Top Industry Players of Global Healthcare Quality Management Market

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%.

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In 2016, Nuance Communications, Inc. (U.S.), Premier, Inc. (U.S.), Truven Health Analytics (U.S.), Quantros, Inc. (U.S.), and Medisolv, Inc. (U.S.) dominated the market.

Nuance Communication, Inc. dominated the global healthcare quality management market in 2016. Nuance’s leading position in the market can be attributed to the wide range of its product portfolio. The company’s quality and risk management solutions include physician quality reporting solutions, eCQMs reporting solutions, patient safety organization reporting solutions, performance analytics, and clinical risk management solutions. 

The company has a strong presence across the globe mainly in the U.S., Australia, Austria, Belgium, Brazil, Canada, China, Germany, Hungary, India, Ireland, Italy, Japan, and the U.K. Approximately 71% of its revenue is generated from the North American region, but European markets such as Germany, the U.K., France, Italy, and Belgium are expected to offer lucrative growth opportunities in the near future. The company adopts different organic and inorganic growth strategies to strengthen its market position.

Truven Health Analytics is at the second position in the global healthcare quality management market. The company is known for its reputation in healthcare data management and analytics. The solutions offered by Truven are capable of monitoring and conducting real-time clinical observations that help providers minimize risk and deliver patient-specific clinical decision support (CDS) at the point of care. The company’s dominance in the market can be attributed to its wide range of product offerings and its strong geographical footprint. In the U.S., a large number of healthcare providers use Truven’s CareDiscovery Quality Measures to report quality measures

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Growth of Quality Management System in Healthcare Industry

Government mandates for healthcare providers to report quality & improve the performance of care provided, increase in the volume of unstructured data in the healthcare industry, and need to curtail healthcare costs & medical errors are the major factors driving the growth of the market. However, data security concerns and the high cost of quality reporting are expected to restrain the growth of this market to a certain extent.

"The global Healthcare Quality Management Market is projected to reach USD 3.31 Billion by 2022 from USD 1.51 Billion in 2016, at a CAGR of 14.2%"

The global market is segmented on the basis of type, delivery mode, application, end user, and region.

This report also provides market information on major regional segments, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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On the basis of type, the market is segmented into business intelligence & analytics solutions, physician quality reporting solutions, clinical risk management solutions, and provider performance improvement solutions. In 2016, the business intelligence & analytics solutions dominated the market. The large share of this segment can primarily be attributed to the need of healthcare providers to reduce 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.

Based on delivery mode, the web-& cloud-based solutions dominated the market. The large share of this segment is mainly attributed to the flexibility of working from remote areas, affordability, and automated updating features of web-& cloud-based solutions.

By application, the market is classified into data management and risk management. The data management segment is expected to register the highest CAGR during the forecast period. 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 major end users of healthcare quality management market are hospitals, ambulatory care centers, payers, and ACOs. The hospitals segment accounted for the largest share of the global market in 2016. Growing HCIT adoption, increasing focus on patient safety, significant growth in healthcare spending, rising medical error rates, increasing healthcare costs, and government mandates to follow quality measures are the major factors supporting the adoption of healthcare quality management solutions in hospitals.

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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