December 2, 2023

Patient Safety and Risk Management Software Market: An Overview of Growth Opportunities

Technology has become an integral part of healthcare, and its transformative impact is evident across various aspects of the industry. Recent advances in healthcare infrastructure have spurred long-term healthcare centers and hospitals to embrace technology in their daily operations. This technological revolution has given rise to a range of patient safety and risk management software solutions, with a primary focus on enhancing patient safety and improving overall health outcomes by reducing medication errors, minimizing adverse drug reactions, and providing effective monitoring of patient vitals.

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One of the significant challenges facing the healthcare sector has been medication errors, which have a profound impact on patient health and contribute to substantial healthcare expenditure. According to the World Health Organization (WHO), medication errors account for approximately 1% of global healthcare spending, amounting to a staggering US$ 42 billion. In response to this critical issue, WHO launched the “Global Patient Safety Challenge on Medication Safety” initiative, aiming to reduce errors in healthcare systems. Hospitals and healthcare facilities worldwide are adopting advanced technologies and integrating them into their systems to support this cause, thus driving the growth of the patient safety and risk management software market.

Government Initiatives to Favor Growth of Patient Safety and Risk Management Software Market

Governments worldwide have taken a proactive stance in promoting patient safety through favorable initiatives and guidelines. For instance, in the United States, government authorities adopted WHO’s “Global Patient Safety Action Plan 2021-2030” in May 2021, outlining seven objectives aimed at achieving improved patient safety. Similarly, in India, numerous initiatives under the National Health Mission, such as Kayakalp, National Quality Assurance Standards, and LaQshya, focus on enhancing patient safety standards covering areas such as surgical safety, medication safety, infection control and prevention, risk mitigation, risk management, and accurate patient identification. The introduction of the National Patient Safety Implementation Framework (NPSIF) by the Indian Government addresses various issues in delivering quality healthcare services. Such initiatives are expected to raise awareness about patient safety among individuals and healthcare facilities, further fueling the growth of the patient safety and risk management software market.

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Data Breaches and High Implementation Costs to Challenge Growth

Despite the adoption of patient safety and risk management software by hospitals, concerns regarding data privacy and security breaches remain significant challenges. Healthcare institutions face difficulties in ensuring data safety without unauthorized access or alterations. Moreover, the high cost of implementing such software limits its adoption among larger healthcare facilities. The affordability factor for mid to small healthcare facilities becomes a hurdle in realizing the return on investment (ROI) for such installations. These challenges are expected to impede the growth of the patient safety and risk management software market, particularly in mid to low-income countries.

Cloud Technology to Spearhead Growth

The widespread adoption of cloud technology has brought about substantial changes across various industries, including healthcare. Its integration into patient safety and risk management has allowed healthcare authorities to analyze data from various sources on a single platform. Real-time analytics of healthcare data can provide actionable insights to both healthcare facilities and individuals, ensuring transparency in data sharing. Deploying patient safety and risk management software through the cloud can enhance operational efficiency and quality, transforming healthcare services from volume-based to value-based. The proliferation of cloud technology in the healthcare sector is poised to create significant growth opportunities for the patient safety and risk management software market in the years ahead.

North America to Lead the Way

The patient safety and risk management software market in North America is expected to grow at a moderate pace, but it will account for a substantial share of the global market. This can be attributed to the region’s high GDP per capita, robust IT infrastructure, substantial government incentives for healthcare providers, and a quick acceptance of advanced technology to enhance patient care and safety.

Conversely, sales of patient safety and risk management software are projected to increase in the developing countries of Asia Pacific. This growth is driven by rising awareness of patient safety, favorable government initiatives, and a growing patient population due to the prevalence of chronic diseases in the region, particularly in China and India.

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Competitive Landscape

Key players in the patient safety and risk management software market include Carefusion, RiskWatch, Quantros, Verge Solutions, and Ideagen Plc. These companies are at the forefront of developing innovative solutions to address the critical issue of patient safety and risk management in healthcare.

Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2029)

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This press release first seen on Brilad