The global healthcare quality management market is projected to reach USD 3.31 Billion by 2022 from an estimated USD 1.70 Billion in 2017, at a CAGR of 14.2%.
In 2016, Nuance Communications, Inc. (U.S.), Premier, Inc. (U.S.), Truven Health Analytics (U.S.), Quantros, Inc. (U.S.), and Medisolv, Inc. (U.S.) dominated the market.
Nuance Communication, Inc. dominated the global healthcare quality management market in 2016. Nuance’s leading position in the market can be attributed to the wide range of its product portfolio. The company’s quality and risk management solutions include physician quality reporting solutions, eCQMs reporting solutions, patient safety organization reporting solutions, performance analytics, and clinical risk management solutions. The company has a strong presence across the globe mainly in the U.S., Australia, Austria, Belgium, Brazil, Canada, China, Germany, Hungary, India, Ireland, Italy, Japan, and the U.K. Approximately 71% of its revenue is generated from the North American region, but European markets such as Germany, the U.K., France, Italy, and Belgium are expected to offer lucrative growth opportunities in the near future. The company adopts different organic and inorganic growth strategies to strengthen its market position. For instance, in 2015, Nuance Communication, Inc. collaborated with Intelligent Medical Objects, Inc. (U.S.) and MEDITECH (U.S.) to develop a solution to translate unstructured narrative text into clinically-accurate, discrete data in the EHR that would help the providers to comply with ICD-10 and quality reporting measures.
Truven Health Analytics is at the second position in the global healthcare quality management market. The company is known for its reputation in healthcare data management and analytics. The solutions offered by Truven are capable of monitoring and conducting real-time clinical observations that help providers minimize risk and deliver patient-specific clinical decision support (CDS) at the point of care. The company’s dominance in the market can be attributed to its wide range of product offerings and its strong geographical footprint. In the U.S., a large number of healthcare providers use Truven’s CareDiscovery Quality Measures to report quality measures. Truven Health is also an approved Joint Commission ORYX eCQM vendor for electronic reporting of eCQMs to the Joint Commission. To maintain its position in healthcare quality management , Truven launched Micromedex Solutions Consulting Services in 2014 to help healthcare providers meet the meaningful use reporting requirement
Healthcare Quality Management Market by Software (Business Analytics, Physician Quality Reporting) Delivery Mode (Cloud, On-Premise) Application (Data Management, Risk Management) End User (Hospital, Ambulatory Center, Payer) - Global Forecast to 2022
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