North America is expected to hold the largest market share 2019
Northbrook, IL -- (SBWIRE) -- 11/27/2020 -- The study involved four major activities in estimating the current market size for clinical risk grouping solutions market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size.
According MarketsandMarkets Research – The clinical Risk Grouping Solutions Market is projected to reach USD 829 million by 2024 from USD 427 million in 2019, growing at a CAGR of 14.2%
The Key Factors Who will Drives the Market Growth?
– Advantages of Risk Management Solutions
– Rising Usage of Big Data Solutions
– Increasing Physician Burnout Due to Documentation Needs
– Increasing Focus on AI and Machine Learning
Recent Developments in Industry:
– In June 2019, Optum, Inc. (US) acquired the DaVita Medical Group from DaVita Inc. (US). This will result in increased patient management programs, especially in the kidney care space.
– In May 2019, HBI Solutions (US) signed a partnership with Iatric Systems, Inc. (US) under which, HBI Solutions (US) will use Iatric's AI systems for generating predictive risk scores of patients for healthcare providers.
– In April 2019, Health Catalyst (US) signed a partnership with Fullerton Healthcare Corporation (Singapore), which will combine Health Catalyst's analytical services with Fullerton's services in the Asia Pacific market.
– In March 2019, Evolent Health (US) and GlobalHealth (US) formed True Health as a joint venture between the two companies. True Health will focus on developing solutions for healthcare providers and payers.
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Market Segmentation in Detailed:
Private cloud accounted for the largest share of the clinical risk grouping software market in 2018 as it offers the highest level of security for sensitive data making it a viable option for the highly sensitive clinical risk grouping data. This data has to be stored in a secure way to avoid any breach of data privacy, which can lead to legal ramifications. However, the public cloud segment is estimated to be the fastest-growing segment with the highest CAGR.
Hospitals, payers, ambulatory care centers, and long-term care centers, among others are the end-users of clinical risk grouping solutions, of which hospitals accounted for the largest market share in 2018. Increasing adoption of big data solutions in healthcare facilities (such as hospitals and clinics), growing focus of caregivers on risk management, and the rising adoption of AI and machine learning in the healthcare industry are driving the growth of this segment.
Scorecard & visualization tools, dashboard analytics, and risk reporting are the three product types of clinical risk grouping solutions. Scorecard & visualization tools segment dominated the market with the largest share due to its ability to predict payment processes accurately and project per-patient risk. The rising need to reduce healthcare costs through these two channels is expected to augment the growth of the segment during the forecast period.
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Leading Key Players in the Worldwide Industry:
3M Corporation (US) and Optum, Inc. (US) dominated the global clinical risk grouping solutions market in 2018. The prominent players in the global market are Cerner Corporation (US), Conduent Inc. (US), Nuance Communications (US), Health Catalyst (US), HBI Solutions (US), Johns Hopkins University (US), Lightbeam Health Solutions (US), Dynamic Healthcare Systems (US), 4S Information Systems (US), Evolent Health (US), and PeraHealth (US).
Geographical Regions Mapped in Report:
Asia Pacific was seen as the fastest-growing region in the clinical risk grouping solutions market. The ease of doing business in Asia Pacific in terms of reduced regulatory stringency, increasing adoption of healthcare IT solutions along with a large population base demanding quality care at a lower price in these countries are some of the key factors driving growth in this region.