A new market intelligence report by Transparency Market Research, titled “Patient Safety and Risk Management Software Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024,” is a comprehensive overview of the market in current scenario and it also presents a forecast for the future based on various trends taking shape in the market. The report highlights all the important factors that are to drive the global market for patient safety and risk management software as well as the restraining factors that will curtail the growth in the near future.
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Patient safety is an emerging health care discipline that assists in preventing, reducing, analyzing and reporting the medical errors that could lead to adverse health care events and risk management. The risk management and patient safety team works closely with clinical teams and other corporate areas in detect the risks. These teams act as a resource and give support on all aspects of risk management. Since patient safety is new area of focus in healthcare, awareness to reduce occurrence of medical errors is gaining impetus and this report forecasts a healthy growth rate in the market for patient safety and risk management software market.
The TMR report segments the global patient safety and risk management software market on the basis of its mode of delivery, by product type, by end-users, and by geography. On basis of mode of delivery, the global market is segmented into cloud-based software, on-premise, and web-based software. On the basis of product type, the market is divided into standalone software and integrated software. By end users, it is segmented into hospitals, long term care centers, and healthcare firms.
According to the report, some of the drivers for the global market for patient safety risk management software market include a growing need to follow regulatory guidelines, increasing need to control growing healthcare costs, increased frequency of medical errors, and various government policies to encourage the use of healthcare IT. Conversely, high implementation cost and lack of skilled labor with IT domain knowledge and data security are a few factors that are expected to curtail the growth of the market.
Some of the most prominent companies with a presence in the global patient safety and risk management software market are CareFusion Corporation, Health Catalyst, MetricStream, Inc., Datix Limited, RL Solutions, Salus Global Corporation, MRM Group LLC, Quintiles, Inc. and The Patient Safety Company. To sustain their presence in this emerging market, companies are increasingly spending on the software development and are focused in creating a more sophisticated IT health care. Some organizations are integrating their patient safety, quality functions and risk management into department or institute while others are using legal protections allowed by the Patient Safety and Quality Improvement Act and also from existing state protections. The report notes that these protections offer a structured method to distinguish between overlapping and common patient safety activities within a legally safe environment.
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