LONDON, March 16, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s research on the healthcare quality management market forecasts the global healthcare quality management market size to grow from $3.5 billion in 2022 to $4 billion in 2023 at a compound annual growth rate (CAGR) of more than 14%. The healthcare quality management market size is then expected to grow to $6.8 billion in 2027 at a CAGR of more than 14%.
Rising medical errors are expected to propel the healthcare quality management market going forward. A medical error is a preventable adverse outcome of medical care, whether or not it is noticeable or harmful to the patient. Healthcare quality management is used to predict and avoid medication errors in order to improve the effectiveness of hospitals and healthcare providers. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency that is responsible for international public health, the global cost associated with medical errors has been estimated at around US$42 billion annually. Therefore, rising medical errors are driving the healthcare quality management market.
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Per The Business Research Company’s healthcare quality management market analysis, product innovation is a major trend gaining traction in the healthcare quality management market. Major players in the healthcare quality management market are concentrating their efforts on improving the technology used in healthcare quality management systems. For instance, in November 2021, Crothall Healthcare, a US-based provider of healthcare support services partnered with Intelex a Canada-based software company to launch teamQUEST, a dedicated web-based quality management system platform for healthcare providers powered by Intelex. It provides a unified platform to organize the Quality Management System (QMS), allowing it to respond, develop, and evolve more efficiently over time. teamQUEST also provides consistency in operations, boosting the repetition of a certain procedure. The teamQUEST CAPA module helps discover, anticipate and rectify flaws and nonconformances that impede services from achieving client requirements. This is accomplished by monitoring current or anticipated nonconformances to pinpoint the underlying reasons, start containment, and create a suitable action plan to stop further flaws.
Major players in the healthcare quality management market are Altegra Health Inc., Dolbey Systems Inc., Enli Health Intelligence, Citiustech Inc., Mckesson Corporation, Cerner Corporation, Quantros Inc., Verscend Technologies Inc., Truven Health Analytics (A Subsidiary of IBM Watson Health), Medisolv Inc., Premier Inc., Nuance Communications Inc., Cognizant Technology Solutions Corporation, Conduent Inc., and Dimensional Insight Inc.
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The global healthcare quality management market is segmented by software type into business intelligence and analytics solutions, physician quality reporting solutions, clinical risk management solutions, provider performance improvement solutions; by mode of delivery into web and cloud-based solutions, on-premise solutions; by application into data management, risk management; by end-user into hospitals, ambulatory care centers, payer, other end users.
North America was the largest region in the healthcare quality management market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Healthcare Quality Management Global Market Report 2023 –Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides healthcare quality management market research insights on the healthcare quality management market size, healthcare quality management market segments, healthcare quality management market trends, drivers and restraints, healthcare quality management industry major competitors’ market positioning, revenues and market shares.
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