Healthcare Quality Management Software Global Market Report 2024

The healthcare quality management software market size has grown rapidly in recent years. It will grow from $1.34 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The increase observed in the historical period can be ascribed to the growing occurrence of chronic kidney disease, an aging population, enhancements in healthcare infrastructure, government initiatives and funding, awareness programs addressing renal health, and a rising incidence of diabetes and hypertension, along with collaborations with healthcare providers.

The healthcare quality management software market size is expected to see rapid growth in the next few years. It will grow to $2.59 billion in 2028 at a compound annual growth rate (CAGR) of 14%. The expansion anticipated in the forecast period can be credited to the ongoing increase in chronic kidney disease cases, global expansion of healthcare services, emphasis on preventive healthcare, a growing geriatric population, and governmental policies supporting renal health. Key trends expected in the forecast period involve the adoption of patient-centric design, the integration of remote monitoring technology, customization for pediatric hemodialysis, improvements in ergonomics and posture support, and a heightened focus on infection control measures.

The healthcare quality management software market is expected to experience growth due to the rising prevalence of medication errors. These errors, which are preventable mistakes occurring at various stages of the medication use process, lead to inappropriate medication use or harm to patients. Healthcare quality management software plays a crucial role by allowing organizations to comprehensively track and report medication errors. It facilitates the systematic collection and analysis of data related to these errors, aiding in the identification of patterns, root causes, and trends. For example, a September 2023 report from Nationwide Children’s Hospital revealed a significant increase in the annual incidence of medication errors related to ADHD treatments, with 5,235 errors documented in 2022, translating to one error occurring for a child every 100 minutes. Thus, the higher prevalence of medication errors is a driving factor for the growth of the healthcare quality management software market.

The growth of the healthcare quality management software market is being propelled by the increase in healthcare spending. Healthcare spending, which encompasses the total resources allocated to the healthcare sector, including financial and other resources, is beneficial for enhancing the overall quality of healthcare services through investments in tools and technologies. As reported in March 2023 by the American Medical Association, health spending in the United States increased by 2.7% in 2021, reaching $4.3 trillion, or $12,914 per capita. This increase in healthcare spending contributes to the growth of the healthcare quality management software market.

The anticipated high costs associated with the installation and upkeep of software are expected to impede the growth of the healthcare quality management software market. These elevated expenses may act as financial obstacles, restricting organizations from adopting and potentially obstructing widespread implementation to enhance patient care and operational efficiency. For instance, as of March 2023, DocXellent, a US-based software company, reported that the average price for comprehensive quality management software could vary between $15,000 and $50,000 per year, signaling a substantial initial investment before factoring in additional services such as custom development, migration assistance, integrations, and validation. Consequently, the prohibitive costs of software installation and maintenance are constraining the expansion of the healthcare quality management software market.

Prominent companies in the healthcare quality management software market are actively developing innovative platforms, including specialized quality management systems (QMS) aimed at streamlining compliance with regulatory standards and facilitating data-driven decision-making for enhanced patient care. A specialized Quality Management System (QMS) is a software solution tailored to streamline quality control and regulatory compliance processes within healthcare organizations. For instance, in January 2023, Palantir Technologies Inc., a US-based software company specializing in data fusion platforms, introduced a specialized quality management system (QMS). This system is specifically designed to assist life sciences customers in crucial workflows, including comprehensive analysis of clinical data, ensuring compliance with GxP (good practices) requirements crucial for pharmaceutical and healthcare product safety, quality, and compliance. The integration of this system with the existing foundry platform, a tool for data management and analysis, enhances the capabilities of data-driven decision-making.

In June 2022, Lauxera Capital Partners, a France-based asset management company with a focus on the healthcare sector, acquired Matrix Requirements GmBH for an undisclosed amount. Through this acquisition, Lauxera Capital aims to broaden its product portfolio and accelerate the development of Matrix Requirements to better serve the rapidly expanding market for connected devices and software as a medical device, particularly those utilizing artificial intelligence/machine learning-based solutions. Matrix Requirements GmBH, a Germany-based software company, specializes in providing Medtech quality management software.

Major companies operating in the healthcare quality management software market report are International Business Machines Corporation, Oracle Cerner, Wolters Kluwer Health Inc., Premier Inc., Nuance Communication Inc., Vizient Inc., Altegra Health Inc., Symplr, Ideagen Ltd., Intelex Technologies Inc., Iatric Systems Inc., OdiTek Solutions Private Limited, Medisolv Inc., Dolbey Systems Inc., Qualityze Inc., MetaStar Inc., Datix Inc., Mirth Corporation, MorCare Ltd., Quantros Inc., Effivity Technologies Pvt. Ltd., Orcanos Software, Karminn Consultancy Network Pvt. Ltd., Title21 Health Solutions, Radicalogic Technologies Inc.

North America was the largest region in the healthcare quality management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare quality management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the healthcare quality management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Healthcare quality management software is a type of software designed to help healthcare organizations manage and improve the quality of care and services they provide. It plays a crucial role in enhancing patient outcomes, ensuring compliance with regulatory standards, and optimizing operational efficiency within healthcare settings.

The main types of healthcare quality management software are business intelligence and data analytics solutions, clinical risk management solutions, physician quality reporting solutions, and provider performance improvement solutions. Business intelligence (BI) and data analytics solutions refer to software tools and systems designed to collect, analyze, and visualize data. The various applications involved are data management, risk management, and other applications that are deployed by cloud-based, on-premises, and web-based solutions for hospitals, ambulatory surgery centers, nursing homes, and other end-users.

The healthcare quality management software market research report is one of a series of new reports that provides healthcare quality management software market statistics, including healthcare quality management software industry global market size, regional shares, competitors with healthcare quality management software market share, detailed healthcare quality management software market segments, market trends, and opportunities, and any further data you may need to thrive in the healthcare quality management software industry. This healthcare quality management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The healthcare quality management software market Includes revenues earned by entities by providing services such as quality data collection and analysis services, and patient safety monitoring services that help improve the quality of care and patient safety. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The healthcare quality management software market consists of sales of medical devices and sensors, servers, kiosks and vital signs monitors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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