Healthcare Quality Management Market - Growth, Trends, and Forecasts (2020 - 2025)
The healthcare quality management market is growing at a steady pace due to the rising healthcare costs and medical errors, increasing amount of unstructured data in healthcare and the the rise in the aging population across the world
As the latest technologies are evolving, the cost of the healthcare services is increasing and this is affecting the performance of healthcare providers in the developing or underdeveloped nations. To obtain the standard level of quality, the governments in various nations are taking efforts, across the world. Such mandates of government are helping in the growth of the healthcare quality management market, across the world.
However, higher costs of quality reporting systems and data security issues associated with the quality management software are the other factors that are hindering the growth of the market.
Business Intelligence and Analytics Solutions Segment Holds a Significant Market Share
The business intelligence & analytics solutions are holding a large share of this segment that 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.
Quality management in healthcare is heavily influenced by Business Intelligence, as healthcare data is becoming increasingly complex every day. This major concern of healthcare providers is solved with the help of business intelligence, as it deals with a huge amount of data and makes it easier for providers to manage such data.
Business intelligence (BI) is helping the healthcare industry in gaining insights, reducing costs, increasing revenue, and improving patient safety. BI can also help in the improvement of patient care and patient outcomes, by providing evidence-based clinical decision-making. This helps physicians in monitoring and predicting the diagnosis for patients. Owing to the ongoing development, quality of the healthcare sector is being influenced by evidence-based medicines and appropriate use of the data.
North America Holds the Largest Share in the Healthcare Quality Management Market
North America accounts for the largest share of the market studied. This can be primarily attributed to better reimbursement facilities provided and involvement of government in the implementation of quality management services, which are expected to augment the growth of the market studied over the forecast period.
The increased focus on the quality of healthcare services in the United States is due to the Patient Protection and Accountable Care Act (PPACA), which was signed in 2010. This law contains the parameters that are designed to modify the way care is delivered to the Medicare and Medicaid patients and a central objective of improving the quality of the overall healthcare system in the region. The region is observing success in quality management, owing to the presence of physician leadership, infrastructural support, and improvement in the technological aspects of healthcare in the region. Thus, implementation of the PPACA law is helping the nation in healthcare quality management.
Market players are continuously focusing on acquisitions and mergers, provisions of solutions, which are customized, and expansion of companies in untapped commercial markets. Moreover, companies are also investing huge amounts on developing new products and platforms with enhanced and improved features as a part of a commercialization strategy.