The global market for medication error reporting is estimated to be worth US$ 423.74 million in 2021 and US$ 1325.77 million in 2030, with a CAGR of 13.80% during the forecast period of 2022–2030, according to the most recent study by InsightAce Analytic.Medication errors, broadly defined as any error in the prescribing, dispensing, or administration of a drug, irrespective of whether such errors lead to adverse consequences or not, are the single most preventable cause of patient harm. A medication error is a preventable event that may cause or lead to inappropriate medication use or patient while the medication is in the control of the health care professional, patient, or consumer. The majority of medication errors occur as a result of poor prescribing, emphasizing the need to improve prescribing skills. The medication error increases morbidity, mortality, cost burden and decreases the patient’s confidence in the healthcare systems. Medication errors can be classified as Knowledge-Based Error, Rule-Based Error, Action Based Error, and Memory Based Error. Patient safety has become a priority for almost all major healthcare systems across the globe. The rising incidence of medical errors and the growing need to adhere to regulatory guidelines are primarily driving the market growth. Growing awareness of patient safety and the Increasing need to curb increasing health care costs are anticipated to fuel the demand for the product in developing countries. Moreover, Information technology plays a vital role in the prevention and reduction of medical errors in healthcare organizations, emphasizing increased patient safety. The emergence of such technologies serving numerous healthcare organizations meet the new healthcare paradigm is expected to drive market growth.
The global Medication Error Reporting market is categorized on the basis of error, occurrence, and region. On the basis of error Type, the market is segmented into Knowledge-Based Error, Rule-Based Error, Action Based Error, and Memory Based Error. On the basis of Occurrence Type, the market is segmented into Hospitals, Community Pharmacies, and Multinational Retail Groups. Based on region, the market is studied across North America, Asia-Pacific, Europe, and LAMEA. On the other hand, Asia-Pacific is expected to dominate the market during the analysis of the forecast period.
The report further identifies detailed competitive intelligence of The Patient Safety Company, Datix Ltd, Health Catalyst Inc., QUANTROS, Inc.- Merged with RL Datix, Clarity Group, Inc., Smiths Medical, Inc., Verge Solutions, LLC, Prista Corporation, TapRoot Systems, Healthicity, LLC, Riskonnect Inc., Smartgate Solutions, Riskqual Technologies - (A part of Thoma Bravo LLC), Conduent Inc., and Other Prominent Players.
