Healthcare quality management is a process involving a systematic evaluation and improvement of the products and services to achieve better quality especially in the management of the delivery of healthcare services. Global healthcare quality management market is growing significantly and is expected to gain additional momentum over the forecast period.
Factors favoring the market growth include the increasing number of government mandates for reporting the quality and improving the performance of products & services and a notable rise in the unstructured data. Moreover, factors such as the adoption of cloud-based technology related services are escalating the market on the global platform.
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Acknowledging the prominence and value, the market is gaining at present, Market Research Future (MRFR) in its recently published analysis asserts that the global healthcare quality management market will reach USD 1.63 BN by 2023, registering a CAGR over 14.70% throughout the review period (2018-2023).
Additional factors such as 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 estimated to drive the growth of the healthcare quality management market.
On the other hand, 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 act as major headwinds that hurdle the growth of the market. Nevertheless, factors such as the proliferation of cloud technology are expected to support the growth of the market, fetching many benefits with wide accessibility to insights of data.
Global Healthcare Quality Management Market – Segments
For ease of understanding, the market has been segmented into five key dynamics: –
By Type: Business Intelligence & Analytics Solutions, Physician Quality Reporting Solutions, Clinical Risk Management Solutions, and Provider Performance Improvement Solutions among others.
By Delivery Mode: Web/Cloud-based Solutions and On-premise Solutions.
By Application: Data management and Risk Management among others.
By End-user: Hospitals, Ambulatory Care Centres, Payers, and Accountable Care Organizations (ACOs) among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
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Global Healthcare Quality Management Market – Regional Analysis
The North American region, heading with the presence of regulatory mandates accounts for the leading market for healthcare quality management. Factors such as the advancements in technologies, the market proliferation of smart and connected medical devices, and the rise in the Healthcare Information Technology (HCIT) investments are favoring the implementation of HQM solutions and are expected to support the market to retain its dominance throughout the forecast period.
The healthcare quality management market in the European region accounts for the second-largest market, globally. The presence of well-established infrastructures alongside the presence of key players in the region acts as a key driving force, allowing the favorable environment for technological developments. The market is projected to witness a higher adoption of healthcare quality management tools owing to the government’s efforts to push the markets for cloud technologies.
The Asia Pacific healthcare quality management market is rapidly emerging as a profitable market, globally. Proliferating healthcare sector and the increasing number of healthcare facilities in the rapidly developing countries such as India, China, Japan, and Korea substantiate the market growth, augmenting the demand for deployment of healthcare quality management technologies. Simultaneously, massive demand for advanced analytics solutions that can provide comprehensive support and real-time access to data increases the size of the market, facilitating comprehensive scenarios.
The Indian government is promoting the Digital India Program with a vision to transform the nation into a digitally empowered economy which in turn, will pose 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
The healthcare quality management market appears fiercely competitive with the presence of several large and small players. The key strategies traced from the analysis of recent market developments include agreement & partnership, product launch, acquisition, and expansion.
International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of technology portfolios, differentiation, quality, and pricing.
These key players are employing strategies of creating alliances with e-commerce partners with strong local players in regions such as APEJ and Western Europe to consolidate their position. Growth in terms of innovations/ technologies in the market is also expected to create strong investment opportunities for global players.
Key players leading the global healthcare quality management market include Cerner Corporation, Altegra Health, Inc. (A Subsidiary of Change Health), Citiustech Inc., Enli Health Intelligence, Dolbey Systems Inc., Mckesson Corporation, Nuance Communications, Inc., Medisolv Inc., Premier Inc., Truven Health Analytics (A Subsidiary of IBM Watson Health), Quantros Inc., and Verscend Technologies, Inc. among others.
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Industry/ Innovation/ Related News:
March 18, 2019 —- Pulse8, LLC (the US), a leading global provider of healthcare technology and analytics delivering complete visibility into the efficacy of Risk Adjustment, Quality Management, and Pharmacy Benefit Management programs announced the extension in Utility and Technology of its powerful analytic engine, Illumin8 Active Intelligence™ platform.
The company has already launched several significant enhancements to its illumin8 Solution Suite this quarter. The most notable technologies include the advent of an ACO-specific module to their flagship risk adjustment solution as well as the implementation of Pulse Alerts across its customer base of innovative health plans and at-risk providers.