The governments in many countries are focusing on value-based care. As a result, various regulatory mandates and requirements have been established to maintain quality of care, clinical outcomes, and patient safety. This is surging the demand for quality management software among hospitals and other healthcare facilities. QMS helps hospitals to adhere to strict regulations and improve quality matrices. In addition, the growing amount of unstructured data in healthcare, the rising medical errors & healthcare costs are driving the market growth. The prevalence of medication errors is 32.1%, and general practitioners (39%), nurses (38%), and pharmacists (23%) were responsible for medication errors, according to a study published in the International Journal of Africa Nursing Sciences in 2020. This will result in the adoption of healthcare quality management systems.
Moreover, according to the article "Medication Dispensing Errors and Prevention," between 7,000 and 9,000 Americans die annually from medication errors. Tens of thousands of other individuals encounter adverse reactions or other pharmaceutical issues but rarely report them. Thus, the increase in medical errors in healthcare systems will result in greater demand for healthcare quality management solutions, thereby boosting the market expansion. In addition to this, expanding collaborations among market leaders are anticipated to contribute to the market's growth. In February 2022, Hexagon AB announced the acquisition of ETQ, a prominent provider of SaaS-based QMS software.
The rising trend of medical tourism has increased the focus of hospitals on JCI accreditation and ISO certifications to attract more patients. Patients traveling abroad for medical treatment prefer JCI-accredited hospitals. Medical tourism is a significant contributor to the GDP of various Asian countries such as India, Thailand, Malaysia, and Indonesia. Hence, these countries are constantly focusing on increasing the number of JCI accredited hospitals. This is likely to bode well with the market.
However, restrictions on outpatient visits and social isolation due to the COVID-19 pandemic had a substantial effect on quality and compliance management. The number of patients visiting hospitals and healthcare facilities has decreased dramatically, negatively impacting the industry growth. Post-pandemic, healthcare quality management software will help businesses recover from the consequences of the pandemic, enabling them to focus more effectively on risk management and other operational difficulties, consequently driving the market over the projection period.
On the basis of type, the business intelligence & analytics segment is anticipated to dominate the market due to the increasing demand for high-quality healthcare, the need for healthcare providers to reduce their soaring operating costs, government initiatives to promote value-based care, and the rising number of claims denied by insurers. Based on the application, the data management segment is expected to register the highest CAGR due to the requirement of quality-based reports by regulatory bodies and the increasing volume of disparate data.
North America is anticipated to hold a considerable share in the market. Growing product launches by the leading player in this region and increasing efforts by CMS to shift toward value-based care have resulted in greater acceptance of these solutions by the healthcare industry. In November 2021, for instance, Crothall Healthcare introduced a web-based Quality Management System platform in conjunction with Intelex. On the other hand, the market in the Asia Pacific is projected to witness remarkable growth during the forecast period owing to the increasing number of hospitals and rising healthcare spending.
The healthcare quality management market is moderately competitive since players continue to focus on the supply of customized solutions, acquisitions and mergers, and the growth of businesses into new commercial markets. In addition, as part of their commercialization strategies, businesses are investing in the development of new platforms and products with upgraded and enhanced capabilities. Intelex Technologies, Qualityze Inc., Karminn Consultancy Network, EFFIVITY, Ideagen, MEG, Medisolv Inc., Orcanos, Cerner Corporation, and Title21 Software, Inc., are some of the players in the market.
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