(PharmaNewsWire.Com, March 09, 2021 ) 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.
The Factors such as increasing focus on risk management solutions in the healthcare industry and rising implementation of big data solutions are driving the market for clinical risk grouping solutions. Increasing instances of physician burnout due to clinical documentation and a shift towards software based on AI and machine learning also present significant growth opportunities for market players.
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.
According to the new market research report - The 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", is projected to reach USD 829 million by 2024 from USD 427 million in 2019, growing at a CAGR of 14.2%
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.
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).
3M Corporation (US) is a diversified company with a wide range of product offerings across different industries. The company has more than 30 years of experience in developing solutions for classification, grouping, and reimbursement calculation systems for inpatient, outpatient, and professional settings. This platform of innovative services, along with a comprehensive product portfolio for clinical risk grouping makes it a leading market player in the clinical risk grouping solutions market. 3M relies on product innovation internally. For instance, the company’s R&D expenditure in 2018 was USD 1.82 billion, which accounts for 6% of its total revenue.
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