Hospital Risk Management Market To Generate Revenue Worth $3,482.3 Million by 2030

The global hospital risk management market is projected to generate $3,482.3 million revenue by 2030, advancing at a CAGR of 13.5% during 2021–2030. This will be on account of the rising number of medical errors, coupled with the high prevalence of chronic diseases.

Around 3 million people die every year due to medical errors, which outnumbers the mortality from tuberculosis, HIV, and malaria-like diseases. Medical errors mainly occur in low- and middle-income countries (LMICs), which witness more than 130 million adverse hospital events each year, as per a government agency. Moreover, the rising adoption of IT in the healthcare infrastructure, rapid digitalization, and increasing number of government initiatives propel the market growth.

In addition, the rising number of software developments by various companies intensifies the market growth. For instance, in July 2020, Health Catalyst Inc. launched the care management suite, which is a analytics- and patient-centric data-driven approach to hospital care management. It permits the integration of multiple data sources, facilitates more-streamlined workflows, improves the quality of patient care, and reduces overall costs.

Risk and Compliance Management Category Leads Market

The risk and compliance management category accounted for the largest revenue share, of more than 20%, and it is expected to grow at a CAGR of 14.3% during 2021–2030. This is attributed to the rising number of government regulations, such as the Sarbanes-Oxley Act (SOX), Control Objectives for Information and Related Technologies (COBIT), and the Federal Information Security Management Act (FISMA), to prevent medical errors.

APAC To Record Highest CAGR in Market

The APAC hospital risk management market is expected to witness the highest CAGR, of 15.8%, in the forecast period, on account of the huge growth in the hospital industry in the region. For instance, as per an Indian government agency, the Indian hospital industry accounts for more than 80% of the country’s total healthcare market, driven by the rising health awareness and disposable income.

Mergers & Acquisitions Are Most-Effective Strategic Measures

Companies in the market have engaged in mergers & acquisitions to outlast the competition. For instance, in October 2020, RLDatix announce the acquisition of Verge Health to develop a risk mitigation solution for hospitals.

The major players operating in the global hospital risk management market are RSA Security LLC, AuditBoard Inc., Diligent Corporation, IBM Corporation, LogicGate Inc., LogicManager Inc., MetricStream, NAVEX Global Inc., OneTrust LLC, and Reciprocity Inc.