Healthcare Quality Management Market Analysis, Top Drivers, Key Players, Segmentation And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Healthcare Quality Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare quality management market size has grown rapidly in recent years. It will grow from $4.03 billion in 2023 to $4.62 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to patient engagement and satisfaction, quality improvement initiatives, rising healthcare costs, patient-centric care, value-based care initiatives.

The healthcare quality management market size is expected to see rapid growth in the next few years. It will grow to $8.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to emphasis on patient outcomes, regulatory requirements, data-driven decision making, rising healthcare costs, patient engagement and experience. Major trends in the forecast period include continual quality improvement, digital transformation in healthcare, personalized medicine integration, global health challenges response, cybersecurity measures, population health management.

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Market Drivers and Trends:

The rise in healthcare costs is expected to propel the healthcare quality management market going forward. Healthcare costs refer to the total expenditures incurred in the provision of medical services, treatment, and healthcare-related goods. Healthcare quality management plays a pivotal role in addressing and managing healthcare costs by optimizing clinical processes, enhancing patient outcomes, and promoting efficient resource utilization. Through systematic quality improvement initiatives, healthcare organizations can identify areas for cost-effective care delivery, streamline operational workflows, and reduce the occurrence of medical errors. Improved patient safety, adherence to evidence-based practices, and effective utilization of healthcare technologies contribute to minimizing unnecessary expenses associated with preventable complications. For instance, in March 2023, the American Medical Association, a US-based professional association and lobbying group of physicians and medical students published an article according to which health spending in the U.S. increased by 2.7% in 2021 to $4.3 trillion or $12,914 per capita and overall, health spending was 18.3% of GDP in 2021 compared with 19.7% of GDP in 2020. Therefore, rise in healthcare costs is driving the healthcare quality management market.

Product innovation is the key trend gaining popularity in the healthcare quality management market. Major companies operating in the healthcare quality management market are focusing on advancing 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.

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Major Key Players of the Market:

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., Dimensional Insight Inc., Epic Systems Corporation, Allscripts Healthcare Solutions, Medtronic plc, Philips Healthcare, The Advisory Board Company, 3M Company, Wolters Kluwer Health, Health Catalyst, Press Ganey Associates, Persivia Inc., Meditab Software Inc., Atos SE, The Craneware Group, Streamline Health Solutions Inc., HealthStream Inc.

Healthcare Quality Management Market 2024 Key Insights:

• The healthcare quality management market size is expected to see rapid growth in the next few years. It will grow to $8.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%.
• The Surge In Healthcare Quality Management Market Amidst The Imperative To Reduce Medical Errors
• Advancements In Healthcare Quality Management Propel The Market Forward
• North America was the largest region in the healthcare quality management market in 2023

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