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.

The Patient Safety and Risk Management Software Market is estimated to be worth USD 2.2 billion by 2024 from a value of USD 1.3 billion in 2019, growing at a CAGR of 11.2% during the forecast period.
+ Market Dynamics
+ Drivers
+ Increasing Need to Curtail Rising Healthcare Costs and Growing Focus on Improving Patient Outcomes
+ Government Initiatives to Improve Patient Safety and Patient Outcomes
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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.
The market for ambulatory care centers is projected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the rising need to minimize the risk associated with patient harm. In addition, 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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