SINGAPORE, June 21, 2018 /PRNewswire/ -- Adverse patient safety events in the US and Western European healthcare systems impose an estimated cost burden of US$ 317.93 billion in 2016 and is estimated to increase at a CAGR of 3.2% reaching US$ 383.7 billion in 2022. The rising incidences of adverse patient safety events push the demand for innovative solutions in healthcare industry as it affects millions of patients and impose cost burden to healthcare organizations annually.
In order to curb the burden costs of adverse patient safety events, the healthcare industry is looking to adopt innovative solutions, especially in the following areas - Medication Safety, Antibiotic Resistance, Patient Diagnostics Safety, Sepsis, Cyber-security of Medical Device and Patient Data Privacy and Unnecessary Emergency Department (ED) Admissions.
A recent study by Frost & Sullivan, Patient Safety in Healthcare, Forecast to 2022 highlights that the six top opportunity areas mentioned above are key drivers to future investments with high potential for vendor consolidation, appetite for disruptive technologies, and adoption potential of innovative solutions.
"The industry will witness increasing consolidation with large med-tech companies gearing towards provision of targeted solutions for areas such as antibiotic resistance, sepsis, pressure ulcers, and unnecessary ED admissions," commented Mr. Anuj Agarwal, Industry Analyst at Frost & Sullivan.
Roughly 15% of hospital expenditure could be attributable to addressing safety failures in countries such as the US, UK, France, Sweden and the Netherlands. It is also reported that the percentage is higher in countries such as Germany, Spain and Italy.
"About 17% of all hospitalizations in the US are affected by one or more adverse patient safety events. The fact that 30-70% of those adverse events are potentially avoidable makes it imperative to prevent them from happening," Agarwal added.
The process of implementing analytics and artificial intelligence (AI) solutions to improve the processes, systems, and culture in healthcare industry requires high amounts of data, at times, from competing systems with significant limitations on information sharing.
Frost & Sullivan predicts that by 2022, patient safety will transition from an ancillary to a core value proposition for care providers. The industry is expected to witness increased integration between Medtech and digital health technologies such as data analytics and remote monitoring and surveillance to enhance patient safety.
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