CHICAGO, Aug. 23, 2019 /PRNewswire/ -- 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 to 2024", published by MarketsandMarkets, 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%.
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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.
By product, the scorecard & visualization tools segment is expected to account for the largest share of the Clinical Risk Grouping Solutions Market in 2019
Based on the product, the Clinical Risk Grouping Solutions 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 Clinical Risk Grouping Solutions 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.
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By end-user, the hospital segment is estimated to account for the largest share of this market in 2019
Based on end-user, the Clinical Risk Grouping Solutions 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.
The Asia Pacific is expected to be the fastest-growing the market in 2019
In 2018, 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.
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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).
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