Healthcare Quality Management Market Analysis by Mode of Delivery (Cloud, and On-Premise); by Application (Data Management, and Risk Management); by Software (Business Quality Reporting Solutions, Clinical Risk Management Solutions, and Provider Performance Improvement Solutions); and by End Users (Hospitals, Ambulatory Care Centers, and Others)– Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4787 | Published Date: Apr 05, 2023
The global healthcare quality management market size is estimated to reach USD 28.88 Billion by the end of 2035 by growing at a CAGR of 17.2% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of healthcare quality management was USD 4.3 Billion. The growth of the market can be attributed to the increasing amount of data generated in the entire world of healthcare. The huge amount of data prompts the need for healthcare quality management for analyzing the data and extract meaningful patterns. Researchers at the Icahn School of Medicine at Mount Sinai are focusing on breast and ovarian cancer through research that analyses enormous volumes of data from more than 2,000 Genetic sequences. The research takes place on a safe cloud-based platform through Amazon Web Services, and the data set is of volume more than 100 terabytes.
In addition to these, factors that are believed to fuel the market growth of healthcare quality management include the growing adoption of electronic health records by various clinics and hospitals. The use of EHR improves the quality of healthcare by increasing the precision and clarity of medical records, the EHR can reduce the frequency of medical errors. Moreover, it enables the availability of medical information, reduces redundant testing, speeds up the treatment, and empowers patients to make better decisions. Since 2011 when 28% of hospitals and 34% of physicians had implemented an EHR in the United States, there has been a significant 10-year advancement. Moreover, by 2021, almost 96% of non-federal acute care hospitals and approximately four out of five office-based physicians approximately 78% had embraced certified EHRs.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
17.2% |
|
Base Year Market Size (2022) |
USD 4.3 Billion |
|
Forecast Year Market Size (2035) |
USD 28.88 Billion |
|
Regional Scope |
|
Growth Drivers
Growing Amount of Unstructured Data –There is vast availability of unstructured data, this data is viable for the healthcare system and thus it is important to implement healthcare quality management for making this data structured. Unstructured data includes physician order data, dictation notes, free text data, and nursing notes. Approximately 80% of the global healthcare data, available currently is unstructured.
Government Initiatives to Improve the Healthcare System – The rising effort to augment the healthcare systems is expected to drive the market growth. The publication Healthy People 2030 came out in August 2020 in the United States. The Healthy People 2030 plan has 355 specific goals for enhancing the standard of healthcare and guaranteeing that everyone has access to the services they require. Enhancing communication between medical professionals can benefit patients' health and wellbeing.
Increasing Prevalence of Chronic Disease –Growing cases of chronic disease have increased hospital visits and admission. Programs for managing diseases are intended to enhance the health of people with chronic disorders and lower associated expenses According to the World Health Organization before the age of 70, around 17 million people per year pass away from an NCD. Noncommunicable diseases (NCDs) account for 41 million annual fatalities, or 74% of all fatalities worldwide.
Growing Adoption of Technology in Healthcare –The use of advanced technologies has sped up treatment procedures, and has managed to the treatment of more patients. However, it has also led to the generation of huge data, therefore it increases the need for healthcare quality management. Executive automation familiarity in healthcare increased worldwide from around 50% to 66% between 2019 and 2020, while the deployment of automation solutions rose from nearly 23% to 34%.
Rising Cost of Healthcare and Medical Errors – Medical errors are a severe hazard to patient safety and a public health issue. To lessen the recurrence of medical errors, effective healthcare quality management is crucial. In the United States, a USD 20 billion annual expense is incurred owing to medical blunders. Every year, almost 100,000 individuals pass away as a result of medical mistakes in hospitals and clinics.
Challenges
The global healthcare quality management market is segmented and analyzed for demand and supply by application into data management, and risk management. Out of the two applications of healthcare quality management, the data management segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the rise in the generation of the data in healthcare system. Healthcare institutions produce a lot of data. Together with technological data points, there are conventional data points including intake forms, doctor's notes, records, and observations. Out of the around 64 zettabytes produced globally in 2020, the global healthcare sector produced more than 2 zettabytes. Additionally, more than 19 terabytes of clinical data alone are produced by the healthcare industry each year, and that figure doesn't even take into account the other types of healthcare data. Data of healthcare contains both structured and unstructured data, out of which electronic health records is the most common and are gaining popularity among hospitals and clinics.
The global healthcare quality management market is also segmented and analyzed for demand and supply by mode of delivery into the cloud, and on-premise. Amongst these two segments, the cloud segment is expected to garner a significant share in the year 2035. The growth of the segment is expected on the account of rising adoption of the cloud in the healthcare sector. Cloud computing in healthcare automates backend tasks, streamlines telehealth app development, and even makes it simpler and safer to share medical records. The efficiency of the healthcare sector is increased and expenditures are reduced by using the cloud. Cloud facilitates using machine learning's natural language processing skills. Moreover, it is also utilized to run crucial applications, collect, and monitor crucial information from mountains of unstructured data, including doctor and lab notes. Besides this, as doctors, hospital managers, and patients need safe information access in a cost-effective manner, cloud-based computing is expanding worldwide and is expected to triple in the healthcare sector.
Our in-depth analysis of the global healthcare quality management market includes the following segments:
|
By Mode of Delivery |
|
|
By Application |
|
|
By Software |
|
|
By End User |
|
The market share of healthcare quality management in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the increasing number of cases of people suffering from chronic diseases. According to the National Center for Chronic Disease Prevention and Health, six in ten persons in the United States are currently coping with a chronic illness such as diabetes, heart disease, or cancer. In the US, chronic diseases rank among the top reason for deaths, with heart disease and cancer alone responsible for almost 38% of fatalities. Moreover, the rising government efforts to improve the quality of healthcare is also expected to boost the market growth in the region. In the US, the government launched programs for ensuring a better quality of healthcare are system, including the State Children’s Health Insurance Program, the Veteran Health Administration program, State Children’s Health Insurance Program, and others.
The Asia Pacific healthcare quality management market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the rising prevalence of digital health solutions. Between 2020 and 2021, around 76 million health applications were downloaded in India, an approximate 38% rise over the previous year. However, India saw the largest growth of nearly 156% for health and fitness apps between Q1 and Q2 2020. Moreover, Ping An Good Doctor was the most widely used medical app in China as of December 2021, with about 12 million active monthly users. On the other hand, rise in the medical errors in the healthcare sector is also responsible for the market growth in the region. In India, there are over 5 million medical errors per year.
Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the proactive efforts by both and the public sector to enhance healthcare quality management. Members of Congress, state legislatures, regulatory bodies, health insurers, the community of providers, researchers in the field of health services, health policy institutes, labor unions, and businesses are all attempting to improve their knowledge and comprehension of specific facets of the operation of European health care systems.
Crothall Healthcare announced the launch of Dedicated web-based Quality Management System platform teamQUEST which s powered by Intelex. Owing to this platform the Quality Management System (QMS) can be structured on a single platform. teamQUEST guarantees improving the repetition of a specific procedure and operational consistency.
Qualio, Inc. launched Design Controls for manufacturers of medical devices and software as medical devices. It aids medical device firms in reducing the time to launch the product in the market by combining product development and quality management into a single work
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Increasing cases of chronic diseases, rising integration of technology in healthcare systems, and growing medical errors are the major factors driving the market growth.
Ans: The market size of healthcare quality management is anticipated to attain a CAGR of 17.2% over the forecast period, i.e., 2023 – 2035.
Ans: Lack of analytics infrastructure, the implementation cost is high, and the risk associated with data security is estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Medisolv Inc., Surescripts LLC, Cerner Corporation, IBM Corporation, McKesson Corporation, and Surescripts LLC, Quantros, Inc., Nuance Communications, Inc., Crothall Healthcare Qualio, Inc., Dolbey Systems, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by mode of delivery, application, software, end user, and by region.
Ans: The data management segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
