Pune, July 09, 2024 (GLOBE NEWSWIRE) -- Healthcare Quality Management Market Size Analysis:
“As per SNS Insider Research, The Healthcare Quality Management Market size was valued at US$ 3.31 Billion in 2023 and is witnessed to surpass US$ 10.22 Billion, with a compound annual growth rate (CAGR) of 14.18% over the forecast period 2024-2032.”
The Rising Number of Unstructured Medical Data as Well as Rising Medical Errors has Propelled the Healthcare Quality Management Market
An imminent issue for the healthcare industry about unorganized data has been causing a menace, medical errors have increased leading to bigger expenses. In a 2022 study by the Multidisciplinary Digital Publishing Institute (MDPI), the prevalence of medication errors among nurses was reported to be with an error rate of 72.1%. Only 41.2% of the errors were reported, however, the most common type of medication error was due to wrong doses, with a 46.9 % frequency rate among all medication error categories. Saudi Pharmaceutical Journal in a study of central hospitals, in Saudi Arabia revealed 4,860 medication errors recorded during the period from January 2018 to March 2020: The majority were linked with prescribing and transcription account for over half (50.0%) while only about one-fifth was caught up with administration Processes (16%). As a result, the demand for quality management software is increasing to overcome these issues and this acts as a driver for its healthcare quality management market growth.
Furthermore, Medication Dispensing Errors and Prevention - The article headline also states Medication dispensing errors result in ~7000-9000 American lives each year. Countless others suffer from serious side effects or run into problems with pharmaceuticals, but their cases rarely make headlines. Because the upsurge in medical errors continues to rise, demand for healthcare QMS solutions and hence healthcare quality management market expansion is expected.
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Key Players Analysis Listed in this Report are:
- Microsoft Corporation (Nuance Communications Inc.)
- Change Healthcare
- Oracle (Cerner Corporation)
- CitiusTech Inc.
- McKesson Corporation
- Dolbey Systems Inc.
- Medisolv Inc.
- RLDatix
- Premier Inc.
- IBM
- Other Players
Healthcare Quality Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.31 Billion |
| Market Size by 2032 | US$ 10.22 Billion |
| CAGR | CAGR of 14.18% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | •The increase in the aging population is raising the demand for healthcare quality management systems which is propelling the market growth •The huge volumes of unstructured data being generated by the healthcare industry are fuelling the demand for healthcare quality management systems. |
Segmentation Dynamics
The data management segment is anticipated to register the highest market share of 41.8% in 2023. The growth can be attributed primarily to the rising volume of disparate healthcare data and increasing demand for reports from regulatory bodies, as these reports are developed in compliance with stringent standards. Various regulatory agencies including government and accreditation bodies mandate healthcare providers to share exhaustive reports about specific quality metrics like patient outcomes, safety measures, or compliance with best practices.
Healthcare organizations rely on risk management to improve their patient safety and reduce liabilities. Healthcare providers could record events, track and analyze these incidents using high-quality risk management software so that risks may be identified proactively leading to regulatory compliance, with early interventions to prevent or minimize the harm.
The hospital segment dominated the market with a share of 57.03% in 2023 and is expected to grow at the highest rate during this period. There are several reasons for this boost - increased focus on patient safety, and the continued climb in medical errors. The competitive rivalry among market players, the rising number of hospitals with JCI accreditation, and the adoption of healthcare information technology are the factors responsible for segment growth payable to the quality assurance sector.
Ambulatory Care Center is anticipated to be the fastest-growing segment during the forecast period. This can be explained by the growing number of medical errors, implementation of good QMS for patient safety, and cost savings related to quality management are driving the healthcare quality management market growth.
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Healthcare Quality Management Market Key Segmentation
By Type
- Business Intelligence and Analytics Solutions
- Physician Quality Reporting Solutions
- Clinical Risk Management Solutions
- Provider Performance Improvement Solutions
By Mode of Delivery
- Cloud-based
- On-premises
- Web Based
By Application
- Data Management
- Risk Management
- Others
By End-Use
- Hospitals
- Ambulatory Care Centers
- Others
Regional Analysis
In 2023, North America occupied the maximum market share of 43.8%. An increase in the number of product launches by a major player and CMS's rising efforts to move towards value-based care has led to an increased adoption rate of these solutions in North America. For example, in November 2021 Crothall Healthcare announced introducing a Quality Management System web platform built along with Intelex.
However, the Asia-Pacific is expected to register at a high CAGR during the forecast period. This is primarily on account of an increasing number of hospitals in the region and surging healthcare expenditure. The growing IT adoption among the hospitals in this region and the increasing focus of care providers on delivering quality service are driving the growth of the healthcare quality management market.
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Recent Developments
- In November 2021, Intelex and Crothall Healthcare launched an exclusive web-based QMS platform called Team Quest. This led to the creation of a holistic solution aiding the Quality management process in Hospitals using path-breaking software, known as Sanket IQ.
- In February 2022, Hexagon AB announced the acquisition of Saas-based QMS software provider - ETQ. This further extends its smart factory offering with a comprehensive suite of quality and compliance management solutions for manufacturers in regulated industries such as life sciences and medical products.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Healthcare Quality Management Market Segmentation, By Type
8. Healthcare Quality Management Market Segmentation, By Mode of Delivery
9. Healthcare Quality Management Market Segmentation, By Application
10. Healthcare Quality Management Market Segmentation, By End-Use
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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