The patient safety and risk management solutions market is projected to reach USD 2.2 billion by 2024 from USD 1.3 billion in 2019, at a CAGR of 11.2% during the forecast period. Key players in this market include RLDatix (Canada), Riskonnect Inc. (US), Verge Health (US), Clarity Group Inc. (US), The Patient Safety Company (Netherlands), RiskQual Technologies (US), Quantros Inc. (US), Conduent Inc. (US), Prista Corporation (US), Smartgate Solutions Ltd. (UK).
Key players are focusing on increasing their presence in this high-growth market through both organic as well as inorganic growth strategies, such as product launches, agreements, partnerships, collaborations, acquisitions, and mergers. Due to the intense competition in this market, major market players are increasingly focusing on expanding their geographic presence in high-growth emerging markets and strengthening their competitiveness in the market by entering into an agreement, partnership, and acquiring smaller players with desired manufacturing capabilities or geographic presence.
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RLDatix (Canada) was the leading player in the patient safety and risk management solutions market and accounted for the largest share in 2018. The company offers cloud-based and integrated software solutions for patient safety and risk management. The company is an industry leader in the fast implementation of patient safety software solutions, thus providing additional value with innovative technologies. RLDatix’s position in the market can be attributed to its active R&D activities and wide distribution footprint across the world. To garner a large share of the patient safety and risk management solutions market, the company continuously focuses on inorganic growth strategies such as agreements and acquisitions. For instance, in May 2019, the company entered into an agreement with iContracts (US) to broaden its reach into the governance, risk management, and compliance space.
Verge Health (US) held the second-largest share of the patient safety and risk management solutions market. Its position in the market can be attributed to its robust product portfolio and reliable distribution channel across the world. To maintain its position in the market, the company focuses on expanding its product portfolio through strategies such as product launches, partnerships, and agreements. For instance, in August 2018, the company entered into a partnership with MG Select (US). Under the partnership, MG Select’s implementation & migration services were combined with Verge Health’s converge platform to offer more advanced risk management platform for healthcare providers.
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
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