The healthcare safety and risk management solutions market is anticipated to grow 11% annually through the period of 2020 to 2030, due to increasing adoption of advanced healthcare IT solutions such as big data, bioinformatics, genomics, and image analysis. These solutions include informatics from deep learning applications such as electronic health records (EHRs) and image processing, to assist physicians with the diagnosis and management of disease states. Additionally, because of all the federal mandates that are necessary for healthcare organizations to integrate new technologies and take other actions, it is expected that, the demand for healthcare safety and risk management platforms and services will increase over the forecast period of 2020 to 2030.
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Key Takeaways from Healthcare Safety and Risk Management Solutions Market Study
- Most companies are developing advanced healthcare safety and risk management solutions for skilled nursing facilities (SNFs) to reduce manual data entry and create a comprehensive record for each individual.
- Rising focus of large enterprises is to deliver Internet of Medical Things (IoMT), which is a connected infrastructure of medical devices and software applications that can communicate with various healthcare IT systems.
- Countries across the globe such as the U.S., Germany, China, Japan, the U.K., and Russia are witnessing changes at a faster pace, owing to significant adoption of modern healthcare technologies such as cloud and big data.
- Many countries are undergoing digitalization across the healthcare industry, and the governments in these countries are taking initiatives to promote public healthcare programs, primary and secondary health centers, and health education to address public health safety.
- With healthcare facilities treating COVID-19 patients using healthcare safety and risk management platforms to determine the risk of infection to staff, the market is set to progress rapidly over the next few quarters.
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“Enterprises are offering cloud technology, which has become the new center of patient care. They are providing secure remote access to shared machines, workstations, and electronic health records to keep practitioners productive by having access to tools, machines, and patient records. Hence, the adoption of healthcare safety and risk management platforms is expected to be driven by the integration of Telehealth and remote work environments requiring the flexibility of the cloud,” says a PMR analyst.
Integration of Artificial Intelligence (AI) & Predictive Analytics to Propel Market Growth
Artificial Intelligence has numerous applications for the healthcare industry. This technology has the potential to impact clinical care through early and accurate identification of disease. The primary aim of AI applications in healthcare is to analyze links between prevention or treatment approaches and patient outcomes. AI enables fast and comprehensive analysis of huge data sets to effectively enable decision-making with speed and accuracy.
For instance, in the U.S., the Federal Drug Administration (FDA) is approving more and more AI and machine leaning methods for diagnostic assistance and other applications. Moreover, the U.K. government has brought together regulators and organizations such as NICE and CQC to drive the safer use of AI in healthcare.
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