Growing focus on AI & Machine Learning in Healthcare Solutions to Fuel the Clinical Risk Grouping Solutions Market
In the last few years, there is a revolution in the healthcare industry with an increase in the penetration of IT in the healthcare sector. Clinical risk grouping solutions are gaining immense popularity as it enables the healthcare professionals to improve patient outcomes, maintain quality, and design care coordination strategies.
One of the key aspects that is fostering the growth of the global clinical risk grouping solutions market is an increase in the importance of patient risk management. Further, increase in deployment of clinical risk grouping software via private cloud and growing necessity to minimize the healthcare cost are the factors that are triggering the overall market growth. In addition to this, a huge volume of data is generated in the healthcare organizations with increase in the patient pool. Thus, with growing documentation needs, an increase in adoption of clinical risk grouping solutions is observed from physicians. All such factors in combination with growing demand for scorecard & data visualization tools, increase in investment for the development of healthcare infrastructure, and growing acceptance of big data solutions in the healthcare sector are fostering the growth of the global market. Furthermore, growing use of machine learning and artificial intelligence in healthcare solutions may generate profitable opportunities for the expansion of the global market during the forecast period.
The segregation of the global clinical risk grouping solutions market is based on deployment, product, end-user, and region. Based on the deployment, the global market is categorized into private cloud, public cloud, and hybrid cloud. The product segment includes risk reporting, scorecard & visualization tools, and dashboard analytics. The end-users of the global clinical risk grouping solutions market are payers, hospitals, long-term care centers, and ambulatory care centers.
Regionally, the global clinical risk grouping solutions market is expected to be led by North America. This is attributed to rise in implementation of advanced healthcare technologies, presence of major players, and encouraging regulatory framework. Asia Pacific market is estimated to grow at the highest CAGR and register the fastest growth during the forecast period. Major factors such as growing demand for superior healthcare services and growing adoption of big data solutions are contributing to the growth of the market in this region. The market in Europe for clinical risk grouping solutions is predicted to contribute to a significant share and grow at a healthy growth rate.
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According to the report, global demand for clinical risk grouping solutions market was valued at approximately USD 391.5 million in 2018, and is expected to generate revenue of around USD 907.1 million by end of 2025, growing at a CAGR of around 12.8% between 2019 and 2025.
3M Corporation, Conduent Inc, Optum, Inc., Cerner Corporation, HBI Solutions, 4S Information Systems, Nuance Communications, Health Catalyst, Evolent Health, and PeraHealth are some of the key players that are operating in the global clinical risk grouping solutions market.
Key Development: In April 2021, 3M Health Information Systems launched a new analytics platform that integrates clinical risk and social data to improve population health.
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