence of cloud solutions is likely to revolutionize the global patient safety and risk management software market. These solutions help healthcare facilities improve their flexibility and capabilities, thereby making it easy for hospitals to work efficiently with limited IT infrastructure.

Moreover, the growing awareness regarding risk management programs and solutions is further expected to positively impact the growth of the market. The healthcare sector is growing at a rapid pace, thereby expanding to cater to the growing demands of patients.

Governments are also participating equally in improving the quality of patient care, which is another major factor fueling the growth of the industry. Governments are also pressurizing healthcare organizations to lower readmissions and work on patient satisfaction, which is also expected to widen the scope of the industry in the coming years.

For instance, RLDatix said it would acquire Galen Healthcare Solutions in 2022. This acquisition will help the organization align with regulatory standards for data retention.

Challenges

• Resistance to change is a big challenge in the global market.

Many hospitals resist adopting new software because of their perception that it may disturb the existing workflow, which is a big challenge in the patient safety and risk management software industry.

Also, deploying such software poses a huge requirement for training, which is, again, a time-consuming and costly task.

Segmentation Analysis

The global patient safety and risk management software market can be segmented into end-users, deployment modes, types, and regions.

On the basis of end-users, the market can be segmented into long-term care centers, ambulatory care centers, hospitals, and others. Hospitals are the fastest-growing segment in the patient safety and risk management software industry.

Hospitals are under immense pressure from regulatory policies and authorities, which is a major reason for the high growth rate of the segment. Growing awareness among people regarding prioritizing the patient safety and hygiene aspects in hospital centers is further encouraging organizations to adopt risk management software.

Governing bodies impose several strict regulations regarding patient safety and risk management practices, which require special software to manage these protocols efficiently.

Also, the rising prevalence of healthcare-associated infections across the globe is pushing hospitals to adopt patient safety and risk management software.

Additionally, this software helps hospitals with resource optimization by helping them lower overall costs and improve operational efficiency.

On the basis of deployment modes, the market can be segmented on-premise and cloud-based. The cloud-based segment is likely to dominate the global patient safety and risk management software market during the forecast period.

Cloud-based solutions work on subscription-based models and, therefore, eliminate the need for high upfront costs for expensive infrastructures and hardware.

Cloud platforms help healthcare organizations scale up and down their resources according to the demand and requirements of the organization. This flexibility helps organizations handle the varying patient volumes across the seasons without wasting resources and finances.

Cloud-based solutions also help healthcare staff with remote accessibility, thereby helping them manage patient safety practices from different locations. This cloud-based software can easily be integrated with existing health infrastructure like Clinical Decision Support (CDS) systems or Electronic Health Records (EHR), thereby helping healthcare staff improve the workflow across different departments.

On the basis of types, the market can be segmented into claims management solutions, risk management & safety solutions, and governance risk & compliance solutions. Risk management and safety solution segment accounts for the largest share of the patient safety and risk management software industry during the forecast period.

The increasing emphasis of the healthcare industry on patient safety is one of the major factors for the high growth rate of the segment. This sector is facing many rising concerns regarding medical errors, adverse events, and hospital-acquired conditions. Patients are the top priority of any organization, and therefore, it is vital to check and prevent the risks before they cause any huge damage.

Healthcare organizations are under strict regulations, and therefore, it is important to adopt risk management and safety solutions. These solutions also help healthcare providers to proactively mitigate possible risks like surgical complications, patient falls, and medication errors. These management solutions also analyze the data associated with safety concerns to offer real-time incident reporting.

Additionally, the risk management and safety solutions can easily be integrated with other existing systems like Clinical Decision Support (CDS) systems and Electronic Health Records (EHR) to ensure safety protocols and help healthcare providers make informed decisions to eliminate risk.

Hospitals and healthcare facilities are working on lowering the incidences of healthcare-associated infections during hospital stays, which is another major factor encouraging organizations to adopt risk management software for control measures.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America is projected to account for the largest share of the global patient safety and risk management software market during the forecast period. There is a growing emphasis on patient safety in North America, which is a major factor driving the growth of the regional market.

Moreover, regulatory bodies like The Joint Commission and Centre for Medicare & Medicaid Services are imposing regulations on the healthcare organizations in the region, which is driving the growth of the regional market.

Countries like the US and Canada are the regions with the highest spending on healthcare globally, which is also expected to positively impact the growth trajectory of the regional market.

North America is a leading region in technical innovation. Significant developments in machine learning, artificial intelligence, and predictive analytics technology are likely to improve patient safety and offer more unique prevention and safety measures.

Asia Pacific is also a major region in the patient safety and risk management software industry that is likely to see significant developments in the coming years. China is the leading market in the region because of the presence of a strong healthcare infrastructure.

Moreover, the government initiatives to improve the healthcare quality in the region are also expected to fuel the growth of the regional market. India is also an emerging country that is witnessing the adoption of patient safety software because of increasing urban healthcare facilities in the region.

The private healthcare sector in India is emerging as a crucial region for the country's high growth rate in the market. Japan is also expected to contribute heavily towards the growth of the regional market because of the presence of a well-developed healthcare system along with the growing focus of organizations in the region on advanced healthcare technologies for risk management solutions in care facilities.

For instance, Neighbourly Pharmacy selected Pharmapod's medication incident management solution in 2023 to perform across 300 locations in Canada.

Competitive Analysis

The key players in the global patient safety and risk management software market include:

• Prista Corporation
• RiskQual Technologies Inc.
• Becton
• Dickinson and Company (BD)
• Clarity Group Inc.
• Symplr
• Conduent Inc.
• Health Catalyst
• Datix
• Origami Risk LLC
• Riskonnect Inc.

For instance, Prista Corporation collaborated with the Idaho Hospital Association to implement its ActionCue Clinical Intelligence solutions. This action is likely to improve patient care and safety by providing real-time insights to their healthcare and their teams.

The global patient safety and risk management software market is segmented as follows:

By End-Users Segment Analysis

• Long-Term Care Centers
• Ambulatory Care Centers
• Hospitals
• Others

By Deployment Modes Segment Analysis

• On-Premise
• Cloud-Based

By Types Segment Analysis

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

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America