Quality and Safety Reporting System for Healthcare Market Trends 2017-2025

Global Quality & Safety Reporting Systems for Healthcare Market
Projected to Surpass US$ 2000 Mn by 2025
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.
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.
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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.
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.
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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.
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