The rising need to curtail healthcare costs, increasing incidences of medical errors & hospital-acquired infections, and growing government initiatives to improve patient safety and patient outcomes are key drivers of this market.
On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of patient safety and risk management are expected to restrain the growth of the market to a certain extent during the forecast period.
The high growth of this segment is attributed to the increasing number of adverse events to patients across the globe and the effective utilization of GRC solutions. GRC solutions provide safe, high-quality care to patients while maintaining compliance with industry standards and regulations.
The high growth rate of this segment can be attributed to the rising need to minimize the risk associated with patient harm. In addition, the implementation of patient safety and risk management software is vital for ambulatory care centers as it helps them in the effective management of patient safety events.
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The patient safety and risk management software market in APAC is expected to grow at the highest CAGR during the forecast period. Much of this growth is driven by the increasing patient population in this region, rapid return on investment (ROI), and rising government initiatives to improve patient safety & patient outcomes in healthcare.
Several healthcare organizations in Asia are actively moving towards digitization to streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for patient safety and risk management software to ensure better patient care.
Key Market Players
patient safety and risk managementClarity Group Inc. (US), Conduent Inc. (US), Prista Corporation (US), Quantros Inc. (US), Riskonnect Inc. (US), RiskQual Technologies (US), RLDatix (Canada), Smartgate Solutions Ltd. (UK), The Patient Safety Company (Netherlands), and Verge Health (US).
1 In June 2019, Riskonnect Inc. launched Riskonnect ClearSight 19.0, an addition to its integrated risk management platform.
2. In May 2019, RLDatix entered into an agreement to acquire iContracts (US) that provided more significant opportunities to RLDatix.
3. In February 2019, Verge Health entered into a partnership with the Texas Hospital Association (US) to strengthen its governance, risk, & compliance platform.
4. In October 2018, Riskonnect, Inc. acquired Marsh ClearSight LLC (US) to expand its product offerings.