DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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%.
Increasing focus on risk management solutions is expected to drive the growth of the clinical risk grouping solutions market
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.
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.
Market Dynamics
Market Drivers
- Increasing Focus on Risk Management
- Rising Usage of Big Data Solutions
Restraints
- Lack of Infrastructure
Opportunities
- Increasing Physician Burnout Due to Documentation Needs
- Increasing Focus on Ai and Machine Learning
Challenges
- Scarcity of Skilled Healthcare IT Professionals
- Patient Data Privacy Concerns
- Burning Issue
- Implementation of Solutions Reduces Administrative Expenses But Increases the Burden on Patients
Company Profiles
- 3M Company
- 4S Information Systems Ltd.
- Cerner Corporation
- Conduent Incorporated
- Dynamic Healthcare Systems, Inc.
- Evolent Health
- HBI Solutions, Inc.
- Health Catalyst Inc.
- Johns Hopkins University
- Lightbeam Health Solutions, LLC
- Nuance Communications
- Optum Inc. (Subsidiary of Unitedhealth Group Inc.)
- Perahealth, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/mhce8w
