The global clinical risk grouping solutions market is expected to register growth over the forecast period. Increasing focus on patient’s risk management and implementation of big data in the healthcare industry to transform clinical outcomes are primarily driving the market growth. In addition, burgeoning patient pool data generated in healthcare settings resulting in increased physician workload and demanding for an effective solution like clinical risk grouping is further fueling the market growth.
Based on the product of clinical risk grouping solutions, the market is segmented into dashboard analytics solutions, scorecards & visualization tools, and risk reporting solutions. Increasing awareness of risk management solutions leading to the rising adoption of these solutions by healthcare providers is anticipated to propel the market growth in the near future. Furthermore, the growing necessity for an accurate and quality patient care by using these products as a software solution is also boosting the market growth for clinical risk grouping solutions.
Based on the deployment mode, the market is segmented into private cloud, public cloud, and hybrid cloud. Rising usage of these deployment models to protect the patient’s sensitive data is driving the market growth. In addition, these models also offer on-demand infrastructure with devoted resources that can be distributed across domains, applications, and units within the same organization. Moreover, low cost of public cloud systems as compared to other deployment models is also boosting the growth in this segment.
On the basis of end-users, the clinical risk grouping solutions market is segmented into hospitals, payers, ambulatory surgical centers (ASCs), and long-term care centers. Factors such as the rising implementation of big data solutions in healthcare facilities, growing emphasis of caregivers on risk management, and the rising adoption of Artificial Intelligence (AI) and machine learning in the healthcare setups are expected to offer significant growth opportunities for market players over the forecast period. Moreover, merger & acquisition along with strategic collaborations between the market players are further driving the market growth. For instance, In March 2019, GlobalHealth and Evolent Health developed True Health as a joint venture. True Health was developed to focus on improving risk management solutions for healthcare providers and payers.
North America held the dominant regional share followed by the European Countries due to its well-established healthcare infrastructure. The growth in this region can also be attributed to the rising support for the adoption of healthcare information technology (HCIT) by payers and providers, big giants in the market focusing on improving patients clinical outcomes and risk management, and increasing government initiatives & program for population health management.
However, Asia Pacific is likely to experience significant growth over the forecast period. Factors such as the presence of a larger patient population demanding for better healthcare at lower costs, the emergence of big data in healthcare, rising geriatric population, and the growing focus of market players in these emerging Asian countries are expected to drive the growth of the clinical risk grouping solutions market.
The major market players include 3M, Cerner Corporation, Nuance Communications, Health Catalyst, Light beam Health Solutions, HBI Solutions, 4S Information Systems, Johns Hopkins University, PeraHealth, Dynamic Healthcare Systems, and Evolent Health. These players are involved in new product launch, strategic collaborations, and regional expansion. Many countries are still in the loop of adopting clinical risk grouping solutions. For instance, in May 2019, HBI Solutions entered into a collaborative agreement with Iatric Systems, Inc. under which, HBI Solutions adopted Latric’s AI systems for generating predictive risk scores of patients for healthcare providers. The collaboration will also help identify patients at high risk for mortality, sepsis, readmission, and other health events and conditions.
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