North America dominates the global Healthcare Quality Management Market
Northrook, IL -- (SBWIRE) -- 12/09/2019 -- The growth in Healthcare Quality Management Market is mainly attributed to factors such as 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 in healthcare facilities across the globe.
What the Market Looks Like?
Predicted to grow at a CAGR of 14.2% during the forecast period, the Global Healthcare Quality Management Market is estimated to reach USD 3.31 Billion by the end of 2022.
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
Based on 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.
Based on 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.
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What Drives the Market?
The growth of the global market for Healthcare Quality Management is primarily influenced by the following factors:
Government Mandates for Healthcare Providers to Report Quality and Improve Performance
Increasing Volume of Unstructured Data in the Healthcare Industry
Need to Curtail Healthcare Costs & Medical Errors
Geographical growth scenario of Healthcare Quality Management Market:
Geographically, the global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2016, North America dominated the global market. This region is also expected to grow at the highest CAGR during the forecast period. Factors such as 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, increase in healthcare expenditure, rapid growth in the aging population, high rate of medication errors, and increase in funding by government agencies are driving the growth of the market in North America.
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Leading market players and strategies adopted:
The prominent players in the Healthcare Quality Management Market Nuance Communications, Inc. (U.S.), Medisolv, Inc. (U.S.), Truven Health Analytics (U.S.), Cerner Corporation (U.S.), Premier, Inc. (U.S.), McKesson Corporation (U.S.), Verscend Technologies, Inc. (U.S.), Dolbey Systems, Inc. (U.S.), QUANTROS, INC. (U.S.), Altegra Health (U.S.), Enli Health Intelligence (U.S.), and CitiusTech Inc. (U.S.).
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