SAN FRANCISCO, Oct. 14, 2020 /PRNewswire/ — The global patient safety and risk management software market size is expected to reach USD 3.1 billion by 2027, expanding at a CAGR of 11.0%, according to a new report by Grand View Research, Inc. The increasing need for efficient patient safety and risk assessment solutions to increase the efficiency of the healthcare providers and rising government initiatives to promote healthcare IT and improve the healthcare infrastructure are the key factors driving the market growth. Furthermore, the increasing occurrence of cyber-attacks on electronic health records is expected to boost the revenue growth of this market over the forecast period.
Key suggestions from the report:
- The increasing incidence of medical errors is expected to be the major factor driving the market
- The risk management and safety solutions segment dominated the market with a revenue share of 67.4% in 2019, owing to the development of the solutions to effectively monitor patient safety
- The Asia Pacific dominated the market and accounted for the largest revenue share of 12.5% in 2019, owing to the increasing patient population and increased adoption of technology in healthcare facilities.
Read 90 page research report with ToC on “Patient Safety And Risk Management Software Market Size, Share & Trends Analysis Report By Software Type, By End User (Hospitals, Ambulatory Care Centers, Long-term Care Centers), By Region, And Segment Forecasts, 2020 – 2027 ” at: https://www.grandviewresearch.com/industry-analysis/patient-safety-risk-management-software-market
Based on software type, the risk management and safety solutions segment dominated the market and accounted for the largest revenue share of 67.4% in 2019. One of the key factors contributing to the increase in demand for such solutions is to monitor the safety of patients and improve organizational growth, therefore waiving off risk factors. On the other hand, the governance, risk, and compliance