Healthcare Quality Management Software: Market Overview

The Major Factor For The Market Growth :

Government mandates for healthcare providers to report quality & improve the performance of care provided, rising healthcare costs, high rate of medication errors, growing need to minimize hospital readmissions, and increase in the volume of unstructured data in the healthcare industry are the major factors driving the growth of the market.

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The global healthcare quality management market is projected to reach USD 3.31 billion by 2022 from an estimated USD 1.70 billion in 2017, at a CAGR of 14.2%.

On the basis of type, the business intelligence & analytic solutions segment is the fastest-growing segment during the forecast period. The soaring operating costs, rising demand for quality healthcare, government measures to promote value-based care, and the increasing number of claims denied from insurers are the major factors driving the growth of the business intelligence & analytic solutions segment.

By delivery mode, the global healthcare quality management market is segmented into web-& cloud-based and on-premise solutions. In 2016, the web-& cloud-based solutions segment dominated the healthcare quality management market. This segment is also expected to grow at the highest CAGR during the forecast period. The flexibility of working from remote areas, affordability, and automated updating features are some of the factors attributing to the high growth of the web- & cloud-based solutions segment.

On the basis of application, the market is categorized into data management and risk management. In 2016, the data management segment accounted for the largest share of the healthcare quality management market. The large share of this segment is attributed to the increasing volume of disparate data and the requirement of quality-based reports by regulatory bodies. The data management segment is further divided into unstructured data abstraction, data processing & analysis, report generation, and report submission. In 2016, the data processing & analysis segment accounted for the highest share of the data management market. The large share of this segment is mainly attributed to the high volume of unwanted data generation by healthcare facilities and growing need to structure & analyze data in a standardized format for quality reporting.

North America is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the growing healthcare IT spending, developed infrastructure, evolving regulations for better healthcare outcomes, and the presence of prominent market players in this region.

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