Increasing focus on risk management solutions is expected to drive the growth of the clinical risk grouping solutions market
The clinical risk grouping solutions market is projected to reach USD 829 million by 2024 from USD 427 million in 2019, at a CAGR of 14.2%. Focus on risk management and big data solutions are driving the market for clinical risk grouping solutions. However, a lack of infrastructure for supporting this technology is expected to restrain the growth of the market to a certain extent during the forecast period.
Dashboard analytics segment to show the fastest growth during the forecast period
Based on product, the clinical risk grouping solutions market is segmented into three major categories, viz., scorecard & visualization tools, dashboard analytics, and risk reporting. The dashboard analytics segment is expected to witness one of the highest CAGR within the clinical risk grouping solutions market. High adoption of dashboard analytics by healthcare providers, the increasing adoption of risk management solutions in the healthcare industry, growing requirements for accuracy & quality of patient care, and the rising use of big data solutions in healthcare are driving the growth of the segment.
Private cloud to hold the largest share of the clinical risk grouping solutions market during the forecast period
Based on the deployment model, the clinical risk grouping solutions market is segmented into private cloud, public cloud, and hybrid cloud. In 2018, the private cloud segment accounted for the dominant share of the clinical risk grouping solutions market. The large share of this segment is attributed to the fact that private cloud deployment offers the best security for sensitive data. Additionally, a private cloud offers on-demand infrastructure with dedicated resources that can be shared across domains, applications, and units within the same organization.
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North America accounted for the largest share of the market in 2018, whereas the Asia Pacific is expected to be the fastest-growing market
The study discusses the clinical risk grouping solutions market trends for North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America accounted for the largest share of the global clinical risk grouping solutions market. The large share of North America can be attributed to the support for adopting HCIT by providers and payers, increasing focus on population health services, and greater availability of clinical risk grouping solutions
However, Asia Pacific is expected to be the fastest-growing market with the highest CAGR during the forecast period. Factors such as the presence of a larger patient population demanding better healthcare at lower costs, economic growth, rising geriatric population, emergence of big data in healthcare, and the growing focus of various market players on emerging Asian countries are expected to drive the growth of the clinical risk grouping solutions market in the Asia Pacific.
The breakup of primary participants is as mentioned below:
- By Company Type: Tier 1 (50%), Tier 2 (10%), and Tier 3 (40%)
- By Designation: C-level (10%), Director-level (30%), and Others (60%)
- By Region: North America (40%), Europe (30%), Asia Pacific (10%), Latin America (10%), and the Middle East and Africa (10%)
The prominent 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 PeraHealth (US).
- The report analyzes the clinical risk grouping solutions market and aims at estimating the market size and future growth potential of this market based on various segments such as product, deployment model, end user, and region.
- The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
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This report provides insights into the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the global clinical risk grouping solutions market. The report analyzes this market by product, deployment model, end-user, and region
- Product Enhancement/Innovation: Detailed insights on the upcoming trends and product launches in the global clinical risk grouping solutions market
- Market Development: Comprehensive information on the lucrative emerging markets by product, deployment model, end-user, and region
- Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global clinical risk grouping solutions market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of leading players in the global clinical risk grouping solutions market