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Steady Growth to be Witnessed by Quality & Safety Reporting Systems for Healthcare Market by 2025
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Quality and safety reporting system, a healthcare IT system, is utilized across health organisations including primary care units, hospitals, and various other healthcare settings, interpreting patient safety and reporting data. This helps in identifying medical errors or adverse events for improvements in safety and quality for patients. According to a report by Persistence Market Research (PMR), the global quality and safety reporting systems for healthcare market is expected to expand at 11.8% CAGR during the forecast period- 2017 to 2025. In 2016, the market was evaluated at US$ 842.9 Mn and it is anticipated to surpass US$ 2000 Mn in revenues by 2025-end.
Increasing Number of Medical Recalls Expected to Fuel the Market Growth
Surging number of medical device recalls has resulted into a rise in adoption of quality and safety reporting systems, so as to reduce potential medical errors and keep track of medical device components for managing recalls. In addition, growing incidences of medical errors is further fuelling the demand for quality and safety reporting systems in healthcare organisations. Majority of hospitals do not have patient history results. This lack of information regarding patient history has led to improper treatment of patients. Healthcare organisation are therefore adopting quality and safety reporting systems to avoid such severe errors.
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Cloud-based Deployment Estimated to Reflect Fastest Growth through 2025
Owing to the implementation of strict federal regulations, there has been an increasing number of installations of quality and safety reporting systems in hospitals, clinics and several other healthcare settings. The hospitals end-user segment dominated the global quality and safety reporting systems for healthcare market in 2016, with more than 60% market share in terms of revenue. Clinics and long-term care centres are expected to exhibit a CAGR of around 12% during the forecast period.
Based on component type, although the software segment is expected to hold the dominant share of the market, the services segment is projected to register a comparatively faster growth during the forecast period. The on-premise deployment type segment is expected to be most lucrative in the global market, and is expected to account for revenues of around US$ 1600 Mn by 2025 end. In addition, cloud-based deployment is expected to register the fastest growth in the global quality and safety reporting systems for healthcare market during the forecast period.
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.
To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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