Risk management process identifies the aspects which help provide effective, efficient, excellent, and safe patient care. The system aims to make sure the early identification of the risk to control or reduce the effect and damage. Patient safety and risk management in the medical sector deals with clinical as well as administrative processes and reports related to prevention, alleviation, assessment, detection, and monitoring of the risks.
The global patient safety and risk management software market is fueled by the rising need to diminish medical care costs, clinical errors, and related unfavorable conditions. Different elements impelling the market development incorporate expanding government activities to improve the patient result & patient safety, surging demand in medical services, and the developing accentuation on patient-driven care. But, the absence of skilled medical care IT experts, information protection issues and hesitance to move from traditional techniques are likely to pull back the development of the global patient safety and risk management software market.
The global patient safety and risk management software market is broadly categorized into type, deployment mode, end-user, and region. Based on type, the global market is divided into claims management solutions, risk management & safety solutions, risk & compliance solutions, and governance. The deployment mode is segregated into the hybrid cloud, public cloud, and private cloud. In terms of end-user, the market is classified into ambulatory care centers, long-term care centers, pharmacies, hospitals, and others.
Geographically, North America is estimated to lead the global patient safety and risk management software market with the highest market share. This is credited to the rising inclination towards healthcare IT solutions from premise solutions. Besides, increased usage of data analytics to organize the workflow at the medical centers and improved patient safety are also contributing to the regional growth. The region is further trailed by the Asia Pacific owing to the increasing number of players in the region. People in the region are also adopting the new technology at a wider scale, along with supportive government initiatives to strengthen the healthcare industry. These factors are estimated to fortify the demand in the region.
Clarity Group Inc., Verge Health, Conduent Inc., RiskQual Technologies, Riskonnect Inc., Smartgate Solutions Ltd., Prista Corporation, RLDatix, The Patient Safety Company, Quantros Inc., and others are some of the major companies in the global patient safety and risk management software market. The key players are indulging in re-designing the business strategies for increasing the consumer base. They are also investing in mergers and acquisitions, along with partnerships and collaborations to strengthen their position in the market and gain an edge over their competitors. A year ago, Symplr, a leading company in the industry took over The Patient Safety Company. The acquisition aims to benefit the demand for GRC software solutions that is likely to strengthen patient safety.