- Increase in government mandates for reporting the quality and improving performance of services and products is growing the market.
- Loss of confidentiality, and lack of skilled IT professionals in healthcare may restrain growth.
- The market in the Americas is expected to dominate the global healthcare quality management market.
It is estimated that the global healthcare quality management market is expected to register a CAGR ~ 14.70% with an estimated market value of $1.63 billion during the forecast period of 2018–2023. Healthcare quality management process involves a systematic evaluation and improvement of the products and services to achieve better quality. Healthcare quality management is related to those who manage the delivery of healthcare services.
Several factors such as increase in government mandates for reporting the quality and improving performance of services and products, extreme rise of unstructured data in the recent, and adoption of new cloud technology-based services is anticipated to fuel the growth of the market. However, loss of confidentiality, and lack of skilled IT professionals in healthcare are some of the factors restraining the growth of this market.
The Global Healthcare Quality Management Market is currently dominated by many market players. The major players in the market are involved in new product launches and strategic collaborations to strengthen its market position. For instance, in March 2017, McKesson Corporation and Change Healthcare Holdings, Inc., a leading software and analytics company, announced the completion of a new healthcare information technology company.
The market in the Americas is expected to dominate the global healthcare quality management market during the forecast period owing to the rise in Healthcare Information Technology (HCIT) investments in the region. In addition, proactive government initiatives to spread awareness about the benefits of quality management in healthcare services among the masses have supplemented the market growth. Europe is expected to hold the second largest position in the global healthcare quality management market. The market growth in this region is because of the presence of a well-established healthcare system and increase in insurance coverage. Asia-Pacific is estimated to be the fastest growing region in the market due to the improved healthcare infrastructure in the region. The market in the Middle East & Africa is likely to account for the smallest share of the global healthcare quality management market. The market growth in this region owes to the high cost of healthcare IT solutions.
The Global Healthcare Quality Management Market has been segmented into type, delivery mode, application and end user.
The market, based on type, has been segmented into business intelligence and analytics solutions, physician quality reporting solutions, clinical risk management solutions, and provider performance improvement solutions.
The market, by delivery mode, has been segmented into web/cloud-based solutions and on-premise solutions.
The market, by application, has been segmented into data management and risk management. The market, based on data management, has been further segmented into data processing and analysis, unstructured data abstraction, report generation, and report submission.
The market, by end user has been segmented into hospitals, ambulatory care centres, payers, accountable care organizations (ACOs), and others.
Some of the key players in the global healthcare quality management market are Altegra Health, Inc. (a subsidiary of Change Health), Cerner Corporation, Medisolv Inc., Citiustech Inc., Dolbey Systems Inc., Enli Health Intelligence, Mckesson Corporation, Nuance Communications, Inc., Premier Inc., Quantros Inc., Truven Health Analytics (A Subsidiary of IBM Watson Health), and Verscend Technologies, Inc.