DUBLIN--(BUSINESS WIRE)--The "Patient Safety and Risk Management Software Market - Global Forecasts to 2024" report has been added to ResearchAndMarkets.com's offering.
The global patient safety and risk management solutions market is projected to reach USD 2.2 billion by 2024 from USD 1.3 billion in 2019 during the forecast period.
Increasing need to improve patient safety & patient outcomes in the healthcare industry in line with patient safety standards across the globe while enhancing the operational efficiency of healthcare organizations is expected to propel the growth of this market. On the other hand, reluctance to switch from conventional methods and lack of skilled IT professionals are expected to restrain the market growth to a certain extent.
By type, the risk management & safety solutions segment accounted for the largest market share of the market.
The risk management & safety solutions segment is excepted to account for the largest share in 2019. The large share of this segment can be attributed to the benefits offered by these solutions such as minimal medical errors & hospital-acquired infections, prevention from patient safety events, efficient compliance, and improving the operational efficiency of healthcare providers.
The private cloud segment accounted for the largest share of the market
The private cloud segment is expected to account for the largest share in 2019 due to factors such as the rising end-user preference for high-security solutions and rapid & controlled data access. Deployment via private cloud is gaining preference over other types on account of its proprietary architecture dedicated to a single organization with defined needs and goals.
APAC is projected to witness the highest growth during the forecast period.
North America is expected to hold the largest share of the patient safety and risk management solutions market in 2019. On the other hand, Asia Pacific is expected to witness the highest growth during the forecast period. The high growth rate of the APAC region can be attributed to the rising awareness of patient safety and risk management in healthcare and government initiatives to improve patient safety & care quality. Furthermore, a move towards digitizing the healthcare sector in the APAC region is expected to drive market growth during the forecast period.
Patient Safety Management Software Market Dynamics
Key Market Drivers
- Increasing Need to Curtail Rising Healthcare Costs and Growing Focus on Improving Patient Outcomes
- Medical Errors
- Hospital-Acquired Infections
- Government Initiatives to Improve Patient Safety and Patient Outcomes
Key Market Restraints
- Reluctance to Switch From Conventional Methods
- Dearth of Skilled It Professionals
Key Market Opportunity
- Increasing use of Big Data Analytics for Patient Safety
Key Market Challenge
- Data Security Concerns
Key Market Trend
- Use of Artificial Intelligence and Predictive Analytics for Patient Safety
- Clarity Group Inc.
- Conduent Inc.
- Prista Corporation
- Quantros, Inc.
- Riskonnect Inc. (A Part of Thoma Bravo, LLC)
- RiskQual Technologies
- Smartgate Solutions Ltd.
- The Patient Safety Company
- Verge Health, LLC
For more information about this report visit https://www.researchandmarkets.com/r/xwbrfx