The size of the hospital risk management market will touch USD 3,482.3 million by 2030, powering at a rate of 13.5% by the end of this decade. This will prominently be as a result of the growing occurrence of medical errors, together with the high pervasiveness of chronic ailments at a global level.
The cloud-based category had the larger revenue share, more than 80%, in the past. The same category will grow at a higher rate, of about 14%, in the years to come.
This is because of the increasing requirement to endorse interoperability among different hospitals and corporations, to exchange info among databases, applications, and further computer systems and decrease operating costs. Furthermore, the rising acceptance of EHRs, e-prescriptions, mHealth, and telehealth also powers the growth of the industry.
Considering the significance of cloud-based risk management software in hospitals, the key players are participating to reinforce their position through acquisitions. For example, in February 2022, IBM Corporation developed Neudesic LLC to develop its collection of hybrid multi-cloud services.
Large hospitals will have the largest share, of about 60%, in 2030. This will be because of the increasing count of large hospitals, broadcasting hospital spending, and acceptance of EHRs in hospitals. For example, over 90% of the U.S. hospitals are in the procedure of validating EHRs.
Hospital risk management is needed for the suitable functioning of EHR systems, to eliminate the incidence of medical errors. The hospital bed density is the maximum in Japan, South Korea, Russia, and Germany, of about 12.8, 12.4, 8.0, and 7.9 beds per 1,000 populaces, respectively.
North America was the leader of the hospital risk management market. This has a lot to do with the existence of numerous players of industry in the U.S., shifting of the on-premises risk management and further healthcare IT solutions to cloud-based solutions, and mounting usage of data analytics to ease the workflow in hospitals.
Furthermore, the increasing occurrence of medical errors contributes to the high growth of the industry. For example, about 10,000 Americans die because of medication errors in hospitals on a yearly basis. The growing count of medical errors also leads to a high healthcare expenditure, which further powers the growth of the industry.
The U.S. spends about USD 40 billion on a yearly basis on patients afflicted with medication faults. Preventable medical faults in hospital prevail the mortality rate from predictable hazards, for example car accidents, breast cancer, and AIDS.
It is because of the increasing rate of medical errors, the demand for hospital risk management solutions will grow considerably. This trend will continue in the years to come as well.