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Increasing Medical Errors is a Driving Factor in Patient Safety & Risk Management Software Market.

HYDERABAD, TELANGANA, INDIA, November 30, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that the Patient Safety & Risk Management Software Market Size is estimated to reach $3.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 11.6% over the forecast period of 2022-2027. Patient safety and risk management software is a type of healthcare software that helps with the study and reporting of medical issues that develop in hospitals, as well as risk management. One of the primary factors driving the market's growth is the increasing acceptance of digitalization around the world. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key Takeaways:

This IndustryARC report on the Patient Safety & Risk Management Software Market highlights the following areas -

1. Geographically, North America held a dominant market share in the year 2021 on account of the increasing prevalence of chronic diseases. Asia-Pacific is expected to offer lucrative growth opportunities to the manufacturers owing to the increasing medical errors. The proliferation of medication errors is predicted to augment the market growth during the forecast period of 2022-2027.

2. The growing prevalence of chronic diseases is estimated to drive the market growth of the Patient Safety & Risk Management Software Market. However, the problems with data security poses threat to the Patient Safety & Risk Management Software Market growth.

3. A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Patient Safety & Risk Management Software Market Report.

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Segmental Analysis:

Patient Safety & Risk Management Software Market Segment Analysis – By Type: The Risk Management & Safety Solution segment held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 12.3% over the forecast period of 2022-2027. One of the major elements driving the demand for such solutions is the need to monitor patient safety and boost organizational growth while avoiding risk concerns.

Patient Safety & Risk Management Software Market Segment Analysis – By End User: The Hospitals segment held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 12.5% over the forecast period of 2022-2027. This is owing to the growing requirement to limit the risks of patient injury while also improving healthcare practitioners' workflow efficiency. The ambulatory care center, on the other hand, is expected to increase at the quickest rate throughout the projection period, owing to the growing demand to improve claims administration.

Patient Safety & Risk Management Software Market Segmentation Analysis- By Geography: North America held a dominant market share of 32% in the year 2021 as compared to the other counterparts on account of the rising medical errors, as well as an enhanced healthcare sector. According to a new Commonwealth Fund international survey, one-third of individuals with health problems in the United States report medical, drug, or test errors, the highest incidence of any country.

Competitive Landscape:

The top 5 players in the Patient Safety & Risk Management Software industry are -

1. Riskonnect Inc.
2. Health Catalyst (U.S.), LLC
3. Conduent Inc.
4. Origami Risk
5. Symplr Software

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IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

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