Clinical Risk Grouping Solutions Market Research, 2031
The global clinical risk grouping solutions market was valued at $0.4 billion in 2021 and is projected to reach $1.6 billion by 2031, growing at a CAGR of 14.6% from 2022 to 2031. The clinical risk grouping (CRG) solutions are a well-known system used for distinguishing and grouping 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.
Clinical risk grouping (CRG) is a software that works on proficient clinical logic to bifurcate each patient into a specific risk group. It is a specific grouping mechanism organized by data and based on clinical evidence and implements a 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, identify new disease patterns and incidences, keep track of chronic or congenital disease prevalence, risk adjustment for pricing and capitation, and many more. CRGs are patient-centric, concentrating on the total burden of diseases rather than one disease and suiting all populations. They are also used to predict future healthcare utilization and manage potentially preventable events to improve health status.
The growth of the clinical risk grouping solutions market is majorly driven by the increasing demand for quality healthcare services and solutions, increasing acceptance of mHealth and telehealth practices, surging demand for improved patient safety and patient care, and increasing government initiatives to promote healthcare IT. Furthermore, the rise in the integration of artificial intelligence (AI) for the development of advanced healthcare devices drives the growth of the Clinical Risk Grouping Solutions Market Size.
Furthermore, an increase in the prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases (CVD) and hypertension boosts the demand for advanced clinical risk grouping solutions. For instance, according to Pan American Health Organization (PAHO), in 2019, an estimated 2.0 million people died from cardiovascular diseases (CVD). Thus, the prevalence of chronic diseases drives the focus of key players toward developing artificial intelligence (AI) integrated medical devices. For instance, Medtronic, the U.S. leader in medical technology, received U.S. Food and Drug Administration (FDA) clearance for two AccuRhythm AI algorithms for use with the LINQ II insertable cardiac monitor (ICM). AccuRhythm AI applies artificial intelligence (AI) to heart rhythm event data collected by LINQ II, improving the accuracy of information physicians receive so they can better diagnose and treat abnormal heart rhythms.
The increase in the acceptability of mHealth and telehealth services in the U.S. due to the outbreak of the COVID-19 pandemic acts as a key growth driver of the clinical risk grouping market. In addition, the surge in the number of smartphone users encourages key players to develop health software, which is anticipated to notably contribute toward the growth of the Clinical Risk Grouping Solutions Market Size. For instance, in 2020, approximately, 294.15 million population in the U.S. were using smartphones. Moreover, in June 2020, Philips, a global leader in health technology, entered into a collaboration with American Telemedicine Association (ATA) to further help the adoption of telehealth software, demonstrating telehealth software efficiency in the connecting care sector across acute, post-acute, and home care settings. Thus, all these factors collectively are expected to foster the Clinical Risk Grouping Solutions Market Growth.
The rise in the disease burden and upsurge in the geriatric population has escalated the demand for improved patient safety and patient care. Moreover, the availability of advanced healthcare information technologies for wireless monitoring and treatment of patients suffering from different chronic diseases, such as blood pressure, heart rate, and diabetes, is one of the major factors that boost the market growth. With the help of healthcare information technology (IT), telehealth, and telemedicine solution, chronic diseases can be controlled and prevented from becoming severe in nature. For instance, according to the U.S. Administration for Community Living (ACL 2020) report, in 2019, the population aged 65+ was 54.1 million. Moreover, the implementation of favorable healthcare reforms such as the U.S. Affordable Care Act (ACA) and telehealth initiatives boosts the growth of the healthcare sector and improves patient safety and patient care.
Furthermore, the Clinical Risk Grouping Solutions Market Trends such as the increase in the prevalence of chronic diseases such as hypertension, diabetes, and cancer boost the demand for advanced and safer treatments such as mHealth applications for blood pressure monitoring, patient health analyzing software, and telehealth services.
In recent years, IT has become an inevitable part of every business as it fosters innovation. Healthcare organizations face extraordinary challenges to improve quality, and access, reduce harm, and increase efficiency, which can be addressed by innovations. The government in the U.S. has taken several efforts to promote healthcare IT in various settings. For instance, in 2020, the American Medical Association supported the telehealth initiative to enhance healthcare access. Moreover, in June 2021, the Government of the U.S. invested $80 million in creating a new public health informatics & technology program. Thus, an increase in initiatives by the U.S. Government to integrate IT in the healthcare sector contributes toward the growth of the Clinical Risk Grouping Solutions Industry.
The healthcare IT market is segmented on the basis of product, deployment model, end user, and region. By product, the segment market is classified into data visualization tools and data analytics. The data visualization tools are divided into software, and services. Depending on the deployment model, the market is classified into private cloud, public cloud, and hybrid cloud. By end user, it is categorized into a healthcare service provider and healthcare payers.
The clinical risk grouping solutions market is segmented into Product, Deployment, and End User.
Depending on the product, the Data Visualization Tools segment dominated the Clinical Risk Grouping Solutions Market Share in 2020, and this trend is expected to continue during the forecast period, owing to increasing demand for patient safety and care. However, the data analytics segment is expected to witness considerable growth during the forecast period, due to the rise in demand for advanced analytics tools.
Based on the deployment, the Private Cloud segment dominated the Clinical Risk Grouping Solutions Market Share in 2021, and this trend is expected to continue during the forecast period, owing to the rise in the number of private service providers, and facilities provided by service providers. However, the Hybrid Cloud segment is expected to witness considerable growth during the forecast period, due to the rise in demand for Hybrid Cloud Deployment models.
Depending on the end user, The Healthcare service providers segment dominated the market in 2021, and this trend is expected to continue during the Clinical Risk Grouping Solutions Market Forecast period, owing to the rise in the number of Healthcare service providers, and an increasing number of private service providers. However, the Healthcare payers segment is expected to witness considerable growth during the forecast period, due to the rise in demand for advanced healthcare IT services.
North America garnered the major share in the nicotine replacement therapy market in 2021 and is expected to dominate the global market during the forecast period, owing to a rise in the incidence of tobacco-associated diseases, well-developed healthcare infrastructure, and the presence of key players. However, Asia-Pacific is expected to register significant growth, owing to a rise in the incidence of tobacco-driven diseases, improvements in the healthcare infrastructure, and the presence of a high population base.
The major companies profiled in the report include Cerner corporation, Microsoft corporation, Alibaba Group Holding Limited, IBM, Dundas Data Visualization, Inc, SAS, Klipfolio, Oracle Inc., Domo, Inc., Koch Industries, Qlik Technologies, Salesforce, SAP, Sisense, TIBCO, and Greenway.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the clinical risk grouping solutions market analysis from 2021 to 2031 to identify the prevailing clinical risk grouping solutions market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the clinical risk grouping solutions market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global clinical risk grouping solutions market trends, key players, market segments, application areas, and market growth strategies.
Clinical Risk Grouping Solutions Market Report Highlights
Market Size By 2031
USD 1.6 billion
CAGR of 14.6%
2021 - 2031
By End User
Key Market Players
Lightbeam Health Solutions, Nuance Communications, HBI Solutions, Optum, Inc, Dynamic Healthcare Systems, Johns Hopkins University, Health Catalyst, Inc, 3M Corporation, Cerner Corporation, Conduent Inc
This section provides the opinions of the top-level CXOs in the clinical risk grouping solutions market. According to the CXOs, a clinical risk grouping solution is software that works on proficient clinical logic to bifurcate each patient into a specific risk group. It is a specific grouping mechanism organized by data and is based on clinical evidence and implements a 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.
Clinical risk grouping solutions include various types of products such as data visualization tools, data analytics, and risk reporting solutions. The factors such as an increase in the prevalence of chronic diseases, advancements in clinical risk grouping tools, and increasing concern for minimizing healthcare expenditure growth of the clinical risk grouping solutions market. In addition, an increase in the number of key players and a rise in the integration of artificial intelligence in healthcare are expected to contribute to the growth of the clinical risk grouping solutions market.
North America is expected to witness the highest growth, in terms of revenue, owing to the rise in the prevalence of chronic diseases, the presence of key players for the development of advanced clinical risk grouping solutions, and the high adoption of cloud-based deployment in the region.
However, data privacy and sharing challenges on data visualization tools platforms can hamper the market growth.