The global patient safety and risk management software market is expected to reach $ 1670.20 million by 2022 at a CAGR of 11.5% over the period of 2016 to 2022, according to the latest publication by Meticulous Research®.
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Patient safety has become a priority for almost all major healthcare systems across the globe. The field has developed significantly in the last decade and is currently on the verge of dramatic change. There is a growing need to embrace advanced solutions such as patient safety and risk management software which will lead the way in helping various healthcare organizations meet the new healthcare paradigm, emphasizing reduced medical errors and increased patient safety.
There is a considerable adoption of these solutions across the globe with developed regions such as North America and Europe continuously focusing on improving the health outcomes by adopting advanced health IT solutions such as patient safety and risk management software. However, the implementation of these solutions has been variable across different countries with developing nations awakening to this concept as one of the major focus areas. With the increasing need to curtail growing healthcare costs, rising incidence of medical errors, and growing need to adhere to regulatory guidelines; the adoption of systems for overseeing the reporting of adverse events, near misses, and potentially unsafe conditions is expected to increase significantly in the next five years.
Governments across the world have developed various patient safety strategies and implementation programs. The World Health Organization (WHO) has had a major impact by providing guidelines and addressing major safety challenges. WHO is also taking various initiatives around the world in leading the patient safety campaigns to increase awareness among the patient population. For instance, in September, 2016, WHO organized the first Global Consultation ―Setting Priorities for Global Patient Safety‖ in collaboration with the Centre for Clinical Risk Management and Patient Safety in Italy with the participation from around 30 countries, this initiative was aimed to reduce the gap between accumulated safety knowledge and improve patient safety.
Similarly, The European Commission Patient Safety Council Recommendation (2009) put forward a range of measures on general patient safety and healthcare-associated infections (HAI) and called on EU Member states to: develop national policies on patient safety; inform and empower patients; establish reporting and learning systems on adverse events; promote education and training for health workers and to adopt and implement a strategy to prevent and control healthcare associated infections. The most recent report of the Commission (November 2012) demonstrated satisfactory progress in the development of national policies and programs on patient safety. As per this report, patient safety is now extensively embedded in public health policies in almost all member states.
Several new initiatives on healthcare associated infections have been initiated by the Recommendation. Reporting and learning systems have also been extensively employed in all member states. This demonstrates the rising awareness of patient safety in the European region which is further expected to propel the adoption of patient safety and risk management software in various countries across the region.
The global patient safety and risk management software market is mainly segmented by product, mode of delivery, end-user, and geography. The product market is primarily segmented into integrated and standalone software. The market is further segmented by mode of delivery into on-premise, and web/cloud based software. The end-user market is mainly segmented into hospitals, long-term care centers/home care agencies/assisted living facilities, primary care/general practitioners, mental healthcare, ambulance services, and other end-users. The global patient safety and risk management software market is further segmented by geography into four major continents namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW).
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