According to the report, global demand for clinical risk grouping solutions market was valued at approximately USD 391.5 million in 2018, and is expected to generate revenue of around USD 907.1 million by end of 2025, growing at a CAGR of around 12.8% between 2019 and 2025.
The report covers forecast and analysis for the clinical risk grouping solutions market on a global and regional level. The study provides historic data from 2016 along with forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the clinical risk grouping solutions market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the clinical risk grouping solutions market on a global as well as regional level.
In order to give the users of this report a comprehensive view on the clinical risk grouping solutions market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the clinical risk grouping solutions market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the clinical risk grouping solutions market on global and regional basis.
The study provides a crucial view on the clinical risk grouping solutions by segmenting the market based on deployment mode, product, end user and region. All the segments of clinical risk grouping solutions market have been analyzed based on present and future trends and the market is estimated from 2018 to 2025.
Clinical risk grouping (CRG) solution is a population classification system used which uses ambulatory and inpatient diagnosis and procedure codes, functional health status and pharmaceutical data to allocate each individual to a unique or single, severity-adjusted group. Clinical risk group is a categorical classification system based on clinical evidence and uses administrative data to recognize adults and children with chronic health conditions. Clinical risk grouping software uses proficient clinical logic to allocate each individual to a particular risk group. Clinical risk groups are used to profile physician practice patterns, health service utilization patterns, track chronic or congenital disease prevalence, risk adjustment for pricing and capitation, etc.
Clinical risk grouping solutions are gaining momentum in the market owing to their advantages, growing need for risk management to offer better patient care, reduce errors and increasing use of big data solutions. However, lack of infrastructure, data privacy issues, dearth of trained health care IT workers are factors that may hamper the growth of this market. Increasing focus of healthcare solution providers on use of artificial intelligence and machine learning are expected to bring new growth avenues for clinical risk grouping solutions market.
Based on product, global clinical risk grouping solutions market is bifurcated into dashboard analytics solutions, scorecards & visualization tools, and risk reporting solutions. The scorecards & visualization tools segment accounted for largest market share in 2018 as a result of increasing need for patient precision and forecast risks. The dashboard analytics solutions segment is expected to grow at a highest CAGR over the forecast period. Increasing acceptance of risk reporting solutions is expected drive the demand for risk reporting solutions segment during the forecast period.
Based on deployment mode global clinical risk grouping solutions market is segmented into public cloud, hybrid cloud and private cloud. High data security offered by private cloud drive the demand for private cloud deployment mode. On the other hand, cost effectiveness of public cloud over private cloud is driving its demand. Growth of the hybrid cloud segment is driven by its flexibility and ability to avoid vendor lock-in.
The end user segment is divided into payers, hospitals, long term care centers, ambulatory care centers and others. Hospitals end user segment held largest market share in 2018 whereas payers will adopt the clinical risk grouping solution at faster growth rate over the forecast period.
The current and estimated demand for regions such as Middle East & Africa, North America, Asia Pacific, Latin America and Europe is covered for clinical risk grouping solutions market. North America held largest market share of global clinical risk grouping solutions market. Increasing government initiatives on management of population health, favorable regulatory framework, presence major solution providers and need to reduce errors in patient care drive the demand for clinical risk grouping solutions in North America. Asia Pacific region will witness highest CAGR over the forecast period owing to increasing population and demand for better healthcare services. Europe was second largest regional market in 2018. Growth in Europe is driven by government initiatives to promote use of healthcare IT solutions to reduce cost, time and errors. Latin America and Middle East Africa regions will register considerable growth during the forecast period.
Major players included in the report are 3M, Conduent Inc., Cerner Corporation, Nuance Communications, HBI Solutions, Health Catalyst, Lightbeam Health Solutions, Johns Hopkins University, 4S Information Systems, Dynamic Healthcare Systems, PeraHealth, and Evolent Health.
The report segment of global clinical risk grouping solutions market as follows:
Global Clinical Risk Grouping Solutions Market: By Product
Global Clinical Risk Grouping Solutions Market: By Deployment Mode
Global Clinical Risk Grouping Solutions Market: End User Analysis
Global Clinical Risk Grouping Solutions Market: Regional Segment Analysis