Healthcare Safety Risk Management Solutions Market

Global Market Study on Healthcare Safety and Risk Management Solutions: Growing Adoption of Cloud-based Healthcare IT Solutions Driving Market Growth

Introduction

Advancements in IT systems and healthcare technologies play an important role in fueling the growth of digital healthcare IT solutions. Developments in mobile health technology have emerged as a natural extension of the new generation of healthcare systems and IT solutions.

Also, federal mandates encourage healthcare organizations to adopt advanced IT systems and technologies in order to improve patient care and team communication. The current set of clinical communication and collaboration solutions support the user database, including physicians, hospital staff such as nurses, surgeons, and others.

Moreover, the recent outbreak of COVID-19 has proven that digital healthcare solutions could help relieve burdened healthcare services. All these factors are supporting the rapid adoption of hospital automation solutions, and ultimately, fueling the growth of the healthcare safety and risk management solutions market size in the healthcare space.

For instance, in April 2020, ECRI, an independent trusted voice in healthcare, and RLDatix, a leading global provider of intelligent patient safety solutions, announced a new collaboration to meet the needs of care teams in the midst of the COVID-19 pandemic. Their collaboration will initiate with free empathetic communication and caring for a caregiver training program.

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Companies

  • LogicManager, Inc.
  • RiskWatch
  • SapphireIMS (HxCentral)
  • Riskonnect, Inc.
  • Quantros
  • The Patient Safety Company
  • Healthicity LLC
  • RLDatix
  • Riskqual Technologies
  • PowerHealth Solutions
  • Verge Solutions, LLC
  • Prista Corporation
  • Conduent Inc.
  • Clarity Group, Inc.
  • Ideagen Plc.

 

Healthcare Safety and Risk Management Solutions Market Driver

With increasing health issues, the need for the availability of patients’ data in a centralized, informed manner is also growing rapidly. This data also helps in improvising the healthcare industry’s efforts to maximize the quality and efficiency of the services delivered to patients.

Real-time analytics, along with healthcare safety and risk management solutions, can help analyze information from many sources into one place, and the benefits can be life-saving in healthcare. Results gained by analyzing health data can provide actionable insights to users.

This data also helps improve operational quality and efficiency, and hence, the healthcare industry is rapidly transitioning from volume- to value-based healthcare. This factor will aid the growth of the healthcare safety and risk management solutions market.

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Healthcare Safety and Risk Management Solutions Market Restraint

Security and privacy are the major challenges in healthcare safety and risk management solutions. One of the biggest challenges for healthcare organizations is to ensure that all health data should remain protected and accessible by hospital authorized workers, and no information get approved or destroyed without proper authorization.

Also, with increasing usage of personally-owned smartphones and tablets by healthcare providers, as they move from location to location, there is always a risk whether data is sent correctly or not.

As such, security and privacy issues is a major factor restraining the growth of the healthcare safety and risk management solutions market.

healthcare safety and risk management solutions market region

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Regional Outlook of Healthcare Safety and Risk Management Solutions Market

In terms value, North America accounted for the largest healthcare safety and risk management solutions market share in 2019, with the United States dominating the region. Nowadays, companies have shifted from offering on-premise systems to cloud-based healthcare IT solutions, which is also driving the growth of the market.

However, the healthcare safety and risk management solutions market in South Asia & Pacific is anticipated to expand at the highest CAGR during the forecast period (2020-2030).

Governments in countries in this region are interested in adopting modern healthcare technology to ensure public safety and promote healthcare education and patient engagement.

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Steady Market Growth under COVID-19 Pandemic Impact

Although a majority of industries have been impacted by the COVID-19 pandemic, healthcare IT solution and service providers are well-positioned. Healthcare risk & compliance management solution providers are playing a crucial role in supporting healthcare workers, hospitals, and government.

In such situation, the imposition of federal mandate regulations in the healthcare industry empowers and ensures patient safety. Players in the market are rapidly responding to the social and economic impact caused due to COVID-19.

Also, healthcare safety and risk management platforms are to be used by healthcare facilities that have either cared for or admitted COVID-19 patients.

This will help determine the risk of COVID-19 virus infection to all healthcare workers who have been exposed to COVID-19 patients. Additionally, the demand for cloud-based healthcare safety and risk management solutions is increasing to promote interoperability and reduce operating costs.

Owing to these factors, the market is anticipated to grow 10-15% in Q3 and Q4 of 2020.

Analysts’ Viewpoint

A comprehensive view of the healthcare safety and risk management solutions market trends has led our analysts to conclude that, the market is escalating at a significant rate. Regions such as North America and Europe are holding a large part of the global healthcare safety and risk management solutions market. Alliances with other healthcare safety and risk management solution providers along with regional expansion are some strategies opted by key players to fuel their sales growth.

Healthcare Safety and Risk Management Solutions Market: Segmentation

PMR’s research study on the global healthcare safety and risk management solutions market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the healthcare safety and risk management solutions market has been offered on the basis of solution, deployment, end user, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.

Solution

  • Software
  • Healthcare Risk & Compliance Management
  • Healthcare Incident Management
  • Healthcare Audit Management
  • Others
  • Services
  • Professional Services
  • Risk Assessment & Consulting
  • Integration & Deployment
  • Support Services
  • Managed Services

Deployment

  • Cloud
  • On-premise

End User

  • Hospitals
  • Mental Healthcare Facilities
  • Skilled Nursing Facilities (SNFs)
  • Others

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa

Healthcare Safety and Risk Management Solutions Market: Key Questions Answered in the Report

The research study on the healthcare safety and risk management solutions market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Insights offered in the healthcare safety and risk management solutions market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.

  • How have virtual interaction points turned into a major growth engine for the healthcare safety and risk management solutions market?
  • How are small and medium enterprises creating new opportunities for the healthcare safety and risk management solutions market?
  • What are the key trends that are constantly shaping the growth of the healthcare safety and risk management solutions market?
  • Which are the prominent regions offering plentiful opportunities for the healthcare safety and risk management solutions market?
  • What are the key differential strategies adopted by key players to command a significant chunk of the global market share?

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