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Clinical Risk Grouping Solutions Market - Global Opportunity Analysis and Industry Forecast, 2020-2027

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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The Clinical Risk Grouping (CRG) solutions are a well-known system used for distinguishing and grouping of individuals with the use of inpatient and ambulatory diagnosis and procedure codes, pharmaceutical records and demographic data along with the functional health status to assign each individual to a specific risk group for future healthcare projections. CRG is a software that works on proficient clinical logic to bifurcate each patient to a specific risk group. It is a specific grouping mechanism furled by data and based on clinical evidence and implements wide range of data including patient history, records, administrative data and other data to identify people of various age groups including children, adults and elderly ones. CRGs are primarily used to check health service utilization patterns, profile physician practice patterns, to identify new disease patterns and incidences, to keep track of chronic or congenital disease prevalence, risk adjustment for pricing and capitation and many more. CRG are patient-centric, concentrating on the total burden of diseases rather than one diseases and suiting to all populations. They are also used to predict future healthcare utilization and manage potentially preventable events to improve the health status.

Clinical-Risk-Grouping-Solutions

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value ($)

  Segments covered

  Products, Deployment, End users and Region

  Geographies covered

•             North America (U.S., Canada, Mexico)

•             Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•             Asia-Pacific (Japan, China, India, Australia, South Korea, Rest          of Asia-Pacific)

•             LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

  Companies covered

3M Corporation, Optum Inc., Cerner Corporation, Conduent Inc., Nuance Communications, Health Catalyst, HBI Solutions, Johns Hopkins University, Lightbeam Health Solutions, Dynamic Healthcare Systems and PeraHealth.

 

COVID – 19 scenario analysis:  

  • The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
  • Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
  • Over 4 million people affected globally, with 300 thousand losing their lives due to novel coronavirus
  • Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
  • Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to chondroitin sulfate has been reduced and this segment have to face negligence subsequently causing negative impact on clinical risks grouping solutions market
  • However, CRGs can be of great importance in this COVID-19 pandemic period as they would help the healthcare authorities, professionals and clinicians in classifying people into specific groups using patient data
  • In order to distress the healthcare providers and increase efficiency, governments are planning to implement CRGs in COVID-19 related healthcare services

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The demand for reduction in the errors, increasing focus on healthcare risk management and integration of various tools backed by AI and big data in the current healthcare setting for monitoring of clinical information and utilizing it for getting better outputs are the primary factors driving the market growth for CRGs. Moreover, the management of clinical data obtained from patients in the current healthcare scenario is resulting into a burden of workload on the physicians. Hence, a demand for effective solutions to reduce this burden would also surge the market growth. Growing focus of management solution services on artificial intelligence, machine learning, Internet of things and data analytics in healthcare sector and expansion in the developing economies to create various growth avenues for CRGs in the global clinical risk grouping solutions market.

On the contrary, lack of skilled professionals in healthcare sector, high costs associated with the data management systems, dearth of developed infrastructure and concerns related to data privacy and data theft are the constrains that would hinder the growth of the market. 

Data Visualization and Dashboard tools expected to grow exponentially

Due to capabilities of predicting payment process, payment risk and ease in understanding of clinical data, Dashboard and Data Visualization tools are expected to grow at significant rate in coming years. The need for implementation of advanced technologies like big data and AI in the healthcare sector and growing efforts to minimize the costs of healthcare services are anticipated to result in market growth. In addition, the rising prevalence of chronic diseases and increasing use of cloud services in data management are expected to propel the growth in the global clinical risk grouping solutions market. As cloud services offers the optimum security for CRGs that is driven by sensitive data which needs to be stored securely in order to prevent data breach. 

North American segment to have dominance in the market with highest market share

North America is expected to have significant growth in the market and holds highest market share in the regional segments. The dominance is due to factors like rise in the global prevalence of chronic diseases and higher adoption of technology in the region resulting for higher demand for innovative treatment technologies is propelling the market in the United States. Drastic rise in healthcare expenditure and high strain to achieve better health outputs at lower costs, availability of a well-developed infrastructure, presence of major industry and government initiatives to induce clinical data management solutions in the healthcare settings are the other factors fostering the market growth in the near future.

Key segments:

Segments

Sub-segments

  Products

  • Data Analytics
  • Dashboard & Data Visualization Tools
  • Risk Reporting Solutions

  Deployment

  • Public Cloud
  • Private Cloud
  • Hybrid Cloud

  End Users

  • Healthcare service providers
  • Clinical research organizations
  • Pharmaceutical and biotech firms
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global clinical risk grouping solutions industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global clinical risk grouping solutions market share.
  • The current market is quantitatively analysed from 2020 to 2027 to highlight the global clinical risk grouping solutions market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global clinical risk grouping solutions market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Clinical Risk Grouping Solutions Market research report:

  • Who are the leading market players active in the clinical risk grouping solutions market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the clinical risk grouping solutions market?
  • What are the projections for the future that will help in taking further strategic steps?
 
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