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(Health-NewsWire.Net, June 29, 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.
Recent Developments in Clinical Risk Grouping Solutions 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.
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Market Segmentation in Detailed:
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.
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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).
3M Corporation (US) is a major player in the clinical risk grouping solutions market with a wide range of product offerings across different industries. The company has over 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 broad product portfolio for clinical risk grouping makes it a leading market player in the 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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