(PharmaNewsWire.Com, March 30, 2020 ) The report "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", 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.
“The risk management & safety solutions segment is expected to dominate the market in 2019.” 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.
Key Players 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)
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.
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