(PharmaNewsWire.Com, April 02, 2021 ) The study involved 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.
According to the new market research 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" published by MarketsandMarkets™, 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.
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%.
Browse 66 market data Tables and 31 Figures spread through 126 Pages and in-depth TOC on "Clinical Risk Grouping Solutions Market"
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
Leading Key-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 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. In the adoption of business strategies, in October 2016, 3M entered into a partnership with Verily Life Sciences (US) (formerly known as Google Life Sciences) to develop a new population health measurement technology for the management of clinical and financial performance. Such developments show that the company is focused highly on research activities for the development of innovative new products.
- 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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