Patient Safety And Risk Management Software Market Size, Share & Trends Analysis Report By Type, By Deployment Type (Cloud, On-premise), By End-use (Hospitals, Ambulatory Care Centers, Long-term Care Centers), By Region, And Segment Forecasts, 2024 - 2030

Patient Safety And Risk Management Software Market Size, Share & Trends Analysis Report By Type, By Deployment Type (Cloud, On-premise), By End-use (Hospitals, Ambulatory Care Centers, Long-term Care Centers), By Region, And Segment Forecasts, 2024 - 2030

Patient Safety And Risk Management Software Market Growth & Trends

The global patient safety and risk management software market size is expected to reach USD 4.4 billion by 2030, registering a CAGR of 11.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing need for efficient patient safety and risk assessment solutions to increase the efficiency of healthcare providers and rising government initiatives to promote healthcare IT and improve the healthcare infrastructure are the key factors driving the market growth. Furthermore, the increasing occurrence of cyber-attacks on electronic health records is expected to boost the revenue growth of this market over the forecast period.

Increasing initiatives by healthcare organizations to enhance patient safety and outcomes contribute to the rising demand for adopting patient safety and risk management software in healthcare facilities. For instance, according to an article published by HCA Healthcare in February 2023, HCA Healthcare utilized ointment and soap to decolonize ICU patients. This resulted in a 44% decrease in bloodstream infections and a 37% decline in MRSA infections.

In June 2023, Becton, Dickinson, and Company (BD) organized the Pledge for Safety -Clinical Leaders Forum to increase awareness about safety protocols, technologies, and practices crucial for optimal patient and clinical outcomes. The event, initiated at Ruby Hall Clinic with a symbolic Safety Lamp lighting, served as a platform for the participants to commit to safety protocols. Discussions at the forum covered infusion safety, prevention, a comprehensive approach to infection prevention, and integrating bundle care with advanced technology.

Claims management solutions enable insurers and healthcare providers to develop & deploy end-to-end claim processes focused on eliminating legal issues and operational inefficacies, improving customer experience. One of the areas of focus for healthcare providers is ensuring that patients can estimate their treatment cost upfront & avoid surprise/unforeseen billing, and understand what their bills cover. Some major players providing this software are RLDatix; Clarity Group Inc.; Ventiv; and RiskQual Technologies. These players actively launch new products, advance existing ones, engage in partnerships & collaborations, and undertake other strategic initiatives. For instance, in January 2021, Blue Shield of California partnered with OODA Health, a software startup, and CommonSpirit Health, which operates Dignity Health hospitals, to introduce a Member Payment pilot program. The program utilizes a simplified billing format and other advanced digital technologies to achieve transparency in medical billing.

According to the data published by MedTech Europe in October 2023, healthcare accounts for roughly 11% of GDP, with medical technologies representing about 7.6% of this allocation in Europe. Across European countries, expenditure on medical technology as a percentage of total healthcare spending varies significantly, falling between 5% and 12%. Per capita spending on medical technology in Europe averages approximately USD 335.92. Hence, the increasing expenditure on healthcare technologies by developed and developing countries is expected to contribute to market growth.

Patient Safety And Risk Management Software Market Report Highlights

• Based on software type, the risk management & safety solutions segment dominated the market and accounted for a share of 67.1% in 2023. This can be attributed to the advancement in patient safety software, which offers healthcare managers the advantage of accessing patient data from a unified system, ensuring convenient accessibility and data protection.
• Based on deployment mode, the cloud segment dominated the market with the largest share of 57.7% in 2023. Cloud-based software solutions offer scalability, flexibility, and cost-effectiveness compared to on-premises installations. Moreover, the availability of diverse cloud-based solutions in the market is expected to fuel segment growth over the forecast period.
• Based on end-use, the hospital segment dominated the market with the largest share of 42.0% in 2023. Patient safety & risk management software helps protect hospitals from administrative, clinical, and financial loss. In addition, these software solutions empower healthcare professionals to identify & evaluate various clinical, operational, financial, and reputational risks.
• North America dominated the global market with a revenue share of 48.4% in 2023. Its growth can be attributed to the increasing expenditure on healthcare IT solutions, the availability of technologically advanced infrastructure, data analytics to enhance patient safety, and the presence of numerous key participants in the region.

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