Patient Safety and Risk Management Software Market to reach USD 2.2 Billion by the end of 2024
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. 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 the patient safety & patient outcomes in healthcare.
What the Market Looks Like?
Predicted to grow at a CAGR of 11.2% during the forecast period, the global Patient Safety and Risk Management Software Market is estimated to reach USD 2.2 Billion by the end of 2024. North America held the largest market share, followed by Europe. However, Asia-Pacific is expected to register the fastest growth over the forecast period.
Based on type, the market for governance, risk, & compliance (GRC) solutions is expected to grow at the highest rate 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.
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What Drives the Market?
The growth of the global market for patient safety and risk management software is primarily influenced by the following factors:
- Increasing Need to Curtail Rising Healthcare Costs
- Growing Focus on Improving Patient Outcomes
- Government Initiatives to Improve Patient Safety and Patient Outcomes
Moreover, 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
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