Patient Safety Software Market

Patient Safety 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

Report Code: HIT 7318 Aug, 2019, by marketsandmarkets.com

The global patient safety software market size is projected to reach USD 2.2 billion by 2024, at a CAGR of 11.2%. The rising need to curtail healthcare costs, increasing incidences of medical errors & hospital-acquired infections, and growing government initiatives to improve patient safety and patient outcomes are key drivers of this market. On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of patient safety and risk management are expected to restrain the growth of the market to a certain extent during the forecast period.

Patient Safety and Risk Management Software Market

The market for governance, risk & compliance solutions is projected to grow at the highest CAGR during the forecast period

Based on type, the market for governance, risk, & compliance (GRC) solutions is expected to grow at the highest rate during the forecast period. The high growth of this segment is attributed to the increasing number of adverse events to patients across the globe and the effective utilization of GRC solutions. GRC solutions provide safe, high-quality care to patients while maintaining compliance with industry standards and regulations.

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.

Patient Safety and Risk Management Software Market

The APAC region is expected to grow at the fastest rate during the forecast period

The patient safety and risk management software market in APAC is expected to grow at the highest CAGR during the forecast period. Much of this growth is driven by the increasing patient population in this region, rapid return on investment (ROI), and rising government initiatives to improve the patient safety & patient outcomes in healthcare. Several healthcare organizations in Asia are actively moving towards digitization to streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for patient safety and risk management software to ensure better patient care.

Key Market Players

The key players in the global patient safety and risk management solutions market are Clarity Group Inc. (US), Conduent Inc. (US), Prista Corporation (US), Quantros Inc. (US), Riskonnect Inc. (US), RiskQual Technologies (US), RLDatix (Canada), Smartgate Solutions Ltd. (UK), The Patient Safety Company (Netherlands), and Verge Health (US).

RLDatix (Canada) is one of the leading players in the market and accounted for the largest share in 2018. RLDatix is one of the leading providers of cloud-based and integrated software solutions for patient safety and risk management to various industries, including healthcare. To strengthen its market position and to broaden its product offerings, the company majorly focuses on agreement, acquisitions, and mergers. For example, in May 2019, the company entered into an agreement to acquire iContracts (US) to broaden its reach into the governance, risk management, & compliance space.

Verge Health (US) held the second-largest share in the patient safety management software market in 2018. The company offers a robust portfolio of patient safety solutions, including governance, risk, & compliance. To sustain its strong position in the market, the company focuses on strengthening its software platform through organic and inorganic strategies, such as product launches and partnerships. For instance, in February 2019, the company entered into a partnership with Texas Hospital Association (US) to enhance its governance, risk, & compliance platform and allowed the Texas Hospital Association to effectively and efficiently manage risk and provide better patient care.

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Scope of the Report

:

Report Metric

Details

Market size available for years

2017–2024

Base year considered

2018

Forecast period

2019–2024

Forecast units

Value (USD)

Segments covered

Type, Deployment Mode, End User, and Region

Geographies covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Companies covered

RLDatix (Canada), Riskonnect Inc. (Georgia), Verge Health (US), Clarity Group Inc. (US), The Patient Safety Company (Netherlands), RiskQual Technologies (US), Quantros Inc. (US), Conduent Inc. (US), Prista Corporation (US), and Smartgate Solutions Ltd. (UK).
Total 16 major players covered

The research report categorizes the patient safety management software market into the following segments and subsegments:

Patient Safety and Risk Management Software Market, By Type

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

Patient Safety and Risk Management Solutions Market, By Deployment Mode

  • Private Cloud
  • Public Cloud
  • Private Cloud

Patient Safety and Risk Management Software Market, By End-User

  • Hospitals
  • Ambulatory Care Centers
  • Long-Term Care Centers
  • Pharmacies
  • Other End Users

Patient Safety and Risk Management Solutions Market, by Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe (RoE)
  • Asia Pacific
  • Latin America
  • The Middle East & Africa

Recent Developments

  • In June 2019, Riskonnect Inc. launched Riskonnect ClearSight 19.0, an addition to its integrated risk management platform.
  • In May 2019, RLDatix entered into an agreement to acquire iContracts (US) that provided more significant opportunities to RLDatix.
  • In February 2019, Verge Health entered into a partnership with the Texas Hospital Association (US) to strengthen its governance, risk, & compliance platform.
  • In October 2018, Riskonnect, Inc. acquired Marsh ClearSight LLC (US) to expand its product offerings.
  • In August 2017, Conduent Inc. (US) launched the Midas Hospital Risk Adjustment Model.

Critical Questions the Report Answers:

  • Where will all these developments take the industry in the mid-to-long term?
  • What are the major end-users and the benefits they avail by implementing patient safety and risk management solutions?
  • What are the trends going on in the market?
  • What are the major market dynamics and their impact on market growth?
  • What is the global scenario of the market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Stakeholders
    1.6 Limitations

2 Research Methodology (Page No. - 17)
    2.1 Research Approach
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primaries
                    2.1.2.3 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Data Triangulation Approach
    2.4 Market Share Estimation

3 Executive Summary (Page No. - 24)

4 Premium Insights (Page No. - 28)
    4.1 Patient Safety and Risk Management Solutions: Market Overview
    4.2 Europe: Patient Safety and Risk Management Solutions Market, By Type (2018)
    4.3 Geographic Snapshot of the Patient Safety and Risk Management Solutions Market
    4.4 Regional Mix: Patient Safety and Risk Management Solutions Market

5 Market Overview (Page No. - 32)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Key Market Drivers
                    5.2.1.1 Increasing Need to Curtail Rising Healthcare Costs and Growing Focus on Improving Patient Outcomes
                               5.2.1.1.1 Medical Errors
                               5.2.1.1.2 Hospital-Acquired Infections
                    5.2.1.2 Government Initiatives to Improve Patient Safety and Patient Outcomes
           5.2.2 Key Market Restraints
                    5.2.2.1 Reluctance to Switch From Conventional Methods
                    5.2.2.2 Dearth of Skilled It Professionals
           5.2.3 Key Market Opportunity
                    5.2.3.1 Increasing Use of Big Data Analytics for Patient Safety
           5.2.4 Key Market Challenge
                    5.2.4.1 Data Security Concerns
           5.2.5 Key Market Trend
                    5.2.5.1 Use of Artificial Intelligence and Predictive Analytics for Patient Safety

6 Patient Safety and Risk Management Solutions Market, By Type (Page No. - 41)
    6.1 Introduction
    6.2 Risk Management and Safety Solutions
           6.2.1 Rising Focus of Healthcare Providers on Addressing Patient Safety & Risk Management Aspects has Increased the Demand for These Solutions
    6.3 Claims Management Solutions
           6.3.1 Growing Focus on Streamlining Claims Procedures is Driving the Demand for These Solutions
    6.4 Governance, Risk and Compliance Solutions
           6.4.1 Growing Incidence of Medical Errors to Support Market Growth

7 Patient Safety and Risk Management Solutions Market, By Deployment Mode (Page No. - 49)
    7.1 Introduction
    7.2 Private Cloud
           7.2.1 Growing Concerns Over Data Security have Driven Demand for Private Cloud-Deployed Solutions
    7.3 Public Cloud
           7.3.1 Affordability has Ensured End-User Reliance on the Public Cloud, But Need for Security May Push Attention to Hybrid Cloud
    7.4 Hybrid Cloud
           7.4.1 Hybrid Clouds Offer the Benefits of Both Private and Public Clouds

8 Patient Safety and Risk Management Solutions Market, By End User (Page No. - 54)
    8.1 Introduction
    8.2 Hospitals
           8.2.1 Growing Need to Minimize Medical Errors and Adverse Events is Driving the Use of Patient Safety and Risk Management Solutions in Hospitals
    8.3 Ambulatory Care Centers
           8.3.1 Growing Adoption of Ehrs in Ambulatory Care Centers to Support Market Growth
    8.4 Long-Term Care Centers
           8.4.1 Long-Term Care Centers are the Most Preferred and Fastest-Growing Care Option for Elderly People
    8.5 Pharmacies
           8.5.1 Growing Focus on Reducing Medication Errors has Increased the Adoption of Patient Safety Solutions in Pharmacies
    8.6 Other End Users

9 Patient Safety and Risk Management Solutions Market, By Region (Page No. - 62)
    9.1 Introduction
    9.2 North America
           9.2.1 US
                    9.2.1.1 The US Dominates the North American Patient Safety and Risk Management Solutions Market
           9.2.2 Canada
                    9.2.2.1 Growing Need for Cost Containment in Healthcare to Propel Market Growth
    9.3 Europe
           9.3.1 Germany
                    9.3.1.1 High Healthcare Expenditure in the Country to Drive the Adoption of Patient Safety and Risk Management Solutions
           9.3.2 UK
                    9.3.2.1 Increasing Frequency of Medical Errors to Propel the Adoption of Patient Safety and Risk Management Solutions
           9.3.3 France
                    9.3.3.1 Initiatives Taken By the French Government to Promote the Use of Healthcare It Solutions to Drive Market Growth
           9.3.4 Rest of Europe (RoE)
    9.4 Asia Pacific
           9.4.1 Rising Demand and Support for Patient Safety are Driving Market Growth in the APAC
    9.5 Latin America
           9.5.1 Developments in Healthcare Infrastructure Will Contribute to the Demand for Patient Safety and Risk Management
    9.6 Middle East and Africa
           9.6.1 Middle East to Witness High Demand for Hcit Solutions in the Coming Years

10 Competitive Landscape (Page No. - 91)
     10.1 Overview
     10.2 Market Share Analysis
     10.3 Competitive Leadership Mapping
             10.3.1 Visionary Leaders
             10.3.2 Innovators
             10.3.3 Dynamic Differentiators
             10.3.4 Emerging Companies
     10.4 Competitive Situation and Trends
             10.4.1 Solution Launches and Enhancements
             10.4.2 Agreements, Partnerships, and Collaborations
             10.4.3 Acquisitions and Mergers
             10.4.4 Other Strategies

11 Company Profiles (Page No. - 99)
(Business Overview, Services Offered, Recent Developments, MnM View)*
     11.1 Rldatix
     11.2 Verge Health, LLC
     11.3 Riskqual Technologies
     11.4 Quantros, Inc.
     11.5 Clarity Group Inc.
     11.6 Conduent Inc.
     11.7 Prista Corporation
     11.8 Riskonnect Inc. (A Part of Thoma Bravo, LLC)
     11.9 Smartgate Solutions Ltd.
     11.10 The Patient Safety Company

*Business Overview, Services Offered, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 113)
     12.1 Insights of Industry Experts
     12.2 Market Sizing & Validation Approach
     12.3 Discussion Guide
     12.4 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details


List of Tables (65 Tables)

Table 1 Patient Safety and Risk Management Solutions Market Snapshot, 2019 vs 2024
Table 2 Market Dynamics: Impact Analysis
Table 3 Total Potential Cost Savings From the Implementation of Patient Safety Platforms in the US for 2019
Table 4 Large Healthcare Data Breaches in the US (2010–2018)
Table 5 Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 6 Risk Management and Safety Solutions Offered By Key Market Players
Table 7 Risk Management and Safety Solutions Market, By Country, 2017–2024 (USD Million)
Table 8 Claims Management Solutions Offered By Key Market Players
Table 9 Claims Management Solutions Market, By Country, 2017–2024 (USD Million)
Table 10 Governance, Risk, and Compliance Solutions Offered By Key Market Players
Table 11 Governance, Risk, and Compliance Solutions Market, By Country, 2017–2024 (USD Million)
Table 12 Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 13 Private Cloud-Deployed Solutions Market, By Country, 2017–2024 (USD Million)
Table 14 Public Cloud-Deployed Solutions Market, By Country, 2017–2024 (USD Million)
Table 15 Hybrid Cloud-Deployed Solutions Market, By Country, 2017–2024 (USD Million)
Table 16 Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 17 Patient Safety and Risk Management Solutions Market for Hospitals, By Country, 2017–2024 (USD Million)
Table 18 Patient Safety and Risk Management Solutions Market for Ambulatory Care Centers, By Country, 2017–2024 (USD Million)
Table 19 Patient Safety and Risk Management Solutions Market for Long-Term Care Centers, By Country, 2017–2024 (USD Million)
Table 20 Patient Safety and Risk Management Solutions Market for Pharmacies, By Country, 2017–2024 (USD Million)
Table 21 Patient Safety and Risk Management Solutions Market for Other End Users, By Country, 2017–2024 (USD Million)
Table 22 Patient Safety and Risk Management Solutions Market, By Region, 2017–2024 (USD Million)
Table 23 North America: Patient Safety and Risk Management Solutions Market, By Country, 2017–2024 (USD Million)
Table 24 North America: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 25 North America: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 26 North America: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 27 US: Key Macroindicators
Table 28 US: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 29 US: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 30 US: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 31 Canada: Key Macroindicators
Table 32 Canada: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 33 Canada: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 34 Canada: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 35 Europe: Patient Safety and Risk Management Solutions Market, By Country, 2017–2024 (USD Million)
Table 36 Europe: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 37 Europe: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 38 Europe: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 39 Germany: Key Macroindicators
Table 40 Germany: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 41 Germany: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 42 Germany: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 43 UK: Key Macroindicators
Table 44 UK: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 45 UK: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 46 UK: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 47 France: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 48 France: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 49 France: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 50 RoE: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 51 RoE: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 52 RoE: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 53 APAC: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 54 APAC: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 55 APAC: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 56 Latin America: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 57 Latin America: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 58 Latin America: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 59 Middle East and Africa: Patient Safety and Risk Management Solutions Market, By Type, 2017–2024 (USD Million)
Table 60 Middle East and Africa: Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2017–2024 (USD Million)
Table 61 Middle East and Africa: Patient Safety and Risk Management Solutions Market, By End User, 2017–2024 (USD Million)
Table 62 Solution Launches and Enhancements, January 2016– July 2019
Table 63 Agreements, Partnerships, and Collaborations, January 2016–July 2019
Table 64 Acquisitions and Mergers, January 2016–April 2019
Table 65 Other Strategies, January 2016–April 2019


List of Figures (25 Figures)

Figure 1 Patient Safety and Risk Management Solutions Market
Figure 2 Research Design
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Assumptions of the Study
Figure 7 Patient Safety and Risk Management Solutions Market, By Type, 2019 vs 2024 (USD Million)
Figure 8 Patient Safety and Risk Management Solutions Market, By Deployment Mode, 2019 vs 2024 (USD Million)
Figure 9 Patient Safety and Risk Management Solutions Market, By End User, 2019 vs 2024 (USD Million)
Figure 10 Geographical Snapshot of the Patient Safety and Risk Management Solutions Market
Figure 11 Increasing Need to Curtail Rising Healthcare Costs and Growing Focus on Improving Patient Outcomes are Expected to Drive Market Growth
Figure 12 Risk Management and Safety Segment Commanded the Largest Share of the European Patient Safety and Risk Management Solutions Market in 2018
Figure 13 North America Accounted for the Largest Share of the Market in 2018
Figure 14 Asia Pacific Market to Witness the Highest Growth During the Forecast Period
Figure 15 Number of Data Breaches in the US (2009–2018)
Figure 16 Governance, Risk, and Compliance Segment to Witness the Highest Growth During the Forecast Period
Figure 17 Private Cloud Segment to Witness the Highest Growth During the Forecast Period
Figure 18 Ambulatory Care Centers Segment to Witness the Highest Growth During the Forecast Period
Figure 19 North America: Patient Safety and Risk Management Solutions Market Snapshot
Figure 20 Europe: Patient Safety and Risk Management Solutions Market Snapshot
Figure 21 APAC: Patient Safety and Risk Management Solutions Market Snapshot
Figure 22 Agreements, Partnerships, and Collaborations — Key Growth Strategy Adopted By Market Players From 2016 to July 2019
Figure 23 Patient Safety and Risk Management Solutions Market Share, By Key Player, 2018
Figure 24 Patient Safety and Risk Management Solutions Market: Competitive Leadership Mapping (2018)
Figure 25 Conduent Inc: Company Snapshot (2018)

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

Secondary Research

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Business, Factiva, and D&B Hoovers), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the patient safety and risk management software market. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

Primary Research

In the primary research process, industry experts from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Industry experts from the supply side include CEOs, vice presidents, marketing and sales directors, product managers, business development managers, technology and innovation directors of companies providing patient safety and risk management software, key opinion leaders, and suppliers and distributors. The industry experts from the demand side include hospitals, diagnostics centers, primary care providers, long term care centers, mental healthcare centers, and ambulatory care centers.

Following the breakdown of primary respondents

Patient Safety and Risk Management Software Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by type, by deployment mode, end-user, and region).

Data Triangulation

After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.

Objectives of the Study

  • To define, describe, and forecast the global patient safety and risk management solutions market by type, deployment mode, end-user, and region
  • To provide detailed information about the factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
  • To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
  • To forecast the size of the market in five regions (along with major countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
  • To profile key players in the patient safety and risk management solutions market and comprehensively analyze their core competencies and market shares

To track and analyze competitive developments such as mergers and acquisitions; new product/technology launches; expansions; collaborations, partnerships, and agreements; and R&D activities of the leading players in the global market

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players

Geographic Analysis

  • Further breakdown of the Rest of Asia Pacific patient safety and risk management software market into Japan, Australia, and other countries
  • Further breakdown of the Rest of Europe market into Benelux Union, Switzerland, and other countries
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