PUBLISHER: Grand View Research | PRODUCT CODE: 1301221
PUBLISHER: Grand View Research | PRODUCT CODE: 1301221
The global healthcare quality management software market size is expected to reach USD 3.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.24% from 2023 to 2030. The market growth can be attributed to increasing regulatory requirements on healthcare providers to improve patient safety and quality. Additionally, the rise in medical errors and the growing volume of unstructured data in hospitals contribute to the market's expansion.
The healthcare industry is experiencing a surge in unstructured data, leading to an increase in medical errors and rising costs. According to a study published in the International Journal of Africa Nursing Sciences in 2020, the prevalence of medication errors accounts for 32.1%. The growing recognition of patient safety's significance is anticipated to fuel the adoption of quality management software. A study published in Sage Journals in 2022 revealed that implementing quality management systems (QMS) led to increased patient satisfaction for 83% of participants. Additionally, 91.8% of respondents reported improvement in hospital reputation. This highlights the important role of quality management software in enhancing patient safety and overall hospital performance.
The COVID-19 pandemic has had a significant impact on the market. It has created opportunities for QMS software providers, as medical professionals realized the importance of QMS software in managing patient care and operations more efficiently and effectively. As healthcare systems continue to adapt to the ongoing challenges posed by the pandemic, QMS software solutions will remain critical to ensuring high-quality patient care and efficient operations in the healthcare industry.