The global patient safety software market is projected to reach USD 2.2 billion by 2024, growing at a CAGR of 11.2%, according to a new report by MarketsandMarkets. Key factors driving this growth include the rising need to reduce healthcare costs, increasing occurrences of medical errors and hospital-acquired infections, and growing government initiatives to improve patient safety and outcomes. However, a lack of in-house IT expertise and reluctance by healthcare providers to adopt new patient safety and risk management methods could restrain market growth to some extent over the forecast period.
The governance, risk and compliance (GRC) solutions segment is expected to register the highest CAGR during 2019-2024. The high growth rate is attributed to the increasing number of adverse events affecting patients globally and the effective use of GRC solutions to provide safe, high-quality care while maintaining compliance.
The ambulatory care centers segment is projected to witness the highest growth rate during the forecast period due to the growing need to minimize patient harm risks. Implementing patient safety and risk management software is vital for these centers as it enables effective management of patient safety events.
The Asia-Pacific market is forecast to grow at the fastest pace over the next five years. This is driven largely by the expanding patient population, rapid return on investment, and rising government initiatives to advance patient safety and outcomes. Healthcare organizations across Asia are actively moving towards digitization to streamline workflows and ensure patient care and safety. This has resulted in growing demand for patient safety and risk management software.
Key players in the global patient safety and risk management solutions market include RLDatix, Riskonnect Inc., Verge Health, Clarity Group Inc., The Patient Safety Company, RiskQual Technologies, Quantros Inc., Conduent Inc., Prista Corporation, and Smartgate Solutions Ltd.
RLDatix held the largest market share in 2018 as a leading provider of cloud-based, integrated software solutions for patient safety and risk management across healthcare and other industries. To strengthen its position, the company focuses mainly on agreements, acquisitions, and mergers. For example, in May 2019 RLDatix acquired iContracts to expand its reach in the GRC space.
Verge Health held the second largest share in 2018 and offers various patient safety solutions including GRC. To sustain its strong standing, the company works to enhance its software platform through organic and inorganic strategies like product launches and partnerships. In February 2019, Verge Health partnered with the Texas Hospital Association to improve its GRC platform.
The patient safety software industry shows attractive growth opportunities as healthcare providers increasingly recognize the benefits of implementing advanced solutions to minimize risks, reduce costs, and improve quality of care. Key players are well positioned to capitalize on this trend through continuous enhancements of their patient safety and risk management offerings.