(PharmaNewsWire.Com, October 22, 2020 ) According to the new market research report "Clinical Risk Grouping Solutions Market by Product (Scorecard & Visualization Tools, Dashboard Analytics, Risk Reporting), Deployment (Private Cloud, Public Cloud, Hybrid Cloud), End-User and Region - Global Forecast to 2024" published by MarketsandMarkets™.
How the Market Growth looks like and Industry Segmentation?
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%.
Based on the product, segmented into scorecard & visualization tools, dashboard analytics, and risk reporting solutions. The scorecard & visualization tools segment accounted for the largest share of the clinical risk grouping solutions market in 2018. The large share of this segment can be attributed to the high usage of risk attributing and risk scoring usage in clinical risk grouping solutions.
Based on end-user, segmented into hospitals, payers, ambulatory care centers, long-term care centers, and other end-users. In 2018, hospitals accounted for a major share of the clinical risk grouping solutions market, mainly due to higher adoption and usage of clinical risk grouping solutions by hospitals as well as better infrastructure to support the clinical risk grouping solutions.
- 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 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. Key Questions Addressed in the 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.
The key players in the global clinical risk grouping solutions market are 3M Corporation (US), Optum Inc. (US), 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 Pera Health (US).
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