The research 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. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
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, the market is segmented into scorecard & visualization tools, dashboard analytics, and risk reporting solutions. The scorecard & visualization tools segment accounted for the largest share of the 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, the market is 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.
Browse 66 market data Tables and 31 Figures spread through 126 Pages and in-depth TOC – Request Research Sample Pages:
- 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.
Major Market Growth Drivers in Depth:
- 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
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How is the market performing in different regions across the globe?
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.
Major Key Players Mapped in Research Report:
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).