The increasing adoption of IT infrastructure and advanced technologies in the healthcare sector has resulted in improved safety, efficiency, and quality. Such developments are driving the demand for healthcare quality and safety reporting systems across the healthcare sector. The demand for these systems is rising in the pretext of providing error-free and timely detection of ailments to ensure advanced patient safety. The growth in the number of medical device recalls is also paving the way for these reporting systems. The enhanced transparency provided by these systems in patient outcome is used by the companies in establishing partnerships with different stakeholders. Major end-users in the industry include hospitals, primary care facilities, and clinics. North America is projected to lead the market with a growth rate of 13.35% by the end of 2025. Europe will exhibit rapid growth with incremental opportunities created by hospitals in the region. Major market players are developing quality-based reporting systems to aid in timely error detection in the healthcare sector. Vendors in the market are collaborating with hospitals to strengthen their market presence. Prominent players profiled in the global healthcare quality and safety reporting market are The Patient Safety Company, PowerHealth Solutions, ArroHealth (Ciox Health), RadicaLogic Technologies, Inc., Quantros, Inc. and MRM Group, LLC.
Hospitals end user segment dominates the global quality and safety reporting system for healthcare market
Revenue from the hospitals segment in the global quality and safety reporting system for healthcare market is anticipated to increase from more than US$ 560 Mn in 2017 to around US$ 1417 Mn by 2025 end, representing a CAGR of 12.2 % from 2017 to 2025. The hospitals segment is expected to create incremental opportunity of US$ 854.5 Mn between 2017 and 2025. The long-term care center segment by end use is expected to create incremental opportunity of US$ 128.4 Mn between 2017 and 2025, expanding at a CAGR of 11.6% during the projected period. Revenue from the rehabilitation center segment in the global quality and safety reporting system for healthcare market is estimated to increase from US$ 70 Mn in 2017 to more than US$ 150 Mn by 2025 end, representing a CAGR of 10.6% from 2017 to 2025.
Increasing focus on patient safety and significant rise in healthcare spending by hospitals and governments to boost the global quality and safety reporting system for healthcare market
Increasing changes in IT infrastructure for adopting new and advanced technologies to improve safety, quality, and efficiency in the healthcare sector is a factor expected to drive the growth of the quality and safety reporting system for healthcare market. Due to improvements in healthcare technologies, patient safety and reporting systems are adopted by several hospitals and clinics in order to aid in the timely detection of medical errors and also to ensure advanced patient safety. Increasing number of medical errors is the main cause of a rising demand for patient safety and quality reporting systems in healthcare organizations. Several hospitals do not have accurate patient history results and lack of information regarding patient history leads to improper treatment of patients. To avoid such errors, quality and safety reporting systems are being increasingly installed in healthcare organizations for patient safety care and quality improvement.
Rising number of medical device recalls has led to increasing adoption of quality and safety reporting systems in order to reduce potential medical errors. Tracking of medical device components is important in managing recalls for medical devices. Quality and safety reporting systems are increasingly being adopted by medical healthcare facilities to keep a track of medical recalls. FDA issues a list of medical device recalls every year, which needs to be identified and reported in quality and safety reporting systems in order to mitigate potential risks and improve patient safety. Increasing demand for elder care and treatment of age-related conditions is driving the growth of quality and safety reporting systems across the globe. Healthcare organizations are expected to provide transparency related to patient outcomes, which could lead to strategic partnerships between various healthcare organizations and others for cost efficiencies and to offer proper and timely treatment. In addition, healthcare providers are focusing on developing value and quality-based reporting systems to report medical errors efficiently and in real time.
Healthcare organizations such as hospitals, clinics, and primary care facilities are focusing more on patient safety. In order to improve patient safety and the quality of treatment, reduction in medical errors and incidents is a necessity. Hospitals are implementing safety reporting systems by partnering with international and national healthcare technology vendors and with district health boards in order to reduce adverse events and errors. This trend is expected to drive the growth of the quality and safety reporting system for healthcare market.
Performance of the hospitals segment across various regional markets
Persistence Market Research forecasts revenue from the hospitals segment in the North America quality and safety reporting system for healthcare market to increase from more than US$ 250 Mn in 2017 to about US$ 725 Mn by 2025 end, representing a CAGR of 13.34% from 2017 to 2025. The hospitals segment in the Latin America quality and safety reporting system for healthcare market is estimated to be valued at close to US$ 50 Mn in 2017 to more than US$ 90 Mn by 2025 end, representing a CAGR of 8.5% from 2017 to 2025. In the Europe quality and safety reporting system for healthcare market, the hospitals segment is expected to create incremental opportunity of US$ 191.1 Mn between 2017 and 2025.
According to Persistence Market Research analysis, the North America quality and safety reporting system for healthcare market is likely to witness highest growth rate over the forecast period. The market in Asia Pacific is anticipated to witness moderate growth over the forecast period. Contributing to this upsurge is the continuous demand for quality and safety reporting systems by hospitals, increasing need to improve patient safety and implementation of stringent government regulations. Persistence Market Research has recently published a new report titled “Quality and Safety Reporting System for Healthcare Market: Global Industry Trend Analysis 2012 to 2016 and Forecast 2017-2025.” According to the analysts, the global quality and safety reporting system for healthcare market is estimated to witness moderate revenue growth during the forecast period.
Further, the analysts have observed that North America and Europe were the dominant markets in 2016 in terms of sales of quality and safety reporting systems. According to the report, in the coming years, countries in North America are expected to be the key markets for sustainable revenue generation from quality and safety reporting systems. The analysts have also noticed that partnership with healthcare organizations, hospitals, and other medical software vendors is projected to remain as the key strategy of manufacturers to boost their sales growth. While inspecting this market, the analysts have observed that long-term contracts with business partners help key players increase business revenue, enabling quality and safety reporting system vendors to reach new potential markets. One more trait the analysts have observed is that the U.S. is predicted to remain as the key growth region in the global quality and safety reporting system for healthcare market. A significant market potential exists in countries in Asia Pacific such as China, India, and Japan.
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Parent Market Overview
Quality and safety reporting system is primarily a part of quality management software (QMS). QMS finds application in a number of industries, some of which include pharmaceutical, biotechnology, aerospace and defense, aviation, food and beverage, hospital and healthcare, IT, pharmaceuticals, and chemicals among others. Pharmaceuticals sector is the largest end-user segment for quality management software and constitutes a remarkable share of the total market. Hospital and healthcare sector also contributes significantly to the market amongst all end-user industries. Other industries such as aerospace and defense, aviation, food and beverages, IT, and chemicals individually occupy a very small share of the total market.
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Report Structure and Research Methodology
Macro-economic indicators such as GDP, wholesale and retail trade, merchandise trade, and prices have been considered to arrive at the indicated market numbers. Economic fluctuations have been considered while forecasting market numbers. Yearly change in inflation rate has not been considered while forecasting market numbers. Top-down approach has been used to assess market numbers for each product category, while bottom-up approach has been used to counter-validate the market estimations. The analysts have adopted a systematic research approach while studying this market. In-depth secondary research is used to determine top industry players, products, applications, overall market size, industry connotations, distributors and software developers. The analysts have formulated a detailed discussion guide in order to conduct interviews with industry experts. The analysts have then conducted interviews with industry experts, players, distributors, and retailers for data collection and verification. Data is validated using the triangulation method, in which secondary, primary and Persistence Market Research analysis contribute to the final data.