Patient Safety And Risk Management Software Market Size & Share Analysis - Growth, Trends and Forecast (2024 - 2029)

Patient Safety And Risk Management Software Market Analysis

The Patient Safety And Risk Management Software Market size is estimated at USD 2.04 billion in 2024, and is expected to reach USD 3.55 billion by 2029, at a CAGR of 11.70% during the forecast period (2024-2029).

Software solutions in the patient safety and risk management software market often include features for incident reporting, tracking, and management. Healthcare providers use these tools to document and investigate adverse events, near misses, and other incidents that pose risks to patient safety. The growing number of medical errors and the need for patient safety and care are the factors driving the market growth.

Increasing recognition of the importance of patient safety has catalyzed the formation of international and national quality and safety alliances to set priorities and shape policy. This is likely to raise the demand for effective and sophisticated patient safety and risk management monitoring solutions, thus driving the market.

For instance, in February 2024, Patient Safety Movement Foundation launched The Patient Safety Leadership Association, to implement evidence-based solutions and new technologies proven to save patient lives. The adoption of such solutions and technologies proven to save patient lives can create a demand for innovative software tools within the patient safety and risk management software market, which is likely to drive the market growth.

Moreover, software developers push the boundaries of innovation to meet the growing demand for patient safety and risk management software. Recent developments include regulatory approvals and advancements of software features of patient safety software is also likely to drive the market growth. For instance, in May 2023, Origami Risk introduced a new feature to its healthcare risk management and patient safety platform. This addition streamlines the initiation, tracking, and reporting of peer reviews. These reviews are crucial, especially those mandated by The Joint Commission and other regulatory and accrediting bodies. Such peer reviews play a pivotal role in pinpointing opportunities to enhance the quality of care.

Therefore, the growing acknowledgment of patient safety's significance and the implementation of effective care quality models by software providers are key drivers bolstering market growth during the forecast period.

Patient Safety And Risk Management Software Market Trends

Risk Management & Safety is Expected to Dominate Patient Safety And Risk Management Software Market

Patient Safety And Risk Management Software Industry Segmentation

As per the report's scope, patient safety and risk management software refers to the software solutions designed to enhance patient safety, minimize risks, and improve the overall quality of care within healthcare settings.

The patient safety and risk management software market is segmented by software type, deployment mode, and end users. In terms of software, the market is segmented as risk management and safety solutions, claims management solutions, and others. By deployment mode, the market is bifurcated into cloud-based and on-premise. By end-user, the market is segmented into hospitals, ambulatory care centers, long-term care centers, and others. The market is segmented by geography into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD) for the above segments.