Meticulous Research® – leading global market research company published a research report titled “North America Healthcare Quality Management 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) – Forecast to 2024″. According to this latest publication from Meticulous Research®, North America quality management in healthcare market is expected to grow at a CAGR of 15.8% from 2018 to reach $2.95 billion by 2024, 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.
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The North America quality management in healthcare market study presents historical market data in terms of values (2016 and 2017), estimated current data (2018), and forecasts for 2024-by type (business intelligence & analytics, physician quality reporting solutions, clinical risk management solutions, provider performance improvement solutions), mode of delivery (web & cloud-based solutions, on-premise solutions), application (data management, risk management), and end user (hospitals, ambulatory care centers, healthcare payers, government bodies & others). The study also evaluates industry competitors and analyzes the market at country level.
Based on types, Business Intelligence & Analytics commanded the largest share of North America healthcare quality management market in 2017, owing to the ability of analytics to extract meaningful, actionable insights from the wealth of raw information that is the key to improve quality and patient outcomes.
Based on the applications, data management dominated the North America quality management in the healthcare market in 2017. Data Processing & Analysis showcase significant adoption and are also expected to witness the highest growth. Factors such as increasing volume of disparate data and the requirement of quality-based reports by regulatory bodies make data management a preferred option for several large healthcare organizations.
Hospitals are the leading adopters of quality management in healthcare and are also expected to witness the fastest CAGR during the forecast period, owing to growing HCIT adoption, increasing focus on quality care and patient safety, significant growth in health care spending and venture capital investments in HCIT, rising medical error rates, increasing healthcare costs, and government mandates to follow quality measures and reporting.
This research report analyzes major countries and provides a comprehensive analysis of North America (U.S., Canada). The U.S. commanded the largest share of the North American quality management in the healthcare market in 2017, followed by Canada. The largest share of this country is primarily attributed to rising need to curtail growing healthcare costs and improve patient outcomes, implementation of Affordable Care Act (ACA) in the U.S., stringent legislative and accreditation requirements regarding healthcare quality reporting, shift from fee-for-service to value-based reimbursements, growing patient data volume, high awareness and adoption of healthcare IT technologies, regulatory requirements to minimize medical errors and clinical risk, and the presence of a large number of healthcare IT companies in the country.
The major players operating in the North America quality management in healthcare 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.
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