Technology Integration in Medical Systems to Trigger Growth of Patient Safety and Risk Management Software Market
Technology has prevailed across various industries and healthcare is no exception. Advances in healthcare infrastructure have encouraged long-term healthcare centers and hospitals to integrate technology in their daily workflows. Technological advancements have resulted in development of various patient safety and risk management software that focus on patient safety and improving patient health by reducing errors in medication, limiting adverse reaction of drugs and provide effective monitoring of patient vitals. Medication errors have impacted patient health and success to a large extent. According to WHO (World Health Organization), errors in medication account for about 1% of the expenditure in healthcare worldwide, amounting to US$ 42 billion. Against this backdrop, WHO had launched the “Global Patient Safety Challenge on Medication Safety” initiative in a bid to reduce errors in systems. That said, various healthcare facilities such as hospitals and surgical centers are adopting advanced technology and integrating them in their systems to support the cause. This factor continues to influence the growth of the patient safety and risk management software.
Government Initiatives to Favor Growth of Patient Safety and Risk Management Software Market
Favorable government initiatives have been supporting and promoting patient safety since past several years. With planned initiatives and guidelines, government bodies worldwide have been focusing on improving healthcare services which is expected to fuel demand for patient safety and risk management software. For instance, in United States, in May 2021 government authorities adopted WHO’s “Global Patient Safety Action Plan 2021-2030” that outlined 7 objectives, calling upon patients and their families, healthcare leaders and stakeholders to achieve them. Likewise, in India, to ensure quality care and safety, several initiatives have been carried out under the domain of National Health Mission such as Kayakalp, National Quality Assurance Standards and LaQshya. These cover a comprehensive set of guidelines and standards that focus on patient safety standards such as surgical safety, medication safety, infection control and prevention, risk mitigation, risk management and accurate patient identification. NPSIF (National Patient Safety Implementation Framework) was introduced by the Indian Government to address various issues that might prevail while providing quality healthcare services. Such initiatives are likely to increase awareness about patient safety among individuals and healthcare facilities alike, consequently bolstering growth of the patient safety and risk management software market.
Data Breaches and High Implementation Costs to Challenge Patient Safety and Risk Management Software Market Growth
Security breaches have been a subject of concern across various healthcare institutions. Although hospitals are leveraging patient safety and risk management software, concerns regarding data privacy prevail. It has become challenging for these facilities to assure data safety without any changes to be permitted in the existing data without authorization. Another facet limiting growth of the patient safety and risk management software market is the high cost of implementation of the software, which limits its adoption across bigger healthcare facilities. Affordability quotient among mid to small facilities is likely to hinder adoption of patient safety and risk management software, as it becomes difficult to realize the ROI of such installations. Such challenges are expected to hinder the growth of the patient safety and risk management software market, especially in mid to low income countries.
Cloud Technology to Spearhead Growth of Patient Safety and Risk Management Software Market
Pervasiveness of cloud technology has significantly impacted various industries. With its implementation in patient safety and risk management, it has become possible for healthcare authorities to analyze information via different sources on one platform. With real-time analytics of healthcare data, several actionable insights can be provided to both healthcare facilities and individuals, keeping a high level of transparency in data sharing. Deployment of patient safety and risk management software through cloud can enhance operational efficiency and quality, in turn transforming services to value-based rather than volume-based healthcare. Proliferation of cloud in the healthcare sector is expected to provide good growth opportunities for patient safety and risk management software market in the coming years.
North America to Slate Dominance in the patient safety and Risk Management Software Market
Growth of patient safety and risk management software market in North America is expected to witness a moderate pace, albeit accounting for a significant share in the global market. This can be attributed towards high GDP per capita of the region coupled with strong IT infrastructure, huge government incentives to healthcare providers and quick acceptance among healthcare facilities regarding adoption of advanced technology to improve patient care and safety.
Controversially, sales of patient safety and risk management software are likely to increase in the developing countries of Asia Pacific, mainly driven by increasing awareness about patient safety, favorable government initiatives and growing patient pool due to prevalence of chronic diseases in the region, especially across China and India. For instance, according to National Health Portal of India, prevalence of leprosy rate in 2020 was 0.57/10,000
Patient Safety and Risk Management Software Market Competitive Landscape
Few of the key players in the patient safety and risk management software market include Carefusion, RiskWatch, Quantros, Verge Solutions and Ideagen Plc.
Key Elements Included In The Study: Global Patient Safety and Risk Management Software Market
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