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Healthcare Quality Management Market Trends

ID: MRFR//5699-CR | 96 Pages | Author: Rahul Gotadki| November 2019

Global Healthcare Quality Management Market Overview

 Healthcare Quality Management Market Size was valued at USD 2 billion in 2022 and is projected to grow from USD 2.3 Billion in 2023 to USD 4.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.3% during the forecast period (2024 - 2032). The increasing regulatory requirements placed on healthcare providers by governments throughout the world to enhance patient safety, physician performance, and quality of treatment are a major market driver of the expansion.

Healthcare Quality Management Market

  Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Healthcare Quality Management Market Trends

  • Increasing Healthcare Costs Will Facilitate Market Growth

The aging population, rising healthcare service costs, and quality management are predicted to affect the global market for healthcare quality management. The performance of healthcare providers in both underdeveloped and wealthy nations is being impacted by the constant evolution of the most recent medical technologies, which raises the cost of healthcare services. The health care industry is regarded as being highly regulated and is dependent on cutting-edge diagnostic tools. In addition, the cost of healthcare services is typically covered by an insurance company, a government programme, or another third party. Because of their prevalence, the healthcare industry needs a quality management system. These considerations also demand for the implementation of a system that makes good use of the most recent technology while adhering to external requirements, enabling the expansion of the  Healthcare Quality Management Market in the years to come. The  Healthcare Quality Management Market is expected to increase in the near future as a result of numerous governments' requirements that healthcare providers enhance and report the quality of the service they deliver. Thus, this factor is driving the market CAGR for healthcare quality management.

Furthermore, primary business operations and processes make use of healthcare quality management. By avoiding stupid mistakes, improving processes, and improvising in response to feedback, quality management aids in business success. Due to the high expense of medical errors, medical facilities cannot offer subpar services. Medical mistakes frequently result in fatal accidents in the US. Using quality management software, numerous databases are organized effectively so that the person who needs to access them may do so promptly and update any relevant information. The advancement of current inventions in this field is extremely broad, as demonstrated by virtual reality and augmented reality. These technologies are regarded as being exceedingly pricey. The time and money saved by using these technologies will, however, outweigh the initial costs of adopting them by a considerable margin. Thus, it is anticipated that this aspect will accelerate healthcare quality management market revenue globally.

Healthcare Quality Management Market Segment Insights

Healthcare Quality Management Software Type Insights

The  Healthcare Quality Management Market segmentation, based on software type, includes Business Intelligence and Analytics Solutions, Physician Quality Reporting Solutions, Clinical Risk Management Solutions, Provider Performance Improvement Solutions and Others. The business intelligence and analytics solutions segment held the majority share in 2022 in the  Healthcare Quality Management Market data linked to the necessity for healthcare providers to minimize the skyrocketing operational costs, increased demand for high-quality healthcare, government initiatives to support value-based care, and the rise in the number of claims being rejected by insurers. This segment's growth is also anticipated to be fueled by increasing initiatives from the major market participants through product launches.

July 2020: Value Maximizer, a brand-new predictive analytics platform powered by Microsoft Azure, was introduced by Medisolv. The performance and future payments of a hospital are predicted by this innovative programme using machine learning and predictive modelling.

Healthcare Quality Management Mode of Deployment Insights

The  Healthcare Quality Management Market segmentation, based on mode of deployment, includes Web/Cloud-Based and On-Premise. The web/cloud-based segment dominated the market growth for healthcare quality management in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. A significant portion of this industry is driven by web- and cloud-based solutions' flexibility to operate from remote places, affordability, and automated update features.

Healthcare Quality Management Application Insights

The global healthcare quality management industry, based on application, includes Data Management and Risk Management. The data management segment dominated the market for healthcare quality management in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Due to the growing amount of inconsistent data and regulatory organisations' need for reports with high standards of quality, this segment's sizable market share can be explained.

Figure 1:  Healthcare Quality Management Market, by Application, 2022 & 2032 (USD Billion)

Healthcare Quality Management Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Healthcare Quality Management End-User Insights

The  Healthcare Quality Management Market data, based on end-user, includes Hospitals, Ambulatory Care Centers, Payers and others. The hospitals segment dominated the healthcare quality management market revenue for healthcare quality management in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. The main factors encouraging the adoption of healthcare quality management solutions in hospitals include growing HIT adoption, increasing patient safety emphasis, significant growth in healthcare spending, rising medical error rates, rising healthcare costs, and government mandates to adhere to quality standards.

Healthcare Quality Management Regional Insights

By region, the study provides the market insights for healthcare quality management into North America, Europe, Asia-Pacific and Rest of the World. North America healthcare quality management market accounted for USD 0.9 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. The market is expanding in North America as a result of factors including government mandates requiring healthcare providers to report quality and improve the performance of the care provided, an increase in healthcare spending, an increase in the volume of unstructured data in the healthcare industry, a rapid ageing population growth rate, a high rate of medication errors, and an increase in government funding.

Further, the major countries studied in the market report for healthcare quality management are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Healthcare Quality Management Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe healthcare quality management market accounts for the second-largest market share. This can be primarily attributable to the government's engagement in providing quality management services and the enhanced reimbursement facilities offered, both of which are anticipated to accelerate the market's expansion throughout the forecast period. Further, the UK healthcare quality management market held the largest market share, and the Germany healthcare quality management market was the fastest growing market in the region.

Asia Pacific healthcare quality management Market is expected to grow at the fastest CAGR from 2024 to 2032 because of their healthcare systems' rapid development. In the upcoming years, health care policies will also support the market's expansion. Several other variables, such as rising healthcare expenses and technology breakthroughs, also contribute to growth. Moreover, China healthcare quality management market held the largest market share, and the India healthcare quality management market was the fastest growing market in the region.

Healthcare Quality Management Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the healthcare quality management market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the healthcare quality management industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global healthcare quality management industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, healthcare quality management industry has provided medicine with some of the most significant benefits. The healthcare quality management market major player such as Citiustech Inc. (U.S.), Verscend Technologies, Inc. (U.S.), Quantros Inc (U.S.), Altegra Health (U.S.), Medisolv Inc.(U.S.), Mckesson Corporation (U.S.), Dolbey Systems (U.S.), Premier, Inc (U.S.), Truven Health Analytics (U.S.), Cotiviti Holdings, Inc (U.S.), Nuance Communications (U.S.), Cerner Corporation (U.S.) and Enli Health Intelligence (US).

With its headquarters in Burlington, Massachusetts, Nuance Communications, Inc. is an American multinational software company that sells voice recognition and artificial intelligence software. In March 2022, the electronic health record (EHR) platform from Cerner will incorporate Dragon Ambient eXperience (DAX) from Nuance. The goal of DAX, which is an extension of Nuance and Cerner's partnership that started in 2020, is to make administrative work for healthcare providers simpler with conversational AI.

Privately owned Enli Health Intelligence was a software firm with offices in Hillsboro, Hillsboro, and Beaverton, Oregon. Kryptiq Corporation, which was founded in 2001, specialised in electronic medical records and secure patient-physician communications. Surescripts, a previous investor in the 125-person company, bought the business in 2012. At the time of the sale, yearly earnings were around $25 million. The business declared in January 2015 that it was leaving Surescripts and regaining independence. It was renamed Enli Health Intelligence later in 2015. After being bought by Cedar Gate Technologies in 2021, it stopped using the Enli name.

Key Companies in the healthcare quality management market includes

  • Citiustech Inc. (U.S.)

  • Verscend Technologies Inc. (U.S.)

  • Quantros Inc(U.S.)

  • Altegra Health (U.S.)

  • Medisolv Inc.(U.S.)

  • Mckesson Corporation (U.S.)

  • Dolbey Systems (U.S.)

  • Premier Inc (U.S.)

  • Truven Health Analytics (U.S.)

  • Cotiviti Holdings Inc (U.S.)

  • Nuance Communications (U.S.)

  • Cerner Corporation (U.S.)

  • Enli Health Intelligence (U.S.)

Healthcare Quality Management Industry Developments

January 2022: Francisco Partners, a well-known international investment firm that specialises in working with tech companies, and IBM officially agreed that Francisco Partners will buy healthcare data and analytics assets from IBM's Watson Health division.

Healthcare Quality Management Market Segmentation

Healthcare Quality Management Software Type Outlook (USD Billion, 2019-2030)

  • Business Intelligence and Analytics Solutions

  • Physician Quality Reporting Solutions

  • Clinical Risk Management Solutions

  • Provider Performance Improvement Solutions

  • Others

Healthcare Quality Management Mode of Deployment Outlook (USD Billion, 2019-2030)

  • Web/Cloud-Based

  • On-Premise

Healthcare Quality Management Application Outlook (USD Billion, 2019-2030)

  • Data Management

  • Risk Management

Healthcare Quality Management End User Outlook (USD Billion, 2019-2030)

Healthcare Quality Management Regional Outlook (USD Billion, 2019-2030)

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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