Quality and safety reporting system, a healthcare IT system, is utilized
across health organisations including primary care units, hospitals, and various
other healthcare settings, interpreting patient safety and reporting data. This
helps in identifying medical errors or adverse events for improvements in
safety and quality for patients. According to a report by Persistence Market
Research (PMR), the global quality and
safety reporting systems for healthcare market is expected to expand at 11.8% CAGR
during the forecast period- 2017 to 2025. In 2016, the market was evaluated at
US$ 842.9 Mn and it is anticipated to surpass US$ 2000 Mn in revenues by
2025-end.
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Increasing Number of Medical Recalls
Expected to Fuel the Market Growth
Surging
number of medical device recalls has resulted into a rise in adoption of
quality and safety reporting systems, so as to reduce potential medical errors
and keep track of medical device components for managing recalls. In addition,
growing incidences of medical errors is further fuelling the demand for quality
and safety reporting systems in healthcare organisations. Majority of hospitals
do not have patient history results. This lack of information regarding patient
history has led to improper treatment of patients. Healthcare organisation are
therefore adopting quality and safety reporting systems to avoid such severe
errors.
With
advancements in healthcare technologies, governments of various emerging
countries such as China, Brazil, and India are making significant investments
in healthcare sector. Improving economic conditions and surging government
spending have resulted in an increase in number of hospitals across these
regions. Governments in some of the countries in Asia Pacific (APAC) have
approved 100% FDI in healthcare sector. The aforementioned factors are expected
to pave growth opportunities for safety and quality reporting system vendors.
Cloud-based
Deployment Estimated to Reflect Fastest Growth through 2025
Owing
to the implementation of strict federal regulations, there has been an
increasing number of installations of quality and safety reporting systems in
hospitals, clinics and several other healthcare settings. The hospitals
end-user segment dominated the global quality and safety reporting systems for
healthcare market in 2016, with more than 60% market share in terms of revenue.
Clinics and long-term care centres are expected to exhibit a CAGR of around 12%
during the forecast period.
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Based on component type,
although the software segment is expected to hold the dominant share of the
market, the services segment is projected to register a comparatively faster
growth during the forecast period. The on-premise deployment type segment is
expected to be most lucrative in the global market, and is expected to account
for revenues of around US$ 1600 Mn by 2025 end. In addition, cloud-based
deployment is expected to register the fastest growth in the global quality and
safety reporting systems for healthcare market during the forecast period.
North America Expected to Dominate the Market during the
Forecast Period
North America
is expected to exhibit a comparatively high growth in the global quality and
safety reporting systems for healthcare market, followed by Europe and Asia
Pacific (APAC). The region is estimated to reflect 12.77% CAGR during the
forecast period. The growth of market in North America is primarily attributed
to factors such as soaring number of Greenfield investments, relaxation of
regulatory & tax burdens on the U.S. businesses, and robust adoption of
advanced technologies. Europe is expected to be the second-most lucrative
region in the global market throughout the forecast period.
Key players
identified in the report include Quantros, Inc., The Patient Safety Company,
Riskonnect, Inc., Datix Ltd., MRM Group, LLC, PowerHealth Solutions, Episource,
LLC, Binary Fountain Inc., Ventiv Technology Inc., ArroHealth, Advantmed, LLC,
RadicaLogic Technologies, Inc., Talix, Inc., SoftTech Health, LLC, Harrington
Group International, LLC, Pilgrim Quality Solutions, Inc., Softexpert Software
S.A., Intelex Technologies Inc., Ideagen plc, Integrum Management Systems Pty
Limited, Meercat Pty Ltd, and Health Matrix Corporation.
View
Report @ https://www.persistencemarketresearch.com/market-research/healthcare-quality-and-safety-reporting-system-market.asp
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