This report gives insight into “Healthcare Quality Management Market by Software (Business Analytics, Physician Quality Reporting) Delivery Mode (Cloud, On-Premise) Application (Data Management, Risk Management) End User (Hospital, Ambulatory Center, Payer) – Global Forecast to 2022″. It is assessed that the global healthcare quality management market size will experience an enormous growth of 14.2% CAGR between the years 2017 to 2022, and resulting in USD 3.3 billion by the year 2022.
Government instructions to report the quality of healthcare services, focusing on enhancing the care & assistance that is being provided, a rise in the unstructured data and mitigating healthcare costs across the globe contributed to the proliferation of healthcare quality management industry.
The analytics solution and the business intelligence segment had the highest healthcare quality management market share in the year 2016. Hike in quality healthcare demand, promoting value-based care, ascending costs of operations and growing number of denied insurance claims added further boom to the stimulating market share over the next few years.
When it comes to the delivery model in the healthcare quality management market globally, web and cloud-based solutions dominated the market back in 2016 and are expected to grow with the highest CAGR.
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Talking about the various applications, there are two categories of the market- risk management and data management. The data management segment had the largest share in the pie in the healthcare quality management market. The regulatory bodies demanded quality-based reports, as well as the flare-up in volume of disparate data, which drove the market growth. Unstructured data abstraction, report generation, report submission & data processing, and analysis are the further subdivisions of the data management segment. The data processing and analysis segment had the highest share due to the rise in the need to have a standardized and analyzed data format for quality reporting.
Hospitals, ACOs, payers, ambulatory care centers, nursing homes, home healthcare agencies and assisted living facilities are the prominent end-users of healthcare quality management. The hospital segment accounted for an ascending share in the healthcare quality management market in 2016. Keeping the patient’s safety into immense consideration, amplification in healthcare spending, a rise in HCIT adoption, increase in the rates of medical error, healthcare costs reaching at peak and Governments measures to facilitate quality measures are the promising key driving forces that ensure the management solutions and adopting healthcare quality reporting in the hospitals.
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Growing volume of patient’s data, strict legislation of reporting the quality of healthcare, adopting IT technologies for healthcare extensively in order to mitigate the alarming healthcare costs, minimizing clinical risk and a rise in the number of healthcare IT companies in this region are the key contributor for amplifying the regional footprint of North America in the global healthcare quality management market.
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