Patient Safety and Risk Management Software Market Growing Opportunity and Challenges for New Market Entrants

(IT-NEWSWIRE.COM, April 09, 2020 ) According to a new market research report “Patient Safety and Risk Management Software Market by Type (Risk Management, Governance, Risk & Compliance, Claims Management), Deployment Mode (Cloud, Public, Private), End-User (Hospital, Ambulatory Care, Pharmacy), Region – Global Forecasts to 2024 “, published by MarketsandMarkets™, the market is expected to reach USD 2.2 billion by 2024 from USD 1.3 billion in 2019, at a CAGR of 11.2%.

The rising need to reduce increasing healthcare costs and the implementation of government initiatives to improve patient safety & patient outcomes are the major factors driving the growth of this market.

The risk management & safety solutions segment is expected to dominate the market in 2019.

Based on type, the patient safety and risk management solutions market is segmented into risk management & safety solutions, claims management solutions, and governance, risk & compliance solutions. The risk management and safety solutions segment is expected to account for the largest share in 2019.

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The market for ambulatory care centers is expected to witness the highest growth during the forecast period

The market for ambulatory care centers is projected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the rising need to minimize the risk associated with patient harm. In addition, implementation of patient safety and risk management software is vital for ambulatory care centers as it helps them in the effective management of patient safety events.North America to dominate the Behavioral Health Software Market

North America to hold the largest regional market share in 2019.

North America is expected to account for the largest share of the patient safety and risk management software market in 2019, followed by Europe. The large share of North America can be attributed to the favorable regulations (such as Patient Safety Act and Patient Protection and Affordable Care Act) combined with the high healthcare IT spending in the region, and greater adoption of patient safety and risk management solutions.

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The Patient Safety and Risk Management Software Market is highly competitive with the presence of several small and big players. Some of the players in the Patient Safety and Risk Management Software include RLDatix (Canada), Verge Health (US), Riskonnect Inc. (US), Clarity Group Inc. (US), RiskQual Technologies (US), The Patient Safety Company (Netherlands), Quantros Inc. (US), Prista Corporation (US), Smartgate Solutions Ltd. (UK), and Conduent Inc. (US).

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Mr. Sanjay Gupta

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raviraj.tak@marketsandmarkets.com

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Patient Safety and Risk Management Software Market Growing Opportunity and Challenges for New Market Entrants