Healthcare Quality Management Market Trends

Growth Drivers

• Growing Amount of Unstructured Data –There is vast availability of unstructured data, this data is viable for the healthcare system and thus it is important to implement healthcare quality management for making this data structured. Unstructured data includes physician order data, dictation notes, free text data, and nursing notes. Approximately 80% of the global healthcare data, available currently is unstructured.
• Government Initiatives to Improve the Healthcare System – The rising effort to augment the healthcare systems is expected to drive the healthcare quality management market growth. The publication Healthy People 2030 came out in August 2020 in the United States. The Healthy People 2030 plan has 355 specific goals for enhancing the standard of healthcare and guaranteeing that everyone has access to the services they require. Enhancing communication between medical professionals can benefit patients' health and wellbeing.
• Increasing Prevalence of Chronic Disease –Growing cases of chronic disease have increased hospital visits and admission.  Programs for managing diseases are intended to enhance the health of people with chronic disorders and lower associated expenses According to the World Health Organization before the age of 70, around 17 million people per year pass away from an NCD. Noncommunicable diseases (NCDs) account for 41 million annual fatalities, or 74% of all fatalities worldwide.
• Growing Adoption of Technology in Healthcare –The use of advanced technologies has sped up treatment procedures, and has managed to the treatment of more patients. However, it has also led to the generation of huge data, therefore it increases the need for healthcare quality management. Executive automation familiarity in healthcare increased worldwide from around 50% to 66% between 2019 and 2020, while the deployment of automation solutions rose from nearly 23% to 34%.
• Rising Cost of Healthcare and Medical Errors – Medical errors are a severe hazard to patient safety and a public health issue. To lessen the recurrence of medical errors, effective healthcare quality management is crucial. In the United States, a USD 20 billion annual expense is incurred owing to medical blunders. Every year, almost 100,000 individuals pass away as a result of medical mistakes in hospitals and clinics.

Challenges

• High Cost of implementing the quality management system
• Risk to data security present in the automated system- The potential of data breaches and other data privacy and security issues also exists in the healthcare sector. In order to make the most of their interaction, patients and professionals exchange a lot of private information. With the integration of automation, inappropriate data disposal, data loss, hacking IT incidents, data theft, unauthorized access, and other issues are among the most frequent dangers to data privacy and security.
• Absence of analytics infrastructure and data systems.