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Advanced Analytics and Integrated Sensors Transforming the US and Western European Next-Gen Patient Safety Solutions Market

Growth Strategies Driven by Increasingly Advanced and Integrated Tools

Frost & Sullivan
4950 USD https://store.frost.com/advanced-analytics-and-integrated-sensors-transforming-the-us-and-western-european-next-gen-patient-safety-solutions-market.html
RELEASE DATE
17-Dec-2020
REGION
North America
Research Code: MFC5-01-00-00-00
SKU: HC03368-NA-MT_25059
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  • Description
  • Key issues Addressed
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Description

Patient safety is the cornerstone of high-quality healthcare and depends upon procedures linked to the detection, prevention, reduction, documentation, and evaluation of errors that otherwise can lead to adverse events, both preventable and non-preventable. Beyond the high volume or morbidity and mortality associated with patient safety adverse events, a significant cost burden is imposed on national healthcare systems. As a result, hospitals and healthcare settings in the United States and the 5 Western European countries analyzed in this study (i.e., UK, France, Germany, Spain, and Italy) are implementing advanced solutions to address the different types of adverse events associated with patient safety (injuries, errors, accidents, and infections). Moreover, medical technology (medtech) companies, hospital information technology (HIT) companies, and even leading players from other industries continuously undertake R&D efforts to introduce innovative technologies and solutions designed to reduce or eliminate patient harm.

Several patient safety solutions exist in the market, but with great technical complexity and massive volumes of data, medical error trends are increasing like never before. Errors committed by healthcare staff, including clinicians, can range from improperly updating electronic health record (EHR) data and misspelling medication names to performing the wrong surgical procedure on a patient. Also, the impact of COVID-19 has not only increased the occurrence of these events, but introduced new infection risks. The entire range of patient safety errors that involves medical errors, pressure ulcers, sepsis, and healthcare acquired infections (HCAIs) are mostly preventable, unless the patient’s condition becomes critical.

Next-gen patient safety solutions introduce artificial intelligence, predictive analytics, machine learning, deep learning, natural language understanding, and other emerging technologies to address adverse events in a more effective way, leading to impactful decision-making by clinicians, reduced morbidity and mortality rates, decreased cost burden, and high-tech solutions that take patient safety to new heights. Among the top goals of companies’ next-gen solutions are the detection of adverse events at an early stage, even before occurrence, to prevent them and reduce or eliminate clinician/nurse burnout, which is enabled by increased automation, accuracy, ease of operation, speed, and cost-effectiveness (in most cases).

In this study, Frost & Sullivan has categorized next-gen patient safety solutions into three types: IT-based, medical device-based, and process-based. We have studied the three major care settings of hospitals, primary care, and long-term care. As the US and Western European healthcare industries are witnessing the shift from fee-for-service to outcome-driven value-based care, focus is now on providing quality care and patient satisfaction to ensure patient safety. Increased risks of infection, communication gaps, diagnostic errors, lack of early detection solutions, reimbursement policies by the US Centers for Medicare and Medicaid Services (CMS) and the UK National Health Service (NHS), and implementation of emerging technologies are among the drivers boosting the introduction and adoption of next-gen patient safety solutions.

Key Issues Addressed

  • How is the next-gen patient safety solutions market segmented?
  • How are the different solutions categorized?
  • What are the different innovative technologies implemented? What are the technologies to be used in upcoming solutions?
  • How are next-gen solutions winning over existing gold standard solutions in the patient safety solutions market?
  • What are the revenue forecasts for the solutions and technology types?
  • Who are the key innovative participants in this market?
  • What recent partnerships/M&As have taken place in this space?
  • How has the COVID-19 pandemic impacted the next-gen patient safety solutions market?
  • What are the key growth opportunities in this market?

Author: Suchismita Das

Table of Contents

Strategic Imperatives

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Next-gen Solutions for Patient Safety Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Executive Summary

What Are Next-gen Solutions for Patient Safety Event (PSE)?

Snapshot of Next-gen Solution Types Studied in the PSE Segments

Next-gen Technology Adoption across Care Settings

The Transformation to Next-gen Solutions for Patient Safety—Technologies, US and W. Europe, 2019–2025

Technology Maturity Plotting of Next-gen Patient Safety Solutions—Medical Errors

Technology Maturity Plotting of Next-gen Patient Safety Solutions—PU/PIs, Sepsis, HCAIs

Market Background

Important Definitions for the Study

The Three Basic Solution Types

Patient Safety Solution Providers Landscape

Global Overview—Patient Safety

Global PSE Scenario

Global PSE Scenario (continued)

Frequency of PSEs—Global

Cost Burden Analysis of Patient Safety Events—Global

Financial Impact of Patient Safety Failure on Care Settings—Global

PSE Scenario—US and W. Europe

Healthcare Patient Safety Events Scenario—US

Healthcare Patient Safety Events Statistics with Presence across Care Settings—US

Cost Analysis of Healthcare Patient Safety Events—W. Europe

Healthcare PSEs’ Occurrence across Countries by Types—W. Europe

Healthcare Patient Safety Events Statistics with Presence across Care Settings—W. Europe

Revenue Forecast

Scope of Analysis

Key Growth Metrics for Next-gen Solutions for Patient Safety

Classifications and Definitions of Patient Safety Events

Occurrence of Healthcare PSEs across Care Settings

Patient Safety Events Segmentation

List of Next-gen Solutions in Different Patient Safety Segments

Growth Drivers for Next-gen Solutions Transforming Patient Safety

Growth Restraints for Next-gen Solutions Transforming Patient Safety

Forecast Assumptions—Next-gen Patient Safety Solutions

Revenue Forecast, Next-gen Patient Safety Solutions Market

Revenue Forecast Analysis—The Total Next-gen Patient Safety Solutions Market

Revenue Forecast by Technology, Next-gen Patient Safety Solutions Market, US

Revenue Forecast by Technology, Next-gen Patient Safety Solutions Market, W. Europe

Revenue Forecast Analysis by Region, 2019–2025

Competitive Environment and Next-gen Solutions in Patient Safety Market

Medical Errors

Key Growth Metrics for Next-gen Solutions for Medical Errors

What are Medical Errors (MEs)?

ME Types, Definitions, and Examples

ME Types, Definitions and Examples (continued)

Root Causes Leading to MEs

MEs Scenario Analysis—The US

MEs Scenario Analysis—W. Europe

Revenue Forecast, Medical Errors Solutions Market

Revenue Forecast by Technology, Medical Errors Solutions Market, US

Revenue Forecast by Technology, Medical Errors Solutions Market, W. Europe

Medical Errors—Surgical Errors Management

Surgical Errors Scenario Analysis—The US and the UK

Factors Leading to Surgical Errors

Preventive Measures for Surgical Errors

Drawbacks of Existing Solutions Addressing Surgical Errors

List of Solutions Addressing Surgical Errors—Gold Standard and Next-gen Solutions

Summary of Next-gen Solutions Addressing Surgical Errors

Summary of Next-gen Solutions Addressing Surgical Errors (continued)

Technology Maturity Curve—Surgical Errors Management

Profile—SafeStart Medical: SafeStart Software

Profile—Surgical Safety Technologies (SST): OR Black Box Platform

Profile—Masimo: Next Generation SedLine Brain Function Monitoring

Profile—Cortical Dynamics Ltd.: BAR Monitor

Upcoming Solutions—OR Voice Interaction Systems for the Future

Collaborations and Acquisitions—Surgical Errors

Assumptions for Forecasting—Next-gen Surgical Solutions, 2019–2025

Revenue Forecast, Next-gen Surgical Solutions Market

Revenue Forecast by Technology, Next-gen Surgical Solutions Market, US

Revenue Forecast by Technology, Next-gen Surgical Solutions Market, W. Europe

Revenue Forecast Analysis—Next-gen Surgical Solutions Market, 2019–2025

Medical Errors—Communication Errors Management

Communication Errors Scenario Analysis—The US and the UK

Factors Leading to Communication Errors

Preventive Measures for Communication Errors

Drawbacks of Existing Solutions Addressing Communications Errors

List of Solutions Addressing Communication Errors—Gold Standard and Next-gen Solutions

Summary of Companies and Next-gen Solutions Addressing Communication Errors

Technology Maturity Curve—Communications Errors Management

Profile—Surescripts: Sentinel

Profile—Telmediq: Near-Field Communication (NFC)-based Clinical Communication and Collaboration Platform

Collaborations and Acquisitions—Communication Solutions

Assumptions for Forecasting—Next-gen Communication Solutions, 2019–2025

Revenue Forecast, Next-gen Communication Solutions Market

Revenue Forecast by Technology, Next-gen Communication Solutions Market, US

Revenue Forecast by Technology, Next-gen Communication Solutions Market, W. Europe

Revenue Forecast Analysis—Next-gen Communication Solutions Market, 2019–2025

Medical Errors—Diagnostic Errors Management

Diagnostic Errors Scenario Analysis

Factors Leading to Diagnostic Errors

Preventive Measures for Diagnostic Errors

Drawbacks of Existing Solutions Addressing Diagnostic Errors

List of Solutions Addressing Diagnostic Errors—Gold Standard and Next-gen Solutions

Summary of Companies and Next-gen Solutions Addressing Diagnostic Errors

Summary of Companies and Next-gen Solutions Addressing Diagnostic Errors (continued)

Technology Maturity Curve—Diagnostic Errors Management

Profile—Edwards Lifesciences: HemoSphere with Acumen Hypotension Prediction Index (HPI)

Profile—Pascal Metrics, Inc.: Risk Trigger Monitoring Software

Profile—Epic Systems Corp.: AI-enabled EHR

Profile—GE Healthcare: Edison Platform

Collaborations and Acquisitions—Upcoming Diagnostic Solutions

Assumptions for Forecasting—Next-gen Diagnostic Solutions, 2019—2025

Revenue Forecast, Next-gen Diagnostic Solutions Market

Revenue Forecast by Technology, Next-gen Diagnostic Solutions Market, US

Revenue Forecast by Technology, Next-gen Diagnostic Solutions Market, W. Europe

Revenue Forecast Analysis—Next-gen Diagnostic Solutions Market, 2019–2025

Medical Errors—Medication Errors Management

Medication Errors Scenario Analysis—The US and the UK

Factors Leading to Medication Errors

Preventive Measures for Medication Errors

Drawbacks of Existing Solutions Addressing Medication Errors

List of Solutions Addressing MDEs—Gold Standard and Next-gen Solutions

Summary of Companies and Next-gen Solutions Addressing Medication Errors

Summary of Companies and Next-gen Solutions Addressing Medication Errors (continued)

Technology Maturity Curve—Medication Errors Management Solutions

Profile—Amazon Web Services (AWS): Transcribe Medical

Profile—TheraNest: e-Prescribe System

Collaborations and Acquisitions—Medication Solutions

Assumptions for Forecasting—Next-gen Medication Solutions, 2019–2025

Revenue Forecast, Next-gen Medication Errors Solutions

Revenue Forecast by Technology, Next-gen Medication Errors Solutions Market, US

Revenue Forecast by Technology, Next-gen Medication Errors Solutions Market, E. Europe

Revenue Forecast Analysis—Next-gen Medication Solutions Market, 2019–2025

Revenue Forecast Analysis—Next-gen Medication Solutions Market, 2019–2025 (continued)

Pressure Ulcers/Pressure Injuries (PU/PI)—Prevention and Management

Key Growth Metrics for Next-gen PU/PI Solutions

PU/PI Scenario Analysis—The US and the UK

Definition and Facts on PU/PI

Factors Leading to PU/PI

Preventive Measures for PU/PI

Drawbacks of Existing Solutions Addressing PU/PI

List of Solutions Addressing PU/PI—Gold Standard and Next-gen Solutions

Summary of Companies and Next-gen Solutions for PU/PI Management

Summary of Companies and Next-gen Solutions for PU/PI Management (continued)

Summary of Companies and Next-gen Solutions for PU/PI Management (continued)

Summary of Companies and Next-gen Solutions for PU/PI Management (continued)

Technology Maturity Curve—Pressure Ulcer Management

Profile—WoundVision: Scout

Profile—Hill-Rom Services, Inc. and EarlySense: Centrella Smart + Bed Platform

Profile—Encompass Group, LLC: Airisana Therapeutic Support System

Profile—Bruin Biometrics, LLC. (BBI): Provizio SEM Scanner

Profile—InPRO Medical (InPro): Smart Hospital Garments

Profile—Reapplix: 3C Patch System

Profile—Inotec AMD Ltd.: NATROX Oxygen Wound Therapy (NATROX)

Profile—Cardinal Health, Inc.: SVED Device

Upcoming Solution—PU/PI Sensing and Healing Solution for the Future

Assumptions for Forecasting—Next-gen PU/PI Prevention and Management Market, 2019–2025

Revenue Forecast Next-gen Solutions for PU Detection, Prevention and Management

Revenue Forecast by Technology, Next-gen Solutions for PU Detection, Prevention, and Management, US

Revenue Forecast by Technology, Next-gen Solutions for PU Detection, Prevention, and Management, W. Europe

Revenue Forecast Analysis—Next-gen PU/PI Prevention and Management Market, 2019–2025

Revenue Forecast Analysis—Next-gen PU/PI Prevention and Management Market, 2019–2025 (continued)

Sepsis Management

Key Growth Metrics for Next-gen Sepsis Solutions

Sepsis Scenario Analysis—The US and the UK

Factors Leading to Sepsis

Treatment for Sepsis

Drawbacks of Existing Solutions Addressing Sepsis

List of Solutions for Sepsis Management—Gold Standard and Next-gen Solutions

Summary of Companies and Next-gen Solutions for Sepsis Management

Summary of Companies and Next-gen Solutions for Sepsis Management (continued)

Technology Maturity Curve—Sepsis Management

Profile—Ambient Clinical Analytics: Aware Sepsis DART

Profile—ExThera Medical Corp.: Seraph 100 Microbind Affinity Blood Filter

Profile—Potrero Medical: Accuryn Monitoring System

Profile—Cheetah Medical, Inc. (now Baxter): Starling SV

Collaborations and Acquisitions: Sepsis Management

Sepsis Management Solutions for the Future

Assumptions for Forecasting—Next-gen Sepsis Management Solutions, 2019–2025

Revenue Forecast, Next-gen Solutions for Sepsis Management

Revenue Forecast by Technology, Next-gen Solutions for Sepsis Management, US

Revenue Forecast by Technology, Next-gen Solutions for Sepsis Management, W. Europe

Revenue Forecast Analysis—Next-gen Sepsis Management Market, 2019–2025

HCAI Management

Key Growth Metrics for Next-gen HCAI Solutions

HCAI Scenario Analysis—US and UK

Definition and Facts on HCAIs

Factors Leading to HCAIs

Preventive Measures for HCAIs

Drawbacks of Existing Solutions Addressing HCAIs

List of Solutions Addressing HCAIs—Gold Standard and Next-gen Solutions

Summary of Companies and Next-gen Solutions for HCAIs Management

Summary of Companies and Next-gen Solutions for HCAIs Management (continued)

Summary of Companies and Next-gen Solutions for HCAIs Management (continued)

Next-gen Technologies Plotted on the Technology Maturity Curve—HCAI Management

Profile—VigiLanz Corporation: The VigiLanz Platform

Profile—CenTrak: CenTrak Enterprise Location Services

Profile—Xenex Disinfection Services LLC: LightStrike Germ-Zapping Robots

Profile—410 Medical, Inc.: LifeFlow Rapid Infuser

Assumptions for Forecasting—Next-gen HCAI Management Solutions, 2019–2025

Assumptions for Forecasting—Next-gen HCAI Management Solutions, 2019–2025 (continued)

Revenue Forecast, Next-gen Solutions for HCAI Management

Revenue Forecast by Technology, Next-gen Solutions for HCAI Management, US

Revenue Forecast by Technology, Next-gen Solutions for HCAI Management, W. Europe

Revenue Forecast Analysis—Next-gen HCAI Solutions Market, 2019–2025

COVID-19 Impact on Patient Safety

Adverse Events in the Pandemic

Safety Practices and Systems for Healthcare Workers Amid COVID-19

Automation in Patient Safety

Analysis of Automation in Patient Safety

Detailed Analysis of Automated Dispensing Cabinets (ADC)—Gold Standard and Next-gen Solutions

Detailed Analysis of Automated Dispensing Cabinets (ADC)—Gold Standard and Next-gen Solutions (continued)

Growth Opportunity Universe, Next-gen Patient Safety Solutions Market

Growth Opportunity 1—Early Detection of Adverse Events to Prevent Progression and Readmission or PU/PI and Sepsis, 2020

Growth Opportunity 1—Early Detection of Adverse Events to Prevent Progression and Readmission or PU/PI and Sepsis, 2020 (continued)

Growth Opportunity 2—AI to Be the Next-gen Technology for Patient Safety Solutions in Addressing Medical Errors, 2020

Growth Opportunity 2—AI to Be the Next-gen Technology for Patient Safety Solutions in Addressing Medical Errors, 2020 (continued)

Growth Opportunity 3—Connected Wearables/Insoles/Textiles for PU/PI Patient Monitoring, 2020

Growth Opportunity 3—Connected Wearables/Insoles/Textiles for PU/PI Patient Monitoring, 2020

Growth Opportunity 4—Government Revised Reimbursement Policies on PU/PI and HCAIs Create Opportunity for Healthcare Companies, 2020

Growth Opportunity 4—Government Revised Reimbursement Policies on PU/PI and HCAIs Create Opportunity for Healthcare Companies, 2020 (continued)

Growth Opportunity 5—RTLS or Similar Technologies Used for Contact Tracing in Healthcare Facilities Witness Increasing Demand to Limit the Spread of Infection, 2020

Growth Opportunity 5—RTLS or Similar Technologies Used for Contact Tracing in Healthcare Facilities Witness Increasing Demand to Limit the Spread of Infection, 2020 (continued)

Growth Opportunity 6—Extracorporeal Therapies to Fight Bloodstream Infection, such as Sepsis, and COVID-19, 2020

Growth Opportunity 6—Extracorporeal Therapies to Fight Bloodstream Infection, such as Sepsis, and COVID-19, 2020 (continued)

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