Meticulous Research® – leading market research company published a research report titled “European Healthcare Quality Management Market by Software (BI, Analytics, Reporting, Performance Improvements), 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®, European healthcare quality management market is expected to grow at a CAGR of 15.2% from 2018 to 2024 to reach $944.9 million by 2024, driven by the government initiatives to improve patient outcomes & safety, increasing unstructured data in healthcare, rising geriatric population & burden of chronic diseases, improving health IT infrastructure, and evolving regulatory requirements. However, data privacy & confidentiality issues, lack of interoperability, and reluctance to migrate from conventional systems may hinder the growth of quality management solutions market in Europe to some extent.
European healthcare quality management market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018), and forecasts for 2024-by type (business intelligence & analytics, provider 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 a country level in Europe.
Business Intelligence & Analytics commanded the largest share of European 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.
In 2017, web- and cloud-based solutions captured a major market share owing to the flexibility of working from remote areas, easy scalability, no upfront costs and reduced operational costs, and automated updating features of web and cloud-based solutions.
Data management dominated the European quality management in healthcare market in 2017. Data processing & analysis showcase significant adoption and these solutions are also expected to witness highest growth during the forecast period. Factors such as increasing volumes 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 solutions in Europe 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 healthcare spending and venture capital investments in HCIT, rising medical error rates, increasing healthcare costs, and various government initiatives to follow quality indicators and reporting.
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This research report analyzes the European region including Germany, U.K., France, Italy, Spain, Benelux, Nordics and RoE. The U.K. commanded the largest share of the European healthcare quality management market in 2017, followed by Germany. The largest share of this country is primarily attributed to government initiatives for eHealth technologies, rising focus on population health management, need for multi-country integration regarding health information, decreasing margins in the healthcare industry, and rapidly increasing aging population and the subsequent rise in incidences of chronic diseases along with growing demand for improving the quality of care and regulatory compliance in the region.
Some of the major players in the European healthcare quality management market are 3M Company, CitiusTech Inc., Cognizant Technology Solutions Corporation, Conduent, Inc., Dimensional Insight, Inc., General Dynamics Corporation, McKesson Corporation (Change Healthcare), MedeAnalytics, Inc., Nuance Communications, Inc., and Truven Health Analytics (IBM Corporation), among several others.
Key questions answered in the report-
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