Hospital Risk Management Market Size To Reach $3,482.3 Million by 2030, says P&S Intelligence

NEW YORK , June 9, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, the global hospital risk management market size was $1,115.4 million in 2021, which is predicted to touch $3,482.3 million by 2030, progressing at a 13.5% CAGR from 2021 to 2030. This will be because of the increasing occurrence of medical blunders, as well as the high ubiquity of chronic diseases at the global level.

The risk and compliance management category is likely to witness the highest growth rate, of over 14%, in the coming years. The main reason for this will be the increasing safety concerns of patients, need to lessen healthcare costs, and rising hospital-acquired infection occurrence.  According to a government agency, there was a more than 30% increase in the standardized infection ratio related to ventilators, an about 15% surge in hospital-onset MRSA infection cases, and a 25% rise in the incidence of central line-associated bloodstream infections in 2020.

The cloud-based category had the larger share of the revenue, of over 80%, in 2021 in the hospital risk management market, and it is expected to show the higher growth rate, of 14%, in the near future. This was due to the increasing necessity to endorse interoperability among different hospitals and corporations, for exchanging information between databases, applications, and computer systems and lessening operating costs. Furthermore, the increasing acceptance of e-prescriptions, mHealth, EHRs, and telehealth is responsible for the market growth.

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Large hospitals are likely to have the largest share, of about 60%, in 2030. This is because of the increasing count of large hospitals, propagating hospital expenditure, and acceptance of EHRs. For example, 90% of the hospitals in the U.S. are validating EHRs. Hospital risk management is needed for the appropriate working of EHR systems, to eliminate the incidence of medical faults. The highest density of hospital beds is in Japan, South Korea, Russia, and Germany, which reflect a high potential for hospital risk management solutions.

Regional Analysis of Hospital Risk Management Market Report

• The hospital risk management market was dominated by North America in 2021. This is mainly because of the existence of numerous market players in the U.S., shift to cloud-based risk management solutions in the medical sector, and increasing use of data analytics to ease the workflow in hospitals.
• The spending of the U.S. is approximately $40 billion yearly on patients stricken with medication errors. Avoidable medical errors dominate the death rate from predictable hazards, such as car accidents, breast cancer, and AIDS

Browse detailed report on Global Hospital Risk Management Market Size, Growth Drivers and Demand Forecast To 2030

Workflow management had the second-largest share, of about 20%, in 2021. The amount of medical data is increasing worldwide because of the escalating occurrence of chronic illnesses, thus putting pressure on medical infrastructure. A government agency states that chronic diseases bring about in excess of 40 million deaths each year. These solutions improve the internal processes in hospitals via automation and provide better efficiency in medical data regulation, thus pushing the hospital risk management market growth.

Hospital Risk Management Market Segmentation Analysis

By Type

• Risk and Compliance Management
• Audit Management
• Third-Party Risk Management
• Enterprise Risk Management
• Risk Mitigation and Remediation
• Workflow Management
• Reporting and Visualization

By Hospital Size

• Small Hospitals
• Medium-Size Hospitals
• Large Hospitals

By Deployment

• Cloud-Based
• On-Premises

Regional Outlook

• North America

• • U.S.
  • Canada

• Europe

• • Germany
  • U.K.
  • France
  • Italy
  • Spain

• Asia-Pacific (APAC)

• • China
  • India
  • Japan
  • Australia
  • South Korea

• Latin America

• • Brazil
  • Mexico

• Middle East and Africa

• • Saudi Arabia
  • South Africa

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SOURCE P&S Intelligence