Meticulous Research®, leading global market research company published a research report titled “Quality Management in Healthcare Market by Software (BI, Analytics, Reporting, Performance Improvements), Mode of Delivery (Cloud, Web, On-premise), Application (Data, Risk Management) & End User (Hospital, Ambulatory Care, Payor) – Global Forecast to 2023”
According to this latest publication from Meticulous Research®, the quality management in healthcare market will grow at a CAGR of 15.0% from 2018 to 2023 to reach USD 3,698.1 million by 2023, driven by the government initiatives to improve patient outcomes & safety, increasing unstructured data in healthcare, rising geriatric population & burden of chronic diseases, and improving health IT infrastructure. However, data privacy & confidentiality issues, lack of interoperability, and reluctance to migrate from conventional systems is expected to hinder the growth of quality management solutions market to some extent.
Key Opportunities in the Quality Management in Healthcare Market
Web-based and cloud-based quality management solutions provide immense growth opportunities during the forecast period. In terms of geography, North America currently dominates the market and is also expected to grow at the highest CAGR. Emerging economies such as Latin America, Asia Pacific, and Middle East & Africa are relatively untapped but possess potential for growth in the coming years.
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Key Market Segments to Watch
The global quality management in healthcare market is mainly categorized by software type (business intelligence & analytics, physician quality reporting solutions, clinical risk management solutions, and provider performance improvement solutions), mode of delivery (web & cloud-based solutions, on-premise solutions), application (data management, risk management), end user (hospitals, ambulatory care centers, healthcare payers, government bodies & others), and geography.
On the basis of software type, business intelligence & analytics segment is expected to dominate the quality management in healthcare market in 2018, mainly due to the need of healthcare providers to reduce soaring operating costs and medical errors, government measures to promote value-based care, need to identify care gaps, and drive effective decision making for quality improvement.
On the basis of mode of delivery, web & cloud-based solutions held the largest share in the global quality management in healthcare market in 2017. This segment is also expected to grow at the highest CAGR during the forecast period owing to cost-effectiveness, minimum upfront costs, low maintenance, and great flexibility and scalability offered by this model.
On the basis of application, data management segment is expected to dominate the quality management in healthcare market during the forecast period. The large share of this market is mainly attributed to shift towards value-based care, advancements in healthcare technology, increasing volume of disparate data and growing pressure for quality-based regulatory compliance.
Hospitals are the major end users in the global healthcare quality management market, mainly due to large patient pool treated in hospitals, shifting focus from fee-for-service to value-based reimbursements, and growing need for quality reporting and performance improvement.
Key players in the global market
The major players in the global healthcare quality management market are McKesson Corporation, Medisolv, Inc., Nuance Communication, Inc., Quantros, Inc., Dimensional Insight, Inc., Dolbey Systems, Inc., Verscend Technologies, Inc., MedeAnalytics, Inc., CitiusTech Inc., Conduent, Inc., ArborMetrix, Inc. , Altegra Health (Change Healthcare), General Dynamics Health Solutions, Cognizant Technology Solutions Corporation,3M Company,Truven Health Analytics (IBM Watson Health), and Persivia, among others.
Key questions answered in the report-
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