The clinical risk grouping solutions market size was valued at nearly USD 458 Mn in 2022 and is anticipated to reach USD 1549.2 Mn by 2031, expanding at a CAGR of 14.5% during the forecast period, 2023-2031. Increasing use of technology in the form of teleconsultations and portal-based interfaces and a surge in implementations of patient care initiatives by healthcare organizations is expected to fuel the market.
Clinical risk grouping (CRG) solutions are software-enabled healthcare solutions that classify patients into specific risk groups. Data organized grouping mechanism is implemented through healthcare cloud-based analytics backed by clinical evidence. The backend hosts varied data in large numbers that include clinical records, patient history, and administrative data to identify patients of different age groups.
Findings of clinical risk grouping (CRG) solutions are utilized in segregating and drawing patterns of patients classified into adults, elderly, newborns, and children categories. CRG checks for the utilization of healthcare services that suits large masses of patients. Predicting future possible health hazards and healthcare utilization is possible through clinical risk grouping (CRG) solutions.
Patients are assigned to prospective and retrospective severity risk groups. Many service providers classify the severity through a ranking system. Severities of illnesses (SoI) are measured as minor (1), moderate (2), major (3), and extreme (4) SoI that range from healthy to catastrophic health statuses.
The market report finds that the COVID-19 pandemic propelled the clinical risk grouping solutions market during lockdown restrictions leading to the increasing introduction of technology in healthcare setups with a reduction in the intake of manpower. The demand for virtual access to clinical and patient-related data led to the growing applications of clinical risk grouping (CRG) solutions in the form of analytical software.
Clinical Risk Grouping Solutions Market Dynamics
Major Drivers
The introduction of big data and the adoption of cloud-based technology in healthcare analysis are anticipated to boost the market during the forecast period. Growing prevalence of chronic illnesses is expected to propel the market.
Existing Restraints
High costs associated with managing information technology infrastructure and the lack of skilled professionals are likely to hamper the market during the forecast period.
Emerging Opportunities
Increasing awareness campaigns by governments around the world to incorporate telehealth in the working systems of healthcare organizations is expected to create opportunities in the market. Cost-effectiveness for consumers and healthcare organizations through the introduction of technology in healthcare facilities is likely to create opportunities in the market.
Scope of Clinical Risk Grouping Solutions Market Report
The report on the global clinical risk grouping solutions market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Clinical Risk Grouping Solutions Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2021
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Forecast Period
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2023 – 2031
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Segmentation
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Product (Data Analytics Solutions, Data Visualization Tools & Scorecards, and Risk Reporting Solutions), Deployment (Private Cloud, Hybrid Cloud, and Public Cloud), and End-user (Healthcare Payers, Pharmaceuticals, Clinical Research Organizations, and Healthcare Service Providers)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Clinical Risk Grouping Solutions Market Size and Analysis, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Optum Inc.; 4S Information Systems Ltd; 3M; Evolent Health Inc; PeraHealth Inc.; Health Catalyst; HBI Solutions; Conduent Inc.; Lightbeam Health Solutions; and Dynamic Healthcare Systems Inc.
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Clinical Risk Grouping Solutions Market Segment Insights
Product Segment Analysis
In terms of product, the market is segmented into data analytics solutions, data visualization tools & scorecards, and risk reporting solutions. The data visualization tools & scorecards segment is expected to dominate the market during the forecasted period, due to the presentation of visual medical data display in the form of bar graphs, pie charts, and line charts. The simplification and synthesis of health care records of patients and clinical records into data sets easier to comprehend and visualize is expected to propel the data visualization tools & scorecards segment.
The data analytics segment is anticipated to hold a key share of the market in the coming years owing to the efficient analysis and integration provided of large volumes of heterogeneous data from the clinical, epidemiological, and business streams. The collation of telehealth medicinal data in the form of medical equipment data and sensors data, biomedical data, mobile health apps, and electronic health records data is possible through data analytics, which is likely to fuel the segment in the coming years.
Deployment Segment Analysis
Based on deployment, the clinical risk grouping solutions market is divided into private cloud, hybrid cloud, and public cloud. The private cloud segment is expected to expand at a significant growth rate during the projection period, as it provides a secure data storage environment.
Private cloud servers safeguard protected health information (PHI) from data breaches and cyber-attacks. Customization of data centers, according to the necessities of healthcare organizations, is possible with the use of virtual machines (VMs) and software-defined networking (SDN), which is expected to boost the private cloud segment.
The hybrid cloud segment is anticipated to hold a key share of the market, owing to the integration of on-premise data with public and private cloud infrastructure provided by hybrid clouds. Data exchange between cloud platforms is secure and quick in hybrid cloud platforms, which is expected to boost the segment during the forecast period.
End-User Segment Analysis
On the basis of end-user, the market is divided into healthcare payers, pharmaceuticals, clinical research organizations, and healthcare service providers. The healthcare service providers segment is anticipated to hold a key share of the market due to a significant rise in the number of specialty healthcare facilities. Increase in the introduction of data-based technology in the form of machine learning and artificial intelligence in healthcare systems of specialty hospitals and clinics is likely to boost the segment during the forecast period.
The healthcare payers segment is anticipated to hold a key share of the market due to the increasing focus on providing risk management solutions. Growing investments in enhancing healthcare infrastructural facilities for providing better care to patients are expected to fuel the segment in the coming years.
Regional Analysis
In terms of region, the global clinical risk grouping solutions market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to a rise in chronic diseases and a growing geriatric population. The presence of well-established healthcare giants and the rising number of government reforms in health data storage are anticipated to fuel the clinical risk grouping solutions market in the region.
The market in Asia Pacific is projected to grow at a rapid pace, owing to a significant rise in the patient population in need of prime healthcare facilities at minimal costs. Growing focus of multinational healthcare firms on providing the best healthcare facilities in emerging countries in Asia is expected to propel the market in the region.
Segments
The global clinical risk grouping solutions market has been segmented on the basis of
Product
- Data Analytics Solutions
- Data Visualization Tools & Scorecards
- Risk Reporting Solutions
Deployment
- Private Cloud
- Hybrid Cloud
- Public Cloud
End-user
- Healthcare Payers
- Healthcare Service Providers
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Optum Inc.
- 4S Information Systems Ltd
- 3M
- Evolent Health Inc.
- PeraHealth Inc.
- Health Catalyst
- HBI Solutions
- Conduent Inc.
- Lightbeam Health Solutions
- Dynamic Healthcare Systems Inc.
Competitive Landscape
Key players competing in the clinical risk grouping solutions market are Optum Inc.; 4S Information Systems Ltd; 3M; Evolent Health Inc; PeraHealth Inc.; Health Catalyst; HBI Solutions; Conduent Inc.; Lightbeam Health Solutions; and Dynamic Healthcare Systems Inc.
These companies are adopting strategies including mergers, partnerships, acquisitions, collaboration, and product launches boost their market share and get a competitive edge over the players. The competitive landscape covers key insights into growth strategies adopted by major market players.
- In 2020, Evolent Health, Inc. introduced the Risk Adjustment, Quality And HEDIS/STARS Program for integrating data from multiple sources for providing an analysis of patients in delivering insights at points of care through the Identifi platform.
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