Market Trends of Healthcare Quality Management Industry
Business Intelligence and Analytics Solutions Segment is Expected to Register a Significant Growth Over the Forecast Period
The business intelligence and analytics solutions segment holds a significant market share in the market studied. Business intelligence and analytics solutions have a large percentage of this segment, which can primarily be attributed to the need of healthcare providers to reduce the soaring operating costs, rising demand for quality healthcare, government measures to promote value-based care, and the increasing number of claims denied from insurers.
According to the study published by Multidisciplinary Digital Publishing in January 2022, business intelligence and analytics (BI and A) tools might provide a promising opportunity to elaborate on facility performance and uncover measurable new facility management key performance indicators (KPIs) since present KPIs are too crude to discover the actual performance of facilities. The rising importance of these solutions to improve performance will lead to increased healthcare adoption, thereby driving this segment's growth over the forecast period.
In addition, the active participation of prominent players in the launch of advanced business intelligence and analytical solutions is also burgeoning the market growth. For instance, in March 2022, Snowflake launched a cloud-based data-sharing platform for the healthcare industry that integrates the company's core data warehousing, analytics, and business intelligence offerings with a data marketplace and on-demand consulting services. Also, in March 2022, Microsoft announced the general availability of Azure Health Data Services, a cloud-based platform for managing and analyzing various forms of patient data. The Azure Health Data Services platform-as-a-service (PaaS) helps organizations manage disparate forms of protected health information (PHI) across multiple data stores, letting them work with -- and make sense of -- patient data using less time and resources. Hence, the launch of technologically advanced products is driving market growth.
Therefore, business intelligence (BI) is helping the healthcare industry gain insights, reduce costs, increase revenue, and improve patient safety. BI can also help improve patient care and outcomes by providing evidence-based clinical decision-making. This allows physicians to monitor and predict the diagnosis of patients. Owing to the ongoing development, the healthcare sector's quality is influenced by evidence-based medicines and appropriate use of the data. Moreover, the rising healthcare spending is also projected to drive the growth of the business intelligence and analytics solutions segment during the forecast period. For instance, according to the Health at Glance 2021 report published by the OECD, the total health spending by the percentage of GDP was around 17.8% in the United States, followed by Germany at 12.8%, Austria at 12.2%, and the United Kingdom at 11.9%.
Thus, the market segment is expected to show significant growth over the forecast period due to the abovementioned factors.
North America Holds a Significant Share in the Market And Is Expected to Do the Same During the Forecast Period
North America holds a significant share of the market studied. This can be primarily attributed to better reimbursement facilities and the government's involvement in implementing quality management services, which are expected to augment the market's growth over the forecast period.
Rising product launches by the key player of this region have led to increased adoption of these solutions across the healthcare industries, thereby driving the market growth. For instance, in August 2021, Qualio, a cloud quality management system software for the entire life sciences ecosystem, launched design controls, a new product within Qualio's electronic quality management software (eQMS) that aids medical device manufacturers in reducing time to market by combining product development and quality management into a single work stream and automatically generating detailed documentation to support compliance and regulatory approvals.
Furthermore, according to the article published by NCBI in February 2023, around 7,000 to 9,000 people in the United States die from medication errors every year. Moreover, hundreds of thousands of other patients experience but often do not report an adverse reaction or other medication complications. Thus, the increased medical errors in the healthcare systems will lead to increased healthcare quality management solutions adoption, thereby driving growth in this region.
Hence, as per the abovementioned factors, North America is anticipated to create opportunities for healthcare quality management systems, thereby driving the overall market growth over the analysis period.
