Patient Safety And Risk Management Software Market Size To Hit USD 6.07 Billion By 2032, Growing At A CAGR Of 11.69% - SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) Global Patient Safety and Risk Management Software market Growth is Driven by Increasing Patient Safety Demands, Regulatory Compliance, and AI-Powered Innovations

Pune, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Patient Safety and Risk Management Software Market Size & Growth Analysis:

According to Research by SNS Insider, The Patient Safety and Risk Management Software Market was valued at USD 2.25 billion in 2023 and is projected to reach USD 6.07 billion by 2032, growing at a CAGR of 11.69% over the forecast period 2024-2032.

The rise in healthcare standards, regulatory pressures, and technological advancements are driving the demand for risk management software that can mitigate patient safety issues, improving outcomes and operational efficiency in healthcare facilities.

Market Overview

The patient safety and risk management software market is witnessing rapid growth due to the increasing focus on reducing medical errors and ensuring patient safety across healthcare organizations. With an ever-growing need for improving operational efficiencies and meeting stringent regulations, healthcare organizations are adopting risk management software to manage risks, monitor compliance, and enhance care quality.

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Demand for risk management solutions is accelerating with the increasing adoption of digital healthcare technologies. Software applications designed to reduce human error, automate risk management workflows, and enhance patient monitoring are gaining momentum. Meanwhile, advancements in cloud computing and AI-enabled safety tools are improving the ability of healthcare providers to manage risks proactively. As healthcare systems globally evolve, there is an increasing need for integrated solutions that not only manage safety and risks but also help streamline clinical processes. The software offers comprehensive monitoring and real-time identification of risks that can result in medical errors, adverse patient events, and other safety concerns.

The market's expansion is fueled by the ongoing adoption of Governance, Risk, and Compliance (GRC) solutions, with increasing focus on data privacy, HIPAA compliance, and patient-centered care. Healthcare organizations are investing in software solutions to align with evolving regulatory frameworks and improve their risk management practices.

Major Players Analysis Listed in this Report are:

• Riskonnect, Inc. – Riskonnect Enterprise Risk Management (ERM), Riskonnect Healthcare Risk Management Software
• Origami Risk LLC – Origami Risk Management Solutions, Healthcare Risk Management Solutions
• RLDatix – RL6 Safety Management Software, RLDatix Risk Management Platform
• Health Catalyst – Health Catalyst Data Platform for Healthcare Risk Management, Clinical Risk Management Software
• Conduent, Inc. – Conduent Risk Management Solutions, Healthcare Risk Management Software Solutions
• symplr – symplr Risk Management, symplr Compliance & Safety Solutions
• Clarity Group, Inc. – Clarity Risk Management Software, Clarity Safety, and Compliance Solutions
• Becton, Dickinson, and Company (BD) – BD Pyxis Risk Management Software, BD Medical Safety Solutions
• RiskQual Technologies, Inc. – RiskQual Healthcare Safety Solutions, Healthcare Risk Qualifier (HRQ) Software
• Prista Corporation – Prista Risk Management Solutions, Prista Patient Safety Management Software
• Quantros, Inc. – Quantros Safety Management Software, Quantros Risk Management Suite
• Smartgate Solutions Ltd. – Smartgate Risk Management Software, Patient Safety Solutions
• The Patient Safety Company – Patient Safety Risk Management Solutions, Risk Reporting, and Monitoring Software
• Verge Health – Verge Health Safety and Compliance Software, Verge Health Risk Management Solutions

Patient Safety and Risk Management Software Market Report Scope

Report Attributes	Details
Market Size in 2023	US$ 2.25 billion
Market Size by 2032	US$ 6.07 billion
CAGR	CAGR of 11.69% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers	Rising focus on patient safety, stringent regulatory frameworks, and advancements in artificial intelligence (AI) and predictive analytics

Segment Analysis

By Type :

In 2023, risk management & safety solutions dominated the patient safety and risk management software market, accounting for 64.2% of the total market share. The increasing focus on minimizing medical errors and enhancing patient safety has led healthcare providers to adopt these solutions. The segment's growth is driven by the increasing need for real-time risk identification, improved care quality, and compliance with safety protocols. These solutions allow healthcare providers to streamline their risk management efforts, detect safety hazards early, and ensure patient safety within clinical settings.

The governance, risk & compliance solutions segment is witnessing the fastest growth due to the rising complexity of healthcare regulations and the need for organizations to manage compliance with privacy laws such as GDPR and HIPAA. As regulatory frameworks grow more stringent, healthcare organizations are seeking integrated solutions to manage compliance and ensure that they meet operational transparency and privacy requirements.

By Deployment Mode :

The private cloud deployment model dominated the patient safety and risk management software market in 2023, capturing around 55% of the market share. This is largely due to its enhanced security features, control over sensitive healthcare data, and compliance with stringent regulatory frameworks. Organizations prioritize data privacy and security, especially in healthcare settings, making private cloud deployment the preferred choice.

However, the public cloud deployment model is growing rapidly, driven by scalability, flexibility, and cost-effectiveness. Public cloud solutions are increasingly appealing to smaller healthcare organizations that need efficient and scalable solutions without heavy investment in on-premise infrastructure. The rise of cloud computing is driving the transition towards more cost-effective, collaborative, and flexible cloud-based safety solutions.

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Patient Safety And Risk Management Software Market Segmentation

By Type

• Risk Management & Safety Solutions
• Claims Management Solutions
• Governance, Risk & Compliance Solutions

By Deployment Mode

• Private Cloud
• Public Cloud
• Private Cloud

By End-User

• Hospitals
• Ambulatory Care Centers
• Long-Term Care Centers
• Pharmacies
• Other End Users

Recent Developments in the Patient Safety and Risk Management Software Market

• May 2024: RLDatix launched the RLDatix Safety Institute, an approved Patient Safety Organization (PSO) focusing on researching best practices for safety design and risk reduction in healthcare delivery. The institute will leverage AI tools to identify key safety risks and provide real-time solutions.
• Feb 2024: Performance Health Partners was recognized as the top provider of healthcare safety, risk, and compliance software in 2024 Best in KLAS: Software & Services Report. This recognition reflects the company's strong leadership in the incident management system and risk management tools.

Regional Analysis

North America led the patient safety and risk management software market, holding the largest market share of approximately 45% in 2023. The growth in this region is driven by well-established healthcare systems, the increasing adoption of electronic health records (EHR), and proactive regulatory frameworks. Additionally, the rising demand for AI-based safety solutions is fueling the market in North America.
The Asia Pacific region is expected to experience the highest growth in the Patient Safety and Risk Management Software market during the forecast period. Rapid digitalization in healthcare systems, growing elderly populations, and increasing healthcare expenditures are key drivers in this region. Countries like China and India are witnessing an uptick in cloud-based healthcare solutions adoption, particularly among small and medium-sized healthcare providers.

Statistical Insights and Trends Reporting for the Patient Safety and Risk Management Software Market

• Approximately 60% of healthcare organizations globally have adopted cloud-based solutions for risk management due to benefits like data security, scalability, and cost-effectiveness.
• In 2023, around 80% of healthcare organizations in North America reported using Governance, Risk, and Compliance (GRC) solutions to manage evolving regulatory demands such as HIPAA and GDPR compliance.
• By 2023, 64.2% of healthcare providers globally had deployed Risk Management & Safety Solutions, driven by the rising number of healthcare safety events and the demand for proactive risk mitigation strategies.
• An estimated 45% of healthcare organizations globally are investing in AI-powered safety tools to improve patient safety, optimize care delivery, and reduce errors.
• The adoption of Public Cloud solutions is highest in Europe, accounting for 25% of the global market share, driven by small and mid-sized healthcare facilities seeking cost-effective solutions.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1. Adoption Rates by Healthcare Facility Type (2023)

5.2. AI and Machine Learning Integration (2023)

5.3. Regulatory Compliance Demand (2023)

5.4. Post-Implementation Benefits and Return on Investment (ROI) (2023)

6. Competitive Landscape

7. Patient Safety and Risk Management Software Market by Type

8. Patient Safety and Risk Management Software Market by Deployment Mode

9. Patient Safety and Risk Management Software Market by End-User

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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