Clinical Risk Grouping Solutions Market Is Set For Rapid Growth, To Reach Around USD 1.23 Billion by end of 2028
Zion Market Research has published a new report titled “Clinical Risk Grouping Solutions Market by Product (Dashboard Analytics Solutions, Scorecards & Visualization Tools, and Risk Reporting Solutions); by Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), for Payers, Hospitals, Long-Term Care Centers, Ambulatory Care Centers and Other End Users: Global Industry Perspective, Comprehensive Analysis and Forecast.
According to the report, global demand for clinical risk grouping solutions market was valued at approximately USD 0.63 Billion in 2023, and is expected to generate revenue of around USD 1.23 Billion by end of 2028, growing at a CAGR of around 14.48% between 2023 and 2028.
Clinical risk grouping (CRG) solution uses ambulatory and inpatient diagnosis data, procedure codes, functional health status and pharmaceutical data to allocate each individual or patient to unique severity-adjusted group and classify the population. Clinical risk group denotes categorical classification system that is built on clinical evidence and uses administrative data to identify children and adults with chronic health conditions. Clinical risk grouping software is equipped with proficient clinical logic to classify and allocate an individual to a specific risk group. Clinical risk groups help determine the health service utilization patterns, physician practice patterns, tracking of prevalence rate of congenital or chronic diseases, risk adjustment for capitation and pricing, etc.
Global market growth for clinical risk grouping solutions are widely been used by healthcare professional due to their advantages and increasing need for risk management solution for providing better patient care, reduce medical errors. However, various factors such as data privacy issues, lack of infrastructure and skilled health care IT workers may impede the growth over the forecast period. Growing emphasis of healthcare providers on integration of artificial intelligence (AI) and machine learning to existing healthcare solutions is projected to open new growth opportunities for clinical risk grouping solutions market.
The global clinical risk grouping solutions market is segmented based on product, end user, deployment mode, and region. Based on product, market is segmented into risk reporting solutions, scorecards & visualization tools, and dashboard analytics solutions. In 2018, market was dominated by scorecards & visualization tools segment due to growing need for patient precision and forecast risks. Rapid growth is projected for the dashboard analytics solutions segment during the forecast period. Growing adoption of risk reporting solutions is projected to drive the market demand for risk reporting solutions in the coming years.
Based on deployment mode market is categorized into private, public and hybrid cloud. Demand for private cloud deployment mode is due to high data security offered by private cloud. Whereas, cost effectiveness of public cloud as compared to private cloud boosts the demand for public cloud. Hybrid cloud segment growth is supported by its ability and flexibility to avoid vendor lock-in.
Payers, ambulatory care centers, hospitals, long term care centers, and others are end users of the clinical risk grouping solutions market. In 2018, hospitals held largest market share. Faster growth is projected for payers due to faster adoption rate for the clinical risk grouping solution.
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. At regional level, North America dominated the market in 2018 with revenue share of almost 45% in 2018. This large share is attributed to increasing government initiatives and programs for population health management, presence major service providers in this region, favorable regulatory framework, and increasing need to reduce medical errors and offer better patient care. Asia Pacific region is projected to experience rapid growth over the forecast period as a result of growing population, and growing demand for superior healthcare services. Europe was second leading regional market for clinical risk grouping solutions market in 2018. Government initiatives to encourage integration of healthcare IT solutions to minimize healthcare cost, errors and time support the market growth in Europe. Latin America and Middle East Africa regions are projected to register moderate growth in the coming years.
Major players included in the report are -
- Conduent Inc.
- 3M
- Nuance Communications
- Cerner Corporation
- Health Catalyst
- HBI Solutions
- Lightbeam Health Solutions
- 4S Information Systems
- Johns Hopkins University
- PeraHealth
- Dynamic Healthcare Systems
- Evolent Health.
The report segment of global clinical risk grouping solutions market as follows:
Global Clinical Risk Grouping Solutions Market: By Product
- Scorecards & Visualization Tools
- Dashboard Analytics Solutions
- Risk Reporting Solutions
Global Clinical Risk Grouping Solutions Market: By Deployment Mode
- Private Cloud
- Public Cloud
- Hybrid Cloud
Global Clinical Risk Grouping Solutions Market: End User Analysis
- Hospitals
- Payers
- Ambulatory Care Centers
- Long-Term Care Centers
- Other End Users
Global Clinical Risk Grouping Solutions Market: Regional Segment Analysis
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East and Africa
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