Healthcare Quality Management Software Market - Forecasts from 2023 to 2028

The global healthcare quality management software market was valued at US$3.48 billion in 2021.

The healthcare quality management software market is anticipated to grow at a steady pace throughout the forecast period. A system of business procedures designed to consistently satisfy patients' needs and raise their satisfaction levels is known as a healthcare quality management system. The growing emphasis on patient safety and the huge burden of medical errors are major growth drivers in the healthcare quality management software market as it helps in both. Moreover, there are numerous workflow benefits associated with it which is also positively impacting the market growth. Additionally, the ageing population and technological advancements resulting in enhanced product launches are further propelling the healthcare quality management market.

Multiple Associated Benefits

The numerous advantages associated with quality management software are expected to drive the healthcare quality management software market. For example, organizations may spot patterns, put best practices into place, and make sustainable improvements to patient care with the use of quality management software, which makes it easier to continuously monitor, analyze, and improve quality indicators. Healthcare organizations can gather, examine, and report on quality indicators using quality management software, enabling data-driven decision-making and performance enhancement. Moreover, healthcare IT systems including EHRs, patient safety reporting systems, and risk management tools frequently interact with healthcare quality management software to provide a comprehensive picture of quality across the organization.

Increasing Emphasis on Patient Safety

Patient safety and the standard of treatment are becoming increasingly important to healthcare organizations. By identifying hazards, tracking occurrences, and putting corrective measures in place, healthcare quality management software aids in monitoring, analyzing, and improving patient safety measures. WHO estimates that due to hazardous care, 134 million adverse events take place in hospitals each year in low- and middle-income countries (LMICs), resulting in 2.6 million fatalities. The World Health Assembly (WHA) backed the creation of World Patient Safety Day, which will be marked yearly by Member States on September 17 in a resolution on patient safety that was adopted in 2019 which includes technical support, and monitoring patient safety improvements. Therefore, the growing emphasis on patient safety is anticipated to drive the healthcare quality management software market.

Growing Prevalence of Medical Errors

Healthcare providers are continually looking for ways to improve operational efficiency, eliminate medical errors, and streamline operations. The rising number of medical errors is a major growth factor in the healthcare quality management software market. The majority of injuries and unnecessary harm in healthcare systems are caused by medication errors. For instance, the cost of medication errors worldwide is estimated by the WHO to be $42 billion per year. Moreover, in outpatient care settings, 5% of individuals experience diagnostic mistakes, of which more than half have the potential to be seriously harmful. According to the report of medication errors in the European region by WHO, nearly 50-70% of these errors can be prevented through comprehensive systematic approaches towards patient safety.

Aging Population

The rising number of older people worldwide is indicating the increased adoption of healthcare quality management software. According to the WHO, one in six individuals on the planet will be 60 or older by 2030. Moreover, in the United States, the average cost of healthcare increases to $11.3K per person, per year, by the time people are aged 65 years, and this is about three times more than the annual healthcare expenditure by younger people per the US Department of Health & Human Services. This increased expenditure shows the higher diseases and medical requirement and their increased chances of getting medical errors. Therefore, the rising ageing population is expected to positively impact the healthcare quality management software market.

Restraints in the Market

Apart from all the growth drivers, a few factors are envisaged to limit the healthcare quality management software market. For example, some healthcare organizations may find it difficult to afford the expense of installing and maintaining quality management software, especially smaller ones with fewer resources as quality management software is highly expensive. For instance, the cost of full-quality management software, without the extra services, is between $15,000 and $50,000. Additionally, a lack of knowledge of the software, resistance to change, and inadequate training can prevent the product from being adopted and used effectively. Due to the sensitivity of healthcare data, there is also a concern about privacy breaches, which can restrain market expansion.

North America is Expected to Grow Significantly

The North American region is projected to hold a significant share of the healthcare quality management software market. Various attributable factors for such a share are the higher prevalence of medication errors, healthcare costs, government regulations for patient safety, and awareness among healthcare providers. For instance, the FDA received more than 100,000 reports associated with medication errors in 2019. Moreover, according to the NCBI, drug mistakes result in the deaths of 7,000-9,000 Americans per year and the cost of treating individuals who have had medication errors in the U.S. exceeds $40 billion annually (NCBI, 2021). Therefore, the healthcare quality management software market is contemplated to expand in the region to eliminate errors and reduce healthcare costs.

Major Market Players

• Karminn Consultancy Network is one of the leading companies specializing in quality management software. EzyPro HQMS is a hospital quality management software designed with integrated action tracking and dashboards for meeting requirements such as NABH.
• Intelex Technologies provides global environmental, health&safety, and quality management solutions. It offers EHS software that easily tracks and reports safety data resulting in lower incident rates.

Key Market Developments

• In January 2023, for its life sciences clients, Palantir Technologies introduced Foundry, a purpose-built quality management system. It helps in accelerating the timeline to therapeutic launch from translation research, and real-world studies.
• In August 2022, to analyze contact center conversations and proactively identify opportunities for improvement, Authenticx introduced a comprehensive end-to-end quality management solution. It can be used in conjunction with Authenticx's Smart SampleTM to implement patient-centred modifications.
• In January 2021, Greenlight Guru announced the addition of AI and machine learning recommendations to its medical device quality management software platform Halo. It will help in real-time visibility to discover, assess, and manage error-free quality insights.

Segmentation:

By Type

• Business intelligence and Data analytics solutions
• Clinical risk management solutions
• Physician quality reporting solutions
• Provider performance improvement solutions

By Application

• Data Management
• Risk Management
• Others

By Deployment

• Cloud-based
• On-premises
• Web Based

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others