PUBLISHER: The Business Research Company | PRODUCT CODE: 1425525
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425525
Healthcare Quality Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare quality management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare quality management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare quality management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Healthcare quality management involves the administration of system designs, rules, and procedures to optimize patient care and outcomes while minimizing or eliminating patient harm.
The main types of software used in healthcare quality management include business intelligence, analytics solutions, physician quality reporting solutions, clinical risk management solutions, and provider performance improvement solutions. Business intelligence and analytics solutions are utilized to analyze data from various clinical and operational information systems, such as Electronic Health Records (EHR) and Laboratory Information Systems (LIMS). These solutions can be delivered through web- and cloud-based platforms or on-premise solutions, serving applications such as data management and risk management. Hospitals, ambulatory care centers, payers, and other end-users benefit from these software solutions.
The healthcare quality management market research report is one of a series of new reports from The Business Research Company that provides healthcare quality management market statistics, including healthcare quality management industry global market size, regional shares, competitors with a healthcare quality management market share, detailed healthcare quality management market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare quality management industry. This healthcare quality management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare quality management market size has grown rapidly in recent years. It will grow from $4.03 billion in 2023 to $4.62 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to patient engagement and satisfaction, quality improvement initiatives, rising healthcare costs, patient-centric care, and value-based care initiatives.
The healthcare quality management market size is expected to see rapid growth in the next few years. It will grow to $8.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The projected growth in the forecast period can be attributed to the emphasis on improving patient outcomes, compliance with regulatory requirements, the adoption of data-driven decision-making processes, the rising costs of healthcare, and a heightened focus on patient engagement and experience. Major trends expected in this period include a continuous commitment to quality improvement in healthcare services, ongoing digital transformation initiatives, the integration of personalized medicine approaches, proactive responses to global health challenges, increased cybersecurity measures to protect healthcare data, and a focus on population health management strategies.
Medical errors' escalation is projected to drive growth within the healthcare quality management market. These errors denote preventable adverse outcomes in medical care, impacting patients either visibly or detrimentally. Healthcare quality management anticipates and averts medication errors, thereby amplifying hospitals' and healthcare providers' efficacy. As per the World Health Organization's September 2022 report, medical errors incur an estimated annual global cost of about US$42 billion. This surge in medical errors acts as a catalyst for the healthcare quality management market's expansion.
The upward trajectory of healthcare costs is anticipated to propel the healthcare quality management domain. Healthcare costs encompass the total expenses linked to medical services, treatments, and healthcare-related products. Crucially, healthcare quality management intervenes in managing these costs by optimizing clinical processes, improving patient outcomes, and fostering efficient resource utilization. By implementing systematic quality enhancement initiatives, healthcare entities pinpoint cost-effective care delivery areas, streamline operational workflows, and curtail medical error occurrences. Enhanced patient safety, adherence to evidence-based practices, and adept utilization of healthcare technologies aid in minimizing needless expenses related to preventable complications. As per the American Medical Association's March 2023 publication, U.S. health spending surged by 2.7% in 2021 to $4.3 trillion, amounting to $12,914 per capita. Overall, health spending constituted 18.3% of GDP in 2021 compared to 19.7% in 2020. Hence, the surge in healthcare costs propels the healthcare quality management market.
Product innovation emerges as a pivotal trend gaining traction in the healthcare quality management realm. Leading companies within this sector prioritize advancing technology employed in healthcare quality management systems. For instance, in November 2021, Crothall Healthcare, collaborating with Intelex, launched teamQUEST, a specialized web-based quality management system tailored for healthcare providers. This platform, powered by Intelex, furnishes a unified space to organize the Quality Management System (QMS), facilitating more efficient response, development, and evolution over time. Notably, teamQUEST ensures operational consistency, enhancing the repetition of specific procedures. Its CAPA module detects, anticipates, and rectifies flaws and nonconformances hindering services from meeting client requirements. This involves monitoring existing or anticipated nonconformances, pinpointing underlying causes, initiating containment, and devising action plans to prevent further flaws.
Major companies strategically collaborate and forge partnerships to fortify their positions within the market. Strategic business partnerships denote structured affiliations between multiple commercial entities, typically established through various business agreements or contracts. For instance, in October 2022, Trinexus, a healthcare technology solutions firm based in Puerto Rico, partnered with Medisolv Inc. This collaboration empowers Trinexus to aid hospitals and practices in streamlining and optimizing their quality management programs by offering Medisolv's quality management platform alongside their consulting services. Medisolv Inc., a U.S.-based quality management solutions provider, amplifies Trinexus' capabilities in the realm of quality management programs.
In January 2021, Cedar Gate Technologies, a US-based company specializing in prescriptive analytics and healthcare performance management, successfully acquired Enli Health Intelligence. This strategic acquisition, completed for an undisclosed sum, bolstered Cedar Gate's enterprise value-based care platform by integrating Enli's population, cohort, and patient management technologies. This incorporation aimed to enhance outcomes and long-term financial performance by introducing critical features such as risk and quality measurement, identification of care gaps, and opportunities for patient outreach. Enli Health Intelligence is a US-based healthcare quality management company.
Major companies operating in the healthcare quality management market report are Altegra Health Inc., Dolbey Systems Inc., Enli Health Intelligence, CitiusTech Inc., McKesson Corporation, Cerner Corporation, Quantros Inc., Verscend Technologies Inc., Truven Health Analytics (A Subsidiary of IBM Watson Health), Medisolv Inc., Premier Inc., Nuance Communications Inc., Cognizant Technology Solutions Corporation, Conduent Inc., Dimensional Insight Inc., Epic Systems Corporation, Allscripts Healthcare Solutions, Medtronic PLC, Philips Healthcare, The Advisory Board Company, 3M Company, Wolters Kluwer Health, Health Catalyst, Press Ganey Associates, Persivia Inc., Meditab Software Inc., Atos SE, The Craneware Group, Streamline Health Solutions Inc., and HealthStream Inc.
North America was the largest region in the healthcare quality management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare quality management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare quality management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare quality management market includes revenues earned by entities by providing services such as non-conformance management, document management, change management, audit management, training management, supplier quality management, and complaints management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.