Advancements Driving the Global Healthcare Quality Management Market Trends; MRFR Unleashes the Forecast for 2020-2027
Global Healthcare Quality Management Market: Information by Software Type (Business Intelligence and Analytics Solutions, Physician Quality Reporting Solutions, Clinical Risk Management Solutions, Provider Performance Improvement Solutions and others), Mode of Deployment (Web/Cloud-Based, On-Premise), Application (Data Management, Risk Management), End-User (Hospitals, Ambulatory Care Centers, Payers and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2027
Healthcare quality management is a process that employs a systematic evaluation to improve the quality of products and services to achieve better results especially in the management of the delivery of healthcare services. Over the past few years, the healthcare sector is growing leaps and bound, witnessing various innovations and product launches. And along with the same is growing the healthcare quality management market, garnering significant momentum on the global platform.
Considering the prominence and value that the market is gaining at present, Market Research Future (MRFR) in its recently published study report asserts that the global healthcare quality management market is poised to reach a valuation of USD 1.63 BN by 2023, posting a staggering double-digit CAGR of 4.70% throughout the review period (2018-2023).
Additional factors favoring the growth of the market include the increasing number of government mandates for improving the quality and performance of products & services utilized in the healthcare sector. Moreover, factors such as the notable rise in the unstructured data and adoption of cloud-based technology related services are accelerating the growth in the market, increasing the uptake of technology.
The increasing number of implementations of HL7 (Health Level Seven international) and Clinical Document Architecture Release 2 (CDA R2) guidelines for the quality measurement in healthcare organizations are some of the key factors acting as tailwinds driving the growth of the healthcare quality management market.
Conversely, factors such as the high cost of quality reporting systems, increasing concerns regarding the customer data safety, lack of skilled IT professionals in healthcare, and data breaches & loss of confidentiality are impeding the growth of the market. Nevertheless, the proliferation of cloud technology would support the growth of the market, fetching many benefits with broad accessibility to insights of data.
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Healthcare Quality Management Market - Segmentation
For ease of understanding, the analysis has been segmented into five key dynamics:
By Type : Physician Quality Reporting Solutions, Business Intelligence & Analytics Solutions, Provider Performance Improvement Solutions, and Clinical Risk Management Solutions among others.
By Delivery Mode : On-premise Solutions and Web/Cloud-based Solutions.
By Application : Data management, Risk Management, and others.
By End-user : Ambulatory Care Centres, Hospitals, Payers, Accountable Care Organizations (ACOs), and others.
By Region : North America, Europe, Asia Pacific, and Rest-of-the-World.
Global Healthcare Quality Management Market - Regional Analysis
The healthcare quality management market in North America accounts for the leading market, globally. Factors that are expected to support the region to retain its dominance over the forecast period include the presence of regulatory mandates, the advancements in technologies, and the rise in the Healthcare Information Technology (HCIT) investments.
Moreover, the market proliferation of smart and connected medical devices is another critical factor reasoning for the exponential accruals the healthcare quality management market in the region witnessing currently.
The European region heading with the presence of key technology providers accounts for the second-largest market in the global healthcare quality management market. The presence of well-established infrastructures is another key factor that impacts the growth of the regional market, allowing a favorable environment for technological developments.
Furthermore, the government’s efforts to push the markets for cloud technologies is allowing the market to witness higher adoption of healthcare quality management tools, which is likely to be continued over the forecast period.
The healthcare quality management market in the Asia Pacific region is another lucrative market, globally. Factors such as the increasing number of healthcare facilities alongside the proliferating healthcare sector in the rapidly developing countries such as China, Korea Japan, and India, are substantiating the growth of the regional market augmenting the demand for deployment of healthcare quality management technologies.
Moreover, the massive demand for advanced analytics solutions that can provide comprehensive support and real-time access to data are some of the major factors increasing the size of the market, facilitating comprehensive scenarios.
Simultaneously, the Digital India Program promoted by the Indian government to transform the nation into a digitally empowered economy is, in turn, posing India as a prominent market for healthcare quality management.
Companies operating in the APAC region will benefit from the flexible policies of the government as well as the expanding digital market that will have a significant impact on the healthcare community.
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Healthcare Quality Management Market – Competitive Analysis
Fiercely competitive, the healthcare quality management market appears fragmented due to the presence of many matured players. These players incorporate strategic initiatives such as agreement & partnership, product launch, acquisition, and expansion to gain a significant share in the market and thus, to maintain their positions.
International players are increasingly expanding their footprint in the rapidly developing economies, especially in the APAC region. With their well-developed technology portfolios, differentiation, quality, and pricing, they are further making it difficult for regional vendors to compete with them.
These key players are creating alliances with e-commerce partners and strong local players in APEJ and Western Europe regions to consolidate their position. Growth in the number of innovations/ technologies is also expected to create strong investment opportunities for global players in the market.
Major Players:
Key players operating in the global healthcare quality management market are Cerner Corporation, Citiustech Inc., Altegra Health, Inc. (A Subsidiary of Change Health), Enli Health Intelligence, Mckesson Corporation, Dolbey Systems Inc., Nuance Communications, Inc., Premier Inc., Medisolv Inc., Truven Health Analytics (A Subsidiary of IBM Watson Health), Verscend Technologies, Inc., and Quantros Inc. among others.
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