LONDON, April 01, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s healthcare quality management software global market report 2024, the healthcare quality management software market has witnessed rapid expansion in recent years, with a substantial increase from $1.34 billion in 2023 to an estimated $1.53 billion in 2024, representing a compound annual growth rate (CAGR) of 14.5%. This healthcare quality management software market growth is attributed to various factors including the rising prevalence of chronic kidney disease, an aging population, improvements in healthcare infrastructure, government initiatives, and increased awareness programs focusing on renal health.
Anticipated Growth Trajectory
Forecasts indicate continued rapid growth for the healthcare quality management software market, with a projected valuation of $2.59 billion by 2028, boasting a CAGR of 14.0%. This healthcare quality management software market growth in the forecast period is expected to be driven by factors such as the continued rise in chronic kidney disease cases, global healthcare expansion efforts, a focus on preventive healthcare measures, and the increasing geriatric population, alongside government policies supporting renal health initiatives.
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Emerging Trends and Innovations
Major trends shaping the healthcare quality management software market in the forecast period include the incorporation of patient-centric design principles, integration of remote monitoring technology, customization for pediatric hemodialysis, enhancements in ergonomics and posture support, and a focus on infection control measures to ensure patient safety.
Driving Force: Healthcare Spending Increase
The surge in healthcare spending worldwide is a significant driver of market growth, enabling organizations to invest in tools and technologies that enhance the overall quality of healthcare services. Notably, health spending in the United States increased by 2.7% in 2021 to $4.3 trillion, emphasizing the importance of investing in quality management solutions to optimize patient care and safety.
Key Players and Technological Innovations
Leading companies operating in the healthcare quality management software market, including International Business Machines Corporation, Wolters Kluwer Health Inc., and Nuance Communication Inc., are focused on developing innovative platforms such as specialized Quality Management Systems (QMS) to streamline compliance with regulatory standards and facilitate data-driven decision-making for improved patient outcomes.
Regional Insights and Market Segmentation
North America emerged as the largest region in the healthcare quality management software market in 2023, with Asia-Pacific expected to exhibit the fastest growth in the forecast period. The market is segmented by type (business intelligence and data analytics solutions, clinical risk management solutions, physician quality reporting solutions, provider performance improvement solutions), deployment mode (cloud-based, on-premises, web-based), application (data management, risk management, among others), and end-use (hospitals, ambulatory surgery centers, nursing homes, among others).
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The healthcare quality management software market continues to expand rapidly, driven by factors such as increasing healthcare spending, advancements in technology, and a growing focus on patient-centric care. As industry players innovate and adapt to evolving market dynamics, the healthcare quality management software landscape is poised for continued growth, offering promising opportunities for stakeholders across the healthcare sector.
Healthcare Quality Management Software Global Market Report 2024 by The Business Research Company provides insights on the healthcare quality management software market size, healthcare quality management software market segments, healthcare quality management software market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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