Market Synopsis
Market Research Future (MRFR) hypothesizes that the global healthcare quality management market is predicted to garner 1.63 billion, grabbing a CAGR of 13.20% during the forecast period (2020–2027). The increase of unstructured data in recent years is presumed to favor the market growth. Healthcare quality management solutions are generally designed in order to improve the effectiveness of the treatment coupled with the growing satisfaction of the patients with the services. It is an essential aspect of patients and healthcare organizations. One of the primary reasons to implement high management quality control in the healthcare industry is to ensure that proper facilities and care are provided to the patients.
Market Potential and Pitfalls
With augmenting government regulations for reporting the quality and also improving the performance of the services and products, and increasing unstructured data in the recent days, the global healthcare quality management market is considered to foster during the assessment period. High adoption of cloud-based technology and its related services, increasing implementation of HL7 Clinical Document Architecture Release 2 guidelines for improving the quality measurement in organizations is predicted to spur the healthcare quality management market. Major market giants are involved in strategic partnerships in order to strengthen their position in the market, thereby propelling the market growth over the appraisal period. For instance, Change Healthcare had introduced the Dx Gap Advisor in December 2018. This particular innovative solution can recognize undocumented diagnosis codes automatically in order to address the identified risk adjustment gaps. Moreover, increasing the patient-centric approach from healthcare providers, doctors, and hospitals are expected to enhance the adoption of such solutions.
On the contrary, the high cost of the quality reporting systems, lack of skilled IT professionals in the healthcare sector, an accelerating concern associated with customer data safety, and loss of confidentiality and data breaches are some of the top barriers considered to vitiate the market growth in the coming years.
Global Healthcare Quality Management Market: Segmental Analysis
The global healthcare quality management market has been segmented on the basis of delivery mode, type, application, and end user.
By mode of type, the global healthcare quality management market has been segmented into physician quality reporting solutions, business intelligence and analytics solutions, provider performance improvement solutions, and clinical risk management solutions.
By mode of delivery mode, the global healthcare quality management market has been segmented into on-premise solutions and web/cloud-based solutions.
By mode of application, the global healthcare quality management market has been segmented into risk management and data management.
By mode of end-user, the global healthcare quality management market has been segmented into ambulatory care centers, hospitals, accountable care organizations (ACOs), payers, and others. Among these, the hospital segment is likely to dominate the segment and is likely to gain prominence throughout the assessment period.
Regional Insights
Geographically, the global healthcare quality management market spans across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.
Among all the regions, American is considered to dominate the global healthcare quality management market. The growth is credited to the presence of regulatory mandates, accelerating healthcare information technology (HCIT) investments, and the presence of regulatory mandates. Such factors are favoring the integration of healthcare quality management solutions in this region.
European is predicted to occupy the second largest position globally. The market in this region is likely to expand owing to the presence of a well-established healthcare system coupled with the accelerating insurance coverage.
The Asia-Pacific region is predicted to expand at the fastest growth rate owing to the improved healthcare infrastructure coupled with the rising government initiatives in order to improve patient outcomes.
Meanwhile, the Middle East & Africa exhibits the least market share. This is due to the less technological advancements in the area of healthcare IT.
Industry Updates
In July 2018, the Cerner and Lumeris developed a partnership in order to launch offerings to minimize complexities for the health systems delivering value-based care.
Competitive Dashboard
The global healthcare quality management market players are Verscend Technologies Inc., Citiustech Inc., Medisolv Inc., Truven Health Analytics, Altegra Health Inc., Enli Health Intelligence, Premier Inc., Mckesson Corporation, Dolbey Systems Inc., Quantros Inc., Cerner Corporation, and Nuance Communications Inc.
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