Patient safety softwaremarket is anticipated to grow at a significant CAGR of 10.3% during the forecast period (2024-2031). The market growth is attributed to the increase in the number of medical errors and an increasing need to ensure patient safety and care. Additionally, government programs to support the healthcare software industry and the growing use of digitalization globally drive the market growth. Furthermore, market players are investing in R&D to developsoftware products and solutions to enhance healthcare providers' effectiveness and provide patients with high-quality treatment.

Market Dynamics

Increasing Integration of Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML employ algorithms to process vast volumes of historical and real-time data, predict results, and suggest treatment alternatives. Furthermore, it's critical to validate that the AI can yield a return on investment, test it on patients and data from the health system to show its applicability and accuracy in that context, and make sure the AI is simple to implement. Researchers, physicians, and health systems need to be aware of potential roadblocks that could obstruct advancement and jeopardize patient safety as technology develops and grows.

Growing Adoption of Clinical Decision Support (CDS) Tool

To improve and enhance treatment, CDS offers relevant data (such as patient-specific information) to physicians, patients, and other individuals. This data is carefully filtered and distributed through several formats and channels. Computerized Patient Order Entry (CPOE), the procedure by which doctors enter and transmit treatment orders using a computer application, is one of the primary uses of CDS.  

Market Segmentation

Our in-depth analysis of the global patient safety software market includes the following segments software type and end-users.

• Based on the software type, the market is sub-segmented intorisk management and safety solutions, claims management software and governance, risk, and compliance solutions.

• Based on end-users, the market is sub-segmented into  hospitals, ambulatory care centres, long-term care centres and others (pharmacies).

Risk Management and Safety Solutionsis Projected to Emerge as the Largest Segment

Based on the software type, the global patient safety softwaremarket is sub-segmented into risk management and safety solutions, claims management software and governance, risk, and compliance solutions. Among theserisk management and safety solutionssub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includes the increasing development of patient safety software, allowing healthcare administrators the ability to view patient information from a single platform, making the information easily accessible and secure. Patients receive efficient and superior care owing to these innovations.For instance, in April 2023, Merck KGaA introduced ArisGlobal’s E2B(R3) compliant solution and safety software suite, moving from ARISg 5 to ARISg 7, which offers the latest level of compliance as well as new process and productivity features for healthcare providers, and patient support programs.

Hospitals Sub-segment to Hold a Considerable Market Share

Based onend-users, the global patient safety softwaremarket is sub-segmented into hospitals, ambulatory care centres, long-term care centres and others (pharmacies). Among these, the hospitals sub-segment is expected to holdaconsiderable share of the market.The expanding requirement to lower medical errors in hospitals including a streamlined and uniform data gathering procedure and a single point of data entry that lowers mistake risk and promotes market expansion, information technology is being used in healthcare at an increasing rate. The growing likelihood of illnesses like sepsis, potential errors during radiation therapy, and during transfusion procedures are a few elements driving the market expansion.

Regional Outlook

The globalpatient safety software market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America). 

Increasing Adoption of Patient Safety Softwarein Asia-Pacific

• The growing initiatives implemented by regional governments to improve patient safety, as well as the rapid adoption of new technologies by healthcare facilities, has raised demand for software to deliver high-quality patient care.

• In the region the demand for software products is increasing owing to several important considerations, including the desire to lower medical expenses, the need to reduce risk factors including hospital-acquired infections, and an increased emphasis on improving patient outcomes.

Global Patient Safety Software Market Growth by Region 2024-2031

North America Holds Major Market Share

Among all the regions, North America holds a significant share owing to the presence of numerous prominent software technology companies and patient safety softwareproviders in the region. The growth is mainly attributed to the increaseduse of data analytics to streamline workflow at healthcare organizations and enhance patient safetydriving the growth of the market in the region. The use of thesoftware is also being aided by the cost-effectiveness, safety and efficient risk management systems. It improves survival rates by lowering the possibility of patient injury and medical errors.According to the National Institute of Health (NIH), in May 2023, approximately 400,000 hospitalized patients experienced some type of preventable harm each year. Medical errors cost approximately $20.0 billion a year. Medical errors in hospitals and clinics result in approximately 100,000 people dying each year.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global patient safety softwaremarket include athenahealth, Inc., Conduent, Inc., Deloitte Touche Tohmatsu Ltd., eClinicalWorks, LLC, IQVIA Inc., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in May 2022, Zurich UK and Riskonnect announced a collaboration to provide Zurich’s customers in the UK with access to Riskonnect’s Risk Management Information Systems (RMIS), Enterprise Risk Management (ERM), and health and safety solutions through a joint technology offering.Riskonnect’s risk management solutions bring together all forms of risk – insurable and non-insurable – from across an organization into one place. 

Recent Development

• In April 2022, Tata Consultancy Services (TCS) introduced an agile and intuitive risk-based monitoring solution for clinical trials, that enables intelligent decision-making, increases compliance and improves study efficacy. TCS ADD™ provides a suite of modern and open drug development platforms for life sciences that enables digital ecosystems, simplifies data complexity and provides faster access to new and effective drugs for patients in need.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global patient safety software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.