Healthcare Quality Management Market

Global Healthcare Quality Management Market Size (2023 to 2028)

The global healthcare quality management market is estimated to be worth USD 4.59 billion by 2028 from USD 2.36 billion in 2023 and registers a CAGR of 14.2% between 2023 to 2028.

The method of managing the entire entailed hospital service in a worthwhile manner by applying various hospital quality measures and standards. The hospital operates in a satisfactory condition, referred to as hospital quality management. Management of Quality, the act of management works to achieve a desired degree of performance is known as quality management. It is management tasks and roles that are involved in determining and implementing quality policies. Health care is a diverse industry, and service delivery is fragmented. Health care is primarily a religious and scientific practice, not a commercial one. Healthcare quality management is a crucial factor in the health sector. Responsible authorities should enforce the responsibility for ensuring high-quality standards and treatment in healthcare facilities. HCOs must launch a new Quality Movement to achieve the absolute quality of healthcare services to obtain the necessary momentum. It is the need, the challenge, and the future direction. HCOs must launch a new Quality Movement to achieve absolute quality healthcare services and gain the necessary momentum. It is a necessity, a challenge, and a vision for the future.

MARKET DRIVERS:

The growing usage and adoption of quality management in the healthcare industry are expected to fuel the global healthcare quality management market.

Quality control is critical for healthcare organizations such as hospitals, nursing homes, clinics, and laboratories. Healthcare organizations must regularly review their internal processes and service delivery to ensure that the quality of care is at the highest possible level. Healthcare delivery quality is critical because it has a direct effect on people's lives and well-being. In health care, quality can be a standard paradigm to meet the needs of all groups. The method solution to the organization's organizational problems is quality assurance. The movement to improve healthcare quality has spread across the world.

Simply introducing physicians to quality enhancement ideas and sharing case studies does not inspire them to implement improvements. Hands-on enhancement work—applying quality improvement theory and methodology to the real-world clinical setting—is a better way to learn quality improvement theory and methodology. Adopting can be facilitated by identifying an environment relevant to clinicians and developing a forum for change. Although each organization's strategic approach to these goals is likely to differ, both strategies require technology for quality control. Technology can be critical to effective adaptation and growth as organizations deal with cost, transformation, and reconstruction. Hence, the aforementioned factors are expected to increase the adoption of quality management in the healthcare industry during the forecast period.

The growing use of healthcare quality management software worldwide is another significant factor promoting the market growth.

The quality management system plays an important role in the day-to-day operations of the healthcare sector, assisting practitioners in meeting their quality objectives. Quality Management Software for Healthcare also assists you in identifying places where the facilities need substantial change to fine-tune the hospital's overall performance. Qualityze^TM is the next-generation quality management software for the healthcare industry, built on the most efficient and stable cloud platform, Salesforce.com. It assists healthcare professionals in harnessing the power of analytics to introduce new changes and provide high-quality patient care.

The growing number of integrated healthcare information systems is anticipated to favor the global healthcare quality management market.

Healthcare information systems (HIS) used to be a set of stand-alone systems that each played a specific role within the organization. For finances, insurance, electronic health records (EHR), and operational management, the care organization usually uses one or more different systems. Healthcare companies are consolidating processes to improve operating performance and overall quality control through the patient journey. The movement toward consolidated healthcare technology isn't recent, and industry insiders aren't surprised. The desire to reduce healthcare costs and increase quality through publicity is a major motivator. In recent years, big data insights from EHRs, medical devices, insurance claims, analysis, and other sources have expanded the role of data in healthcare.

Substantial cost savings in healthcare delivery through quality management is a big plus to the market growth. Altered government programs, policies, and regulations are expected to favor the global healthcare quality management market. Additionally, factors such as globalization, increasing innovation, fragmentation in the healthcare sector, the demand of the future are for a quality revolution in healthcare services, with the patient at the forefront and programs surrounding it, an increase in medical device & pharmaceutical and inventory products across the globe are expected to drive the Healthcare Quality Management market's growth.

MARKET RESTRAINTS:

Since healthcare is so complicated, many industries agree that quality assurance strategies' proposed controls and standardization would be difficult to implement. However, concerns about data protection and the high cost of quality reporting are expected to limit the global healthcare quality management market growth. Furthermore, high costs associated with the healthcare facilities, and accuracy concerns with the data, an increase in the amount of unstructured and disorganized healthcare quality control data, high costs associated with IoT infrastructure development, data privacy and security concerns, and a lack of technological expertise are all impeding the healthcare quality management market growth.

Impact of COVID-19 on the global healthcare quality management market:

The COVID-19 Pandemic has caused unparalleled instability in the global economy and commerce, with production and consumption falling across the globe. Recent World Trade Organization research has shown a profound effect on the global economy's demand and supply chain, creating significant disruptions to trade. As the effect of COVID-19 became clear, the first measure for quality management (in general) and quality management systems (in particular) was the agility test. As policymakers and regulatory agencies worldwide unveiled new SOPs for industries to fight COVID-19, reduce risks, and restore normalcy, industries had to think on their feet and be ready to carry out revamped procedures, communicate the revisions, and maintain organizational compliance.

The spread of COVID-19 has increased the importance of quality and enforcement management. Global supply chain operations have been affected by the ever-increasing spread. It has allowed every company to reconsider how they structure their quality processes in the face of all the constraints of working from home and social distancing. Innovation and increased teamwork are the only viable solutions for companies right now. It will assist businesses in recovering from the effects of the coronavirus, allowing them to function more effectively in handling threats and other operational issues. The supply chain's common problems, such as speed and scalability, are highlighted even more during pandemic periods. It is simple to obtain automated tools such as cloud-based supplier quality control software, inspection management software, and audit management software. The COVID-19 pandemic has significantly impacted every country, industry, and supply chain due to the lockdown. During a pandemic, quality management requires a complex, rapid cycle, plan-do-check-act cycle method. Leadership is essential for coordinating, developing protocols, and implementing change to sustain quality improvement during disasters like the COVID-19 pandemic.

REPORT COVERAGE:

This research report on the global healthcare quality management market has been segmented and sub-segmented based on the software type, mode of delivery, application, end-user, and region.

Global Healthcare Quality Management Market - By Software Type:

• Business Intelligence and Analytics Solutions
• Physician Quality Reporting Solutions
• Clinical Risk Management Solutions
• Provider Performance Improvement Solutions

Based on software type, the need for healthcare providers to reduce soaring operating costs, rising demand for quality healthcare, government measures to promote value-based care, and an increasing number of claims denied by insurers are all contributing to the growth of the Business intelligence and analytics solutions segment in this market. The healthcare sector uses business intelligence (BI) to gain insights, reduce expenses, increase revenue, and improve patient safety. By offering evidence-based clinical decision-making, BI may also aid in the improvement of patient care and outcomes. This helps clinicians in patient monitoring and diagnosis predictions.

Global Healthcare Quality Management Market - By Mode of Delivery:

• Web-based Solutions
• Cloud-based Solutions
• On-premise Solutions

Based on delivery mode, the ability to operate from remote locations and the affordability and automated updating features of Web and Cloud-based solutions segments account for a large share of this market.

Global Healthcare Quality Management Market - By Application:

• Data Management
• Risk Management

Based on the application, during the forecast period, the Data management segment is predicted to grow faster. The large share of this market may be attributable to the growing volume of diverse data and regulatory bodies' need for quality-based assessments.

Global Healthcare Quality Management Market - By End User:

• Hospitals
• Ambulatory Care Centers
• Other End Users

Based on the end-user, the hospital segment held the largest share of the worldwide market. The adoption of healthcare quality management systems in hospitals is fuelled by rising HCIT usage, increased attention to patient safety, a considerable rise in healthcare expenditures, rising medical error rates, growing healthcare expenses, and government obligations to follow quality measures.

Global Healthcare Quality Management Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Based on region, North America has the highest share of the market. This is mostly due to improved reimbursement facilities and government involvement in the deployment of quality management services, which are likely to boost the market's growth throughout the forecast period. The Patient Protection and Affordable Care Act (PPACA), which was passed into law in 2010, has focused on the quality of healthcare services in the United States. This law contains parameters intended to change the way Medicare and Medicaid patients are cared for and a fundamental goal of increasing the quality of the region's overall healthcare system.

In the forecast period, APAC will be one of the fastest-growing areas, followed by North America. The Global Healthcare Quality Management Market in APAC is expected to be fuelled by a growth in the volume of unstructured data in the healthcare industry, government regulations for healthcare providers to report quality and improve the performance of care provided, and a rise in healthcare expenditure. Because of physician leadership, infrastructural support, and improvements in the technological aspects of healthcare in the region, the region is experiencing success in quality management. The healthcare quality management market is steadily expanding in this region, owing to rising healthcare expenditures and medical mistakes, an increase in the volume of unstructured data in healthcare, and an increase in the global elderly population.

KEY MARKET PARTICIPANTS:

Some of the noteworthy companies operating in the healthcare quality management market profiled in this report are Truven Health Analytics, McKesson Corporation, Nuance Communications, Inc., Medisolv, Inc., Cerner Corporation, Premier, Inc., Quantros, Inc, Verscend Technologies, Inc., Enli Health Intelligence, Dolbey Systems, Inc., CitiusTech Inc., Altegra Health, and Cotiviti Holdings, Inc.

RECENT MARKET DEVELOPMENTS:

• Sun Nuclear Corporation (the US), a major global provider of QA and dosimetry solutions, announced that its independent SunCHECKTM Quality Management Platform would be launched at the ESTRO 38 Annual Meeting in Milan in 2019.