North American Quality Management In Healthcare Market Worth USD 2.95 Billion By 2024

According to this latest publication from Meticulous Research®, North America quality management in healthcare market is expected to grow at a CAGR of 15.8% from 2018 to reach USD 2.95 billion by 2024, driven by the government initiatives to improve patient outcomes & safety, increasing unstructured data in healthcare, rising geriatric population & burden of chronic diseases, and improving health IT infrastructure. However, data privacy & confidentiality issues, lack of interoperability, and reluctance to migrate from conventional systems is expected to hinder the growth of quality management solutions market to some extent.

North America Quality Management In Healthcare Market By Software (BI, Analytics, Reporting, Performance Improvements), Mode Of Delivery (Cloud, Web, On Premise), Application (Data, Risk Management) & End User (Hospital, Ambulatory Care, Payor) – Forecast To 2024.

Based on the applications, data management dominated the North America quality management in the healthcare market in 2017. Data Processing & Analysis showcase significant adoption and are also expected to witness the highest growth. Factors such as increasing volume of disparate data and the requirement of quality-based reports by regulatory bodies make data management a preferred option for several large healthcare organizations.

Hospitals are the leading adopters of quality management in healthcare and are also expected to witness the fastest CAGR during the forecast period, owing to growing HCIT adoption, increasing focus on quality care and patient safety, significant growth in health care spending and venture capital investments in HCIT, rising medical error rates, increasing healthcare costs, and government mandates to follow quality measures and reporting.

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North America Healthcare Quality Management Market Worth $2.95 Billion by 2024

Quality management in healthcare organizations is considered as a means to better meet the needs and expectation of patients and is one of the most effective strategies for improving the health system performance With increasing complexity of health institutions and system, focus on efficiency and effectiveness, growing pressure on cost-reduction, shifts towards affordable care, government initiatives to improve patient outcomes & safety, rising unstructured data in healthcare, and improving health IT infrastructure, the North America quality management in healthcare market is booming and is expected to grow at a CAGR of 15.8% from 2018 to reach $2.95 billion by 2024.

Rising Focus on Value-Based Care Model is Catching the Attention!

The shift towards value-based care model offers unprecedented opportunities in the U.S. healthcare system. The value-based payment also results in improving the quality and outcome measures. With increasing unsustainable cost, demand for value-based care by stakeholders, government support for new payment approaches, and increase in sophistication of healthcare system are accelerating the shift to value-based care in the country. According to the U.S. Health & Human Services, 30 percent of fee-for-service Medicare payments is converted to value-based payment models by the end of 2016 and is expected to reach by 50 percent of traditional payments to make the transition by 2018.

The major players operating in the North America quality management in healthcare market are McKesson Corporation, Medisolv, Inc., Nuance Communication, Inc., Quantros, Inc., Dimensional Insight, Inc., Dolbey Systems, Inc., Verscend Technologies, Inc., MedeAnalytics, Inc., Citiustech Inc., Conduent, Inc., ArborMetrix, Inc., Altegra Health (Change Healthcare), General Dynamics Health Solutions, Cognizant Technology Solutions Corporation, 3M Company, Truven Health Analytics (IBM Watson Health), and Persivia, among others.

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