(PharmaNewsWire.Com, May 27, 2021 ) 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%.
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.
Market Share Estimation;
The Clinical Risk Grouping Solutions Market shares for clinical risk grouping solutions companies was arrived at after detailed assessment of their revenues from the clinical risk grouping solutions business by secondary data available through paid and unpaid sources. Owing to data limitations, in certain cases revenue share was arrived at after detailed assessment of the product portfolios of major companies and their respective sales performance. At each point, this data was validated through primary interviews w
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
The scorecard & visualization tools segment is expected to dominate the clinical risk grouping solutions market in 2019;
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.
Recent Developments in clinical risk grouping software Market;
- 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.
North America is expected to hold the largest market share in 2019;
The clinical risk grouping software market in North America is driven by the growing focus on quality care, increasing focus on population health management, and cost containment in the healthcare industry. Also, a highly suitable healthcare IT infrastructure and rising adoption of clinical risk grouping solutions by healthcare payers in the region are supporting the growth of clinical risk grouping solutions in this region.
Key Market Players;
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).
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