Healthcare Quality Management Market Size (2024 - 2029)

Healthcare Quality Management Market Analysis

The healthcare quality management market is expected to witness a CAGR of 13.9% during the forecast period.

The COVID-19 pandemic has significantly impacted the healthcare industry, including the healthcare quality management market. The pandemic has created a surge in demand for quality management solutions, particularly those that support remote working and telehealth. It also accelerated the adoption of digital technologies in healthcare, including quality management software. Many healthcare providers sought ways to automate quality management processes, reduce manual tasks, and streamline workflows. Patient traffic towards hospitals and healthcare centers has decreased significantly during the pandemic. For instance, according to the study published by a British Medical Journal in February 2021, healthcare utilization declined by about a third during the pandemic, with significant variation and more considerable decreases among persons with less severe illnesses, thereby impacting the market growth. Post-pandemic, the healthcare quality management software will assist businesses in recovering from the effects of the coronavirus, allowing them to work more efficiently on risk management and other operational challenges, thereby expected to drive the market in the forecast period.

The healthcare quality management market is growing steadily due to the government mandates for the healthcare systems to improve the quality and performance of the healthcare providers, the increasing amount of unstructured data in healthcare, and the aging population. For instance, as per the article published by the NCBI in February 2023, in the recent few years, there has been an increase in the unstructured electronic health record (EHR) data for predicting mortality in the recent few years. As per the same source, the unstructured data comprise 80% of EHR. This unstructured data includes free-text clinical notes, diagnostic imaging, and laboratory reports. Thus, the enormous amount of unstructured data is projected to create new technological developments to help extract valuable insights from unstructured data.

Furthermore, the key player's technological advancements have led to increased product launches, driving market growth. For instance, in September 2021, Florida approved using automated pharmacy dispensing systems to give medication to patients in hospice settings, long-term care institutions, and prisons. Moreover, rising collaborations among key market players to launch innovative products are expected to drive growth due to increased adoption. For instance, in November 2021, Crothall Healthcare's Healthcare Technology Solutions (HTS) division launched a team quest, a dedicated web-based Quality Management System platform in partnership with Intelex. This will further lead to increased adoption of such products in the hospitals, thereby expected to drive the market growth. As the latest technologies are evolving, the cost of healthcare services is increasing, affecting the performance of healthcare providers in developing or underdeveloped nations. Governments in various countries are making efforts worldwide to obtain a standard level of quality. Such government mandates are helping the growth of the healthcare quality management market worldwide.

However, higher costs of quality reporting systems and data security issues associated with quality management software are the other factors hindering market growth.

Healthcare Quality Management Industry Segmentation

Quality management in healthcare seeks to improve the effectiveness of treatments and increase patient satisfaction with the service. With the aging population and rising healthcare costs, quality management in healthcare is gaining increased attention. A healthcare system comprises small and large entities, such as pharmacies, medical clinics, and hospitals, and all components needed to provide quality service for the system to work correctly. The healthcare quality management market is segmented by software type (business intelligence and analytics solutions, physician quality reporting solutions, clinical risk management solutions, provider performance improvement solutions), mode of delivery (cloud-based solutions, on-premise solutions), application (data management, risk management), end user (hospitals, ambulatory care centers, other end users) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD) for the above segments.